The Board of Directors (“Board”) of the Dubai Financial Services Authority (“DFSA”) today announces the appointment of Ian Johnston as the next Chief Executive of the DFSA. Ian Johnston will succeed Paul M Koster, with effect from 15 June 2012, after Paul Koster completes three and a half years with the DFSA. During his tenure Paul Koster has made an important contribution to the further establishment of the DFSA as a strong and internationally respected regulator, and thus, to the development of the Dubai International Financial Centre (“DIFC”) as a successful international financial centre.

Ian Johnston has been the DFSA’s Deputy Chief Executive since 2009 and Managing Director since 2006, when he joined the DFSA. Ian has wide international experience and has been active in supporting the work and objectives of the international standard-setting bodies. He is a member of the Technical Committee of the International Association of Insurance Supervisors, the global standard-setting body for insurance regulation. Of his new appointment Ian said: “I would like to thank the Board for entrusting me with this responsibility. I am very honoured to have been selected as the new Chief Executive and look forward to continuing the DFSA’s work in delivering world-class regulation.”

Saeb Eigner, Chairman of the DFSA, commenting on the appointment said; “International interest in the DIFC and in DFSA’s role plays an important part in the work that we do. As such, Ian’s experience in shaping our international agenda and his experience in working with the global standard-setters continues to be very relevant to the development of the DFSA and to the DIFC. The Board of Directors and I are committed to supporting the Executive as Ian Johnston takes the helm of the DFSA.”

Mr Eigner continued by saying; “On behalf of the Board, I wish to convey our appreciation to Paul whose many achievements at the DFSA include the further development of our co-operation with key regulatory agencies in the UAE and other important jurisdictions.”