The Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), today signed a Memorandum of Understanding (MoU) to deepen cooperation on the regulatory oversight and supervision of collective investment scheme managers in each other’s markets to ensure compliance, governance, and cross-border regulatory alignment.
During the 10th Belt and Road Summit in Hong Kong, the MoU was presented as part of the MoU presentation ceremony officiated by the Chief Executive of Hong Kong SAR Mr John KC Lee and attended by the SFC’s Chairman Dr Kelvin Wong, its Chief Executive Officer (CEO) Ms Julia Leung and the DFSA’s Chief Executive Mr Mark Steward, underscoring the significance of cross-border regulatory collaboration and Hong Kong’s growing ties with Belt and Road jurisdictions.
Signed into effect by Ms Leung and Mr Steward, the MoU establishes a collaborative framework for consultation, cooperation and the exchange of information to enhance the regulators’ supervision and oversight of regulated entities engaging in cross-border investment management or advisory activities. It results from joint collaborative efforts by the SFC and the DFSA over the last year, including a high-level meeting and a co-hosted roundtable with leading asset managers in Hong Kong (Note 1).
Ms Julia Leung, CEO of the SFC, said: “The strengthened SFC-DFSA partnership underscores our shared commitment to bolstering regional market connectivity to create mutual long-term benefits for Hong Kong and DIFC as international financial hubs. This new milestone is set to reinforce Hong Kong’s pivotal role on the China-Middle East Corridor amidst ongoing global challenges.”
Mr Mark Steward, Chief Executive of DFSA, said: “DIFC, Dubai and the United Arab Emirates’ role as a gateway between Asia and the Middle East is more vital than ever. Our partnership with the SFC reflects a shared commitment to regulatory excellence, supervision and cross-border innovation – ensuring that firms based in each other’s markets can operate with confidence, integrity, and impact. Together, we are laying the regulatory foundations for international capital to be mobilised ever more responsibly.”
Note:
1. Please see the SFC’s press releases on 5 April 2024 and 31 May 2024 about the SFC-DFSA high-level meeting and their co-hosted roundtable.
