The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with Finanstilsynet, the Danish Financial Supervisory Authority, last week.

The MoU was signed on behalf of the DFSA by Chief Executive, Mr Paul Koster, and by Mr Ulrik Nodgaard, the Director General of Finanstilsynet. The Danish FSA is responsible for the supervision of financial institutions, such as banks, mortgage-credit institutions, pension and insurance companies. The Finanstilsynet also supervises the securities markets in Denmark.

The Chief Executive of the DFSA, Mr Paul Koster said: “Both the DFSA and Finanstilsynet are pleased to be signatories to the International Organisation of Securities Commissions multi-lateral MoU, which sets the highest standards for cooperation and assistance among securities regulators. Our bi-lateral MoU with Finanstilsynet reflects the broader responsibilities of each authority and extends this co-operation beyond the field of securities, and beyond the area of enforcement, to embrace licensing, inspection, surveillance and anti-money laundering functions covering banking, insurance and securities activity in Denmark and the Dubai International Finance Centre.”

‘This initiative strengthens the Finanstilsynet and the DFSA’s relationship as home-host regulators of Danish firms and reflects each authority’s commitment to co-operation in relation to supervisory oversight and inspections.”