The agreement was signed between Ian Johnston, chief executive of the DFSA, and Steven Maijoor, chairman of ESMA. ESMA’s executive director, Verena Ross, was also present.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Commenting on the move, Johnston said: "I am particularly pleased to have signed this MoU with ESMA, which recognizes the importance of on-going supervisory and enforcement-related co-operation in light of the cross-border activities of credit rating agencies and the global nature of ratings generally."
"Since 2005, the DFSA has placed a high priority on building its information network, and reflecting the home jurisdiction of financial firms in the Centre, our links with Europe have been significant. The DFSA already has MoUs with many of our counterparts in Europe including France, Germany and the UK. Through these arrangements we demonstrate our commitment to the operation of internationally accepted practices within the DIFC," Johnston added.
ESMA is an independent European Union (EU) Authority that was established on 1 January 2011 in order to enhance the protection of investors and promote stable and well-functioning financial markets in the EU.
It was in 2011 that DFSA had extended its regulatory reach to require CRAs in the Dubai International Financial Centre (DIFC) to be licensed and supervised by the DFSA.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCurrently, three of these CRAs are supervised by ESMA, which prompted this Memorandum of Understanding (MoU).
