Dubai / Emirates Business
The Dubai Financial Services Authority (DFSA) and the European Securities and Markets Authority (ESMA) have entered into information sharing and cooperation arrangements regarding DIFC based central counterparties (CCPs) compliance with conditions set out in The European Unionâ€™s Market Infrastructure Regulation (EMIR).
The MoU was signed on behalf of the DFSA by Chief Executive, Ian Johnston, and by
the Chairman of ESMA,
Dr Steven Maijoor, in Milan
It follows a decision published in mid-December 2016 by the European Commission, which found the DFSAâ€™s regulatory framework for CCPs as equivalent to that of the
The European Commissionâ€™s decision also confirmed that the DFSAâ€™s framework is compliant with international standards set out under the International Organisation of Securities Commissionsâ€™ (IOSCO) Principles for Financial Market Infrastructures.
Johnston said: â€œTodayâ€™s signing signals a new phase in the good relationship between the DFSA and ESMA and enables us to cooperate and exchange information in connection with monitoring of DIFC-based CCPs.
â€œThe DFSA has always placed a high priority on cooperation and its ability to share information and assist fellow regulators; particularly where the DIFC firms have strong links with the European Union market participants.â€
The MoU marks the 100th MoU signed by the DFSA and the second with ESMA. The first MoU between the two regulators was signed in 2013 on cooperation in relation to credit rating agencies.
The DFSA also has MoUs in place with counterparts in France, Germany, the United Kingdom, and with most other European Union securities regulators through multilateral arrangements.
â€œThe DFSA remains committed to international best practice and continues to work with the EC and ESMA in other areas of their responsibilities,â€ Johnston added.