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27 February 2007

News release

MOU with Dubai Financial Services Authority

The Securities Commission has signed a memorandum of understanding with the Dubai Financial Services Authority.

The MOU sets out arrangements for the two regulators to cooperate and share information in relation to enforcement of securities law.

The Commission has a number of other bilateral MOUs with overseas regulators. It is also a signatory to the Multilateral MOU of the International Organisation of Securities Commissions (IOSCO).

The aim is to strengthen cooperative networks to help counter cross border securities fraud.

Chairman Jane Diplock signed the agreement in Dubai yesterday. Mr David Knott, Chief Executive of the DFSA, signed for the DFSA.

Today Jane Diplock is in Doha in her role at Chairman of the Executive Committee of IOSCO. She will address the inaugural Regulators Summit of the Gulf Cooperation Council.

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Contact: Catherine Chapman phone 04 471 7659

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February 26, 2007

DFSA signs MoU with New Zealand Securities Commission

Dubai, 26 February 2007: The Dubai Financial Services Authority (the DFSA) today entered into a Memorandum of Understanding with the New Zealand Securities Commission (NZSC).

The MoU was signed by Mr. David Knott, Chief Executive of the DFSA and Ms Jane Diplock, Chair of the NZSC. The signing coincided with a visit to the region by Chairman Diplock in her capacity as Chair of the Executive Committee of the International Organisation of Securities Commissions (IOSCO).

Mr. Knott said, "Under Jane Diplock's leadership the New Zealand Securities Commission is recognized as being at the forefront of IOSCO's efforts to foster international cooperation among securities regulators. The DFSA is similarly committed and both the DFSA and the NZSC are signatories to the IOSCO Memorandum of Understanding, an initiative that has set the benchmark for cross-border investigative assistance.

"There is potential for business links between financial firms in New Zealand and the Dubai International Financial Centre and, with the growth of the DIFC and growing participation from Asia Pacific, these links will become increasingly significant making the NZSC an important relationship for the DFSA."

The signing of today's broader bilateral MoU has put in place arrangements for cooperation and information sharing between the two regulators. It recognizes that both regulators rely on the quality of regulatory standards administered in the other's jurisdiction.

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For further information, please contact:

Editor's notes:

The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.

The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investments Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).

The New Zealand Securities Commission (NZSC) is an independent crown entity established under the Securities Act 1978 and is New Zealand's main regulator of investments. The mandate of the NZSC is to strengthen investor confidence and foster capital investment in New Zealand by promoting the efficiency, the integrity, and cost effective regulation of the country's securities markets.

Ms Jane Diplock was appointed Chairman of the NZSC on 3 September 2001. Before her appointment as Chairman, Jane Diplock was the National Director, Infrastructure and Strategic Planning, and New South Wales Regional Commissioner with the Australian Securities and Investments Commission. She has also held various senior executive positions with Westpac Banking Corporation and was the managing director of the New South Wales Technical and Further Education Commission. In May 2004 she was elected Chairman of the Executive Committee of IOSCO and in June 2006 re-elected for a further two year term. In January 2003 Jane Diplock was appointed an Officer of the Order of Australia.

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