Gulf Oil and Gas accountACCOUNT

DFSA Signs MoU with the Central Bank of Egypt

Source: www.gulfoilandgas.com 8/7/2019, Location: Africa

The Dubai Financial Services Authority (DFSA) signed a memorandum of understanding (MoU) with the Central Bank of Egypt (CBE) to enhance the relationship and cooperation between both institutions and facilitate the 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, combatting financial crime, conducting consolidated supervision of common firms and discussing crisis management.

The MoU was signed by Mr Bryan Stirewalt, Chief Executive of the DFSA, in Dubai on 28 July 2019 and by HE Tarek Amer, Governor of the CBE, in Egypt.

Bryan Stirewalt said: “We are honoured to be working hand in hand with the Central Bank of Egypt. This MoU will enhance the cooperation and relationship between the two parties by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthening investor confidence.”

Tarek Amer stated: “The MoU signed with the DFSA will help facilitate the exchange of information and performance of the supervisory tasks as well as promote the safety and soundness of banks in our respective jurisdictions, exchanging staff experience and training in the scope of banking supervision.”

The DFSA has enjoyed a close working relationship with its Egyptian counterparts for many years. In September 2006, the Capital Markets Authority of Egypt (the predecessor to the Egyptian Financial Supervisory Authority) was the first regulator outside the UAE to sign a MoU with the DFSA. In 2014, the DFSA 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 securitisations.

This agreement is the seventh MoU signed by the DFSA with a regional central bank. Most recently, in March 2019, the DFSA signed a MoU with Bank Al Maghrib, in addition to MoUs with the Central Bank of Bahrain and the Central Bank of Oman in 2018. This builds upon MoUs signed with the Central Bank of the UAE in 2009, Banque Du Liban in 2013, and the Central Bank of Jordan in 2007.

The DFSA 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.

Financials and Investment News in Egypt >>

Senegal >>  11/14/2019 - FAR Limited (FAR) has previously indicated that it has a broad range of financing options for the development of the SNE field under investigation. I...
Libya >>  11/10/2019 - National Oil Corporation (NOC) reported October 2019 revenues of approximately 2.2 billion USD, an increase of 381 million USD (21%) compared to Septe...

United States >>  11/5/2019 - Pacific Drilling S.A. (PACD) reported results for the third quarter of 2019. Net loss for third-quarter 2019 was $90.8 million or $1.21 per diluted sh...
Nigeria >>  10/31/2019 - LEKOIL, the oil and gas exploration and development company with a focus on West Africa, announces that it has paid the US$7.5 million license extensi...

Russia >>  10/29/2019 - Gazprom Neft has successfully closed the book building for its 003R-01R-series exchange-traded bonds, with a total nominal value of RUB25 billion, and...
United Kingdom >>  10/29/2019 - Cabot Energy has announced the proposed cancellation of admission of its ordinary shares of 1p each to trading on AIM, re-registration as a private li...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.