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Dubai signs MoU with ESMA

Chris Hamblin, Editor, London, 7 March 2017

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The Dubai Financial Services Authority and the European Securities and Markets Authority have made joint information-sharing and other co-operative arrangements regarding the compliance of central counterparties in the Dubai International Financial Centre with conditions set out in the European Union's Market Infrastructure Regulation.

The DFSA's chief executive, Ian Johnston, and the chairman of ESMA, Dr Steven Maijoor, signed the MoU in Milan.

In mid-December the European Commission, the nearest thing that the EU has to an executive branch, decided that the DFSA's regulatory regime for central counterparties was equivalent to the European Union's and complied with the International Organisation of Securities Commissions' Principles for Financial Market Infrastructures.

This is the 100th MoU that the DFSA has signed and its second with ESMA. The pair signed their first MoU in 2013 on the subject of credit rating agencies.

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