Dubai extends information sharing with the US

Dubai Financial Services Authority (DFSA) has signed a protocol agreement with the US’ Public Company Accounting Oversight Board (PCAOB) which signals a closer working relationship between the two countries.

Essentially, this bi-lateral agreement establishes an audit regulator in the Emirate which will oversee the sharing of information and ensures full co-operation between DFSA and PCAOB.

The agreement was signed on behalf of the DFSA by the Chief Executive, Mr Paul M Koster, and the Chairman of the PCAOB, Mr James R Doty, during a visit by Mr Koster to Washington DC. Koster said, “The DFSA is very pleased to have concluded this statement of protocol with the PCAOB, the United States (US) agency responsible for federal oversight of the audits of public companies.

The ability of audit regulators to co-operate and share information is critical in the current environment when the need to protect investors and the public interest has never been more important. There are eight US regulated firms in the DIFC and the PCAOB already conducts audits jointly with the DFSA, this agreement facilitates the sharing of information.”

At the time of the signing, Koster pointed out that this latest initiative also extends the DFSA’s collegiate links with regulators in the US. “The DFSA already has a Memorandum of Understanding with the Commodity Futures Trading Commission and with the four federal banking supervisors, as well as other US regulators in the context of our multi-lateral arrangements.”