Luxembourg and Dubai International Financial Centre sign a Fintech Memorandum of Understanding
Press release 19/62
Following the signature of Memorandums of Understanding on FinTech with, respectively, the Australian Securities and Investment Commission and the Financial Services Regulatory Authority of the Abu Dhabi Global Market in 2018, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) pursues the development of its relationships with international regulators and has signed a Cooperation Agreement on FinTech with the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre. The agreement was signed by Mr Saeb Eigner, Chairman of the DFSA, and Mr Claude Marx, Director General of the CSSF.
The Cooperation Agreement provides a framework for co-operation and referrals between each authority. It sets out a mechanism, which will enable the authorities to refer innovator businesses between their respective Innovation Functions and provide them with regulatory support. The Cooperation Agreement further allows both authorities to exchange information about innovations in financial services in their respective markets, including emerging trends and developments as well as innovation-related regulatory issues, in order to share knowledge and experiences.