Dubai, Egypt market regulators sign cooperation deal

Egypt’s market watchdog, Egyptian Financial Supervisory Authority (EFSA) has signed Tuesday a cooperation agreement with Dubai Financial Services Authority (DFSA).

On the sidelines of the Emerging Markets Committee Conference of world’s largest organisation of financial regulators (IOSCO) running in the Indonesian city of Bali, the two regulators signed the deal.

The agreement has been signed by Sherif Samy – EFSA’s chairman; and Ian Johnston – DFSA’s chief executive.

“The agreement comes in the light of the growing ties between EFSA and DFSA as well as the current cross-listing cooperation between firms listed on the Egyptian stock Exchange (EGX) and Nasdaq Dubai.” said Market regulator chief Sherif Samy.

The agreement aims to bolster regulatory cooperation in field of disclosure rules for firms in both Cairo and Dubai markets, Samy added.

In May 2014, EFSA signed a Memorandum of Understanding (MoU) with DFSA regarding exchanging of supervisory information, aiming to create new channels of communication and mutual understanding, to exchange regulatory and technical information, to offer help in auditing and inspection to ensure the efficiency of the two bodies in carrying out its functions.