Clifford Chance

DFSA signs 26 agreements with EU regulators to supervise cross border fund managers

11 September 2013

In accordance with its stated objectives for 2013/2014 the Dubai Financial Services Authority (DFSA) has entered into 26 supervisory cooperation agreements with European Union and European Economic Area securities regulators. Under these agreements, each regulator agrees to help each other supervise fund managers operating across borders, between the DIFC and Europe.

The DFSA's achievement is noteworthy. Other so called 'offshore' financial centres have made less progress to date. However harder tests such as the European Market Infrastructure Regulation (EMIR as it is commonly called) lie ahead for the DFSA as it comes to terms with the mechanisms of evolving international regulation.

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