Lebanon and Dubai sign regulatory agreement

The financial regulators of Lebanon and the Dubai International Financial Centre (DIFC) have agreed to cooperate and share information.

The agreement between Lebanon’s Capital Markets Authority and the Dubai Financial Services Authority (DFSA) may facilitate the entry of more Lebanese firms into the DIFC, said a statement from the Dubai regulator.

The memorandum, “affirms the success of our relationship with the Lebanese authorities and recognises the joint oversight of brokerage firms, investment banks and other non-banking financial institutions in the two jurisdictions”, said Ian Johnston, chief executive of the Dubai authority.

The latest deal builds on an agreement signed in 2013 between the DFSA and the Banque du Liban, the Lebanese central bank, that was designed to enhance information sharing and cooperation.

The DFSA says it has similar agreements in place with regulators in Egypt, Jordan and the Gulf countries.

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