Dubai DFSA and Luxembourg's CSSF sign innovation agreement
Saturday, 11 30 2019, Category: Economy, Country: U.A.E
The Dubai Financial Services Authority, DFSA, and the Commission de Surveillance du Secteur Financier, CSSF, Luxembourg, entered into an agreement to cooperate over the development of FinTech, reflecting efforts by both authorities to foster innovation at the Dubai International Financial Centre, DIFC, as well as in Luxembourg.
The agreement was signed by Saeb Eigner, Chairman of the DFSA, and Claude Marx, Director-General of the CSSF in Luxembourg. Under the terms of the agreement, the authorities will, subject to the applicable laws and regulations, share information about innovations in financial services in their respective markets, including emerging trends and developments, as well as innovation-related regulatory issues.
The agreement provides a framework for cooperation and referrals between each authority. It also sets out a mechanism, which will enable the authorities to refer innovator businesses between their respective innovation functions and provide them with regulatory support. The agreement builds on the DFSA’s existing Memorandum of Understanding with the CSSF signed in 2007.
Eigner said, "We firmly believe that cooperation with the CSSF is paramount to creating more stable and innovative financial services. This is a testament to our commitment to foster effective agreements with peer regulators across the globe and engage in emerging FinTech sectors and issues. We look forward to working with the CSSF to develop our FinTech proposition and contribute to the efficiency and further enhancements of our respective financial markets."