DFSA hosts Lord Mayor of the City of London

DUBAI, 13th December, 2017 (WAM) — The Dubai Financial Services Authority, DFSA, today hosted the Lord Mayor of the City of London, Alderman Charles Bowman, at an event jointly organised with the Institute of Chartered Accountants in England and Wales, ICAEW.

The event enhances the long-standing relationship between the DFSA, the City of London and the UK’s financial services community, and forms part of the Lord Mayor’s tour to promote economic relationships with the Gulf.

During the event, the Lord Mayor delivered a keynote speech entitled, “Understanding the Impact of Technology in Audit and Finance”, where he spoke about the future of the City of London post-Brexit, the commitment to a strong and strengthening strategic partnership with the UAE and FinTech.

Ian Johnston, Chief Executive of the DFSA, said, “We are delighted to host Lord Mayor Charles Bowman. Today’s event builds upon the already strong relationship between the DFSA and our regulatory counterparts in the UK, with whom we share supervisory oversight of some 70 UK based financial institutions operating in the DIFC.”

Firms headquartered in the UK continue to form an important part of the DFSA’s regulated population. The DFSA has had Memoranda of Understanding with UK regulators for over a decade. These arrangements with the UK Financial Conduct Authority, the Bank of England and previously the Financial Services Authority, formalise cooperation and information sharing between the authorities. In 2016, the DFSA cooperated with Lloyd’s of London to promote efficient and effective flow of information between the bodies.

Michael Armstrong FCA, ICAEW Regional Director for the Middle East, Africa, and South Asia, MEASA, said, “We are delighted to once again partner with DFSA and the City of London on such a prestigious event and to welcome one of our own members, Alderman Charles Bowman, to discuss a topic that is of extreme importance not only to the future of the profession but to the future of global economies.”

The event was attended by over 100 delegates.

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