The growing number of banks from the People's Republic of China establishing Dubai's International Financial Centre is behind the latest agreement between the Dubai Financial Services Authority (DFSA) and the China Banking Regulatory Commission (CBRC).
The signing of a supplementary agreement enhances the existing Memorandum of Understanding (MOU) set up in 2007 The CBRC supervises all banks and non-bank financial institutions, including foreign and foreign invested financial institutions and offices, with the aim of safeguarding legitimate and sound functioning of the banking industry in the People’s Republic of China. Chief executive of the DFSA Paul M Koster said the initiative grew from the response to the global financial crisist. "As active participants in the work of the Basel Committee, the CBRC and DFSA have entered into...
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