FINANCE regulators in Guernsey and Dubai have linked up. The Guernsey Financial Services Commission and the Dubai Financial Services Authority have signed a memorandum of understanding, which formalises arrangements for cooperation and information sharing between the two regulators.

It will make regulatory work much easier when firms have financial services operations in both jurisdictions.

GFSC director-general Peter Neville said: ‘Dubai has a new finance centre which is growing at a rapid pace.

‘As a regional gateway for capital and investment for the Middle East, it is a potential market for Guernsey’s financial services businesses.

‘As a result, a framework under which the commission and its counterpart in Dubai can cooperate will not only benefit the two regulatory bodies but Guernsey’s finance sector as well.’

David Knott, chief executive of the DFSA, said that the business links between Guernsey and Dubai were likely to become more significant, especially with the recent introduction of trust and collective-investment fund regimes in Dubai.

‘This bilateral agreement reflects each agency’s responsibilities, not just for securities but as an integrated regulator of its banking and insurance sectors,’ he added.

‘It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.’