The Central Bank of Cyprus and the Dubai Financial Services Authority (“DFSA”) expressing their mutual interest and willingness in promoting further the bilateral ties in the domain of supervision of credit institutions, have recently concluded a Memorandum of Understanding (MoU).
The MoU has been signed on behalf of the DFSA by its Chief Executive, Mr Paul Koster and, on behalf of the Central Bank of Cyprus, by its Governor, Mr Athanasios Orphanides.
The MoU adopts the basic principles of cooperation between supervisory authorities, as formulated by the Basel Committee on Banking Supervision. The MoU outlines the general framework of mutual cooperation and exchange of information between the two supervisory authorities, for the purpose of facilitating the performance of their supervisory function as well as for the effective supervision and regulation of credit institutions with a cross border presence, in accordance with the respective national laws and regulations.