The Dubai Financial Services Authority has agreed information-sharing treaties with the national banking and securities regulators in Switzerland and Luxembourg.

David Knott, chief executive of the DFSA, signed a memorandum of understanding with Daniel Zuberbuhler, director of the Swiss Federal Banking Commission. In Luxembourg, Mr Knott reached a similar deal with Jean-Nicolas Schaus, directeur general of the Commission de Surveillance du Secteur Financier.

The SFBC was established in 1934 and is Switzerland’s independent federal agency responsible for the supervision of banks, investment funds, securities and derivatives exchanges, securities and derivatives dealers as well as the disclosure of qualified shareholdings in listed companies. It is also responsible for the regulation of public takeover bids.

The CSSF was set up in 1998. It is responsible for the prudential supervision of the entire financial sector in Luxembourg, except for the insurance sector. Its responsibilities also extend to the regulation and supervision of the securities markets.

Mr Knott said: “There are already a number of significant Swiss financial institutions operating from the DIFC and there is a level of interest from financial entities in Luxembourg. In addition, there is a possibility of the development of additional business between traded markets in the DIFC and Luxembourg. These two bilateral relationships will assume increasing importance as each regulator relies on the quality of regulatory standards administered in the other’s jurisdiction.”