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Memorandum of Understanding between the Cyprus
Securities and Exchange Commission and the Dubai Financial Services
Authority
The Cyprus Securities
and Exchange Commission (CYSEC) signed today a Memorandum of Understanding
(MoU) with the Dubai Financial Services Authority (DFSA).
The main aims of the
signing of the MoU are:
• the establishment
of a framework and procedures for the exchange of information between the
two Authorities, and
• the enhancement
of cooperation in surveillance and investigations carried out from time to
time by the two Authorities, in respect to market abuse cases, provision
of investment services whilst unlicensed and other potential violations of
the Law and Regulations of the Capital Market.
The MoU was signed at a
special ceremony in Nicosia by the Chairman of the CYSEC, Mr. Georgios
Charalambous, and Mr. David Knott, the Chief Executive of the DFSA during
his visit to Nicosia.
During his speech at the
ceremony, Mr. Charalambous made reference to the recent crisis that causes
turbulence in the international financial market and highlighted the
greater risks for the investors arising from the newly-created and more
complicated corporate structures and financial products, the
liberalization of the capital movements and the widespread use of modern
technology for the promotion of cross border investments. In view of the
above, the Chairman of the CySEC, underlined the need for enhanced
cooperation between the Regulatory Authorities aiming to more efficient
and reliable workings of the capital markets. Finally, Mr Charalambous
stressed that the CySEC recognises the increased importance and role of
the Dubai Financial Services Authority and places highly the bilateral
bonds with the corresponding Securities Authority in Dubai, as an
important building block for the promotion and maintenance of financial
stability in the region.
During the ceremony, Mr
Knott underlined that, having in mind the number of Cypriot investment
services providers offering investment services also in Dubai, “the
signing of the MoU is an important initiative which will assist the two
Authorities in information exchange and further cooperation between them”
as they are both Regulatory Authorities responsible for supervising the
aforementioned companies.
Mr Knott also added that
Cyprus, being a member-state of the European Union, actively participates
in the workings of the Committee of European Securities Regulators (CESR),
adopting and applying the European and internationally accepted standards
and supervision practices, to assure the most effective and efficient
regulation and supervision of the capital market.
Monday, 19 May 2008
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