Dubai FSA signed a memorandum of understanding (MoU) with CBE to enhance relationship and cooperation between both the institutions, facilitate the exchange of information and performance of their respective supervisory tasks, and promote the safety and soundness of banks in their respective jurisdictions. This includes, but is not limited to, combating financial crime, conducting consolidated supervision of common firms, and discussing crisis management. The MoU was signed by Bryan Stirewalt, Chief Executive of Dubai FSA, in Dubai on July 28, 2019 and by H. E. Tarek Amer, Governor of CBE, in Egypt.
This is the seventh MoU signed by Dubai FSA with a regional central bank. Most recently, in March 2019, the Dubai FSA signed a MoU with Bank Al Maghrib, in addition to MoUs with the central banks of Bahrain and Oman in 2018. This builds on the MoUs signed with the CBUAE in 2009, Banque Du Liban in 2013, and the Central Bank of Jordan in 2007. Dubai FSA has signed 110 bilateral MoUs with national, regional, and global regulators and five multilateral MoUs as members of the key international financial standard-setters, demonstrating its commitment to enhanced regulatory cooperation and engagement in global financial markets.
Dubai FSA has enjoyed a close working relationship with its Egyptian counterparts for many years. In September 2006, the Capital Markets Authority of Egypt was the first regulator outside the UAE to sign a MoU with the Dubai FSA. In 2014, the Dubai FSA signed a MoU with the then newly established Egyptian Financial Supervisory Authority, which has a broad regulatory remit for supervising and regulating non-banking financial markets and instruments, including capital markets, securities exchange, insurance services, mortgage finance, financial leasing, factoring, and securitization.
Related Link: Media Release
Keywords: Middle East and Africa, Dubai, Banking, MoU, Bank Supervision, Crisis Management, Egypt, CBE, Dubai FSA
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