The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) yesterday announced the signature of a Memorandum of Understanding (MoU) on FinTech with the Dubai International Financial Centre.
Following the signature of MoUs 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 CSSF is pursuing 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 Saeb Eigner, Chairman of the DFSA, and Claude Marx, Director General of the CSSF, and 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.