DFSA names new board chief
Dubai, May 2, 2012
Dubai Financial Services Authority (DFSA), the independent regulator of financial and ancillary services in the emirate, has appointed Ian Johnston as the new chief executive of its board of directors.
Announcing the appointment on Wednesday, DFSA said Johnston will succeed Paul M Koster, with effect from June 15.
During his three-and-a-half year tenure at DFSA, Koster 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.
Johnston has been the DFSA’s deputy chief executive since 2009 and managing director since 2006, when he joined the DFSA. He has wide international experience and has been active in supporting the work and objectives of the international standard-setting bodies.
He is also a member of the technical committee of the International Association of Insurance Supervisors, the global standard-setting body for insurance regulation.
On his appointment, Johnston 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.”
DFSA chairman Saeb Eigner said; "International interest in the DIFC and in DFSA’s role plays an important part in the work that we do. As such, Johnston’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 two."
Lauding the outgoing CEO, Eigner said, “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.”-TradeArabia News Service