DFSA and SFC Sign MoU to Boost Cooperation
The Dubai Financial Services Authority (DFSA) and Hong Kong’s Securities and Futures Commission (SFC) signed a Memorandum of Understanding (MoU). The agreement aims to deepen cooperation on oversight of collective investment scheme managers. Moreover, the MoU focuses on compliance, governance, and cross-border regulatory alignment. It was presented during the 10th Belt and Road Summit in Hong Kong. Furthermore, senior officials from both jurisdictions attended the MoU presentation ceremony.
Scope and operational framework
Under the MoU, the DFSA and SFC will consult, cooperate, and exchange information. Consequently, the arrangement strengthens supervision of firms conducting cross-border investment management or advisory activities. In addition, the agreement follows a year of joint work, including a high-level meeting and a co-hosted roundtable with leading asset managers in Hong Kong. The MoU establishes a practical framework for ongoing regulatory dialogue and coordinated oversight.
Leadership comments and next steps
The ceremony underscored the importance of cross-border regulatory collaboration and Belt and Road ties. It was presented in the presence of the Chief Executive of Hong Kong SAR, Mr John KC Lee, and attended by the SFC’s Chairman, Dr Kelvin Wong, its Chief Executive Officer, Ms Julia Leung, and the DFSA’s Chief Executive, Mr Mark Steward.
Signed into effect by Mr Steward and Ms Leung, the MoU sets the stage for enhanced market cooperation. Mark Steward, Chief Executive of the DFSA, said: “Today’s MOU between the DFSA and the SFC will help firms operate in each other’s markets with confidence and integrity, and demonstrates our shared commitment to regulatory excellence and cross-border innovation.
Together, we are strengthening the regulatory framework for global investment and capital mobility between Dubai and Hong Kong.” Julia Leung, Chief Executive Officer of the SFC, said: “The strengthened SFC-DFSA partnership underscores our shared commitment to bolstering regional market connectivity to create mutual long-term benefits for Hong Kong and DIFC as international financial hubs. This new milestone is set to reinforce Hong Kong’s pivotal role on the China-Middle East Corridor amidst ongoing global challenges.” Finally, both regulators will now move to implement the MoU’s cooperation mechanisms.
