Posted by Bob Brunskill
Those looking to buy property in Dubai may be interested to learn the Dubai Financial Services Agency (DFSA) has agreed a deal with the New York State banking department concerning the exchange of information.
Paul Koster, chief executive of the DFSA, and Richard Neiman, New York State's superintendent of banks, signed a Memorandum of Understanding (MoU) in New York last week.
The MoU allows banks regulated by the New York State department to operate within the UAE and enable an ease of information exchange between banking organisations in the two states.
The agreement was set up in the light of previous arrangements between the DFSA and US federal banking departments.
In 2007 the DFSA established an MoU with four US Federal banking supervisors, the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTC). The previous MoU set precedents for a co-ordinated and information sharing approach to banking between the two countries.
News of the memorandum comes as the Dubai Financial Market disclosed that the value of foreign investment shares had risen to 42 per cent.