DFSA inks key pacts with Italian regulators
Rome, December 31, 2013
Dubai Financial Services Authority (DFSA) said it has entered into two important agreements with the Italian Securities and Exchange Commission (Consob) and Bank of Italy, in Rome.
Consob is the public authority responsible for regulating the Italian securities market and protecting the investing public. It also conducts investigations with respect to potential infringements of insider dealing and market manipulation law.
The Bank of Italy is the country's central bank and is responsible, among other issues, for the stability and efficiency of the financial system, regulating, co-ordinating, and controlling the provision of credit.
Chief executive Ian Johnston said: "The DFSA is very pleased to have settled these protocols with each of Italy's financial supervisors. In doing so, our Italian counterparts have expressed their confidence in the the authority's equivalence with international standards and our willingness and ability to share information and assist."
"This is especially important as two of Italy's largest financial institutions have branches in the Dubai International Financial Centre (DIFC)," he stated.
"These just completed arrangements will give confidence to investors that both home and host supervisors are working closely together in Dubai and in Rome to ensure sound supervision of these institutions," added Johnston.-TradeArabia News Service