Protocol Concerning 

Mutual Assistance, Information Sharing and 

Cooperation Arrangements 

United States Dubai 

Commodity Futures Trading Commission Financial Services Authority 

December I, 2005 

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TABLE OF CONTENTS 

I. INTRODUCTION 

2. DEFINITIONS 

3. SCOPE AND INTENTION 

4. REQUESTS FOR ASSISTANCE 

5. UNSOLICITED INFORMATION 

. 6. PERMISSIBLE USES OF INFORMATION 

7. CONFIDENTIALITY 

8. RIGHTS OF REQUESTED AUTHORITY 

9. CONSULTATION 

10. COSTS OF INVESTIGATION 

II. EFFECTIVE DATE AND TERMINATION OF PROTOCOL 

APPENDIX A DESIGNATED CONTACT OFFICERS 
INTRODUCTION 

1.1 The Dubai Financial Services Authority ("DFSA") and the United States Commodity 

Futures Trading Commission ("CFTC") acknowledge the importance of international 

regulatory cooperation and share the goal of promoting market and financial integrity and 

investor protection. These arrangements are intended to enhance the Authorities' working 

relationship. 

1.2 The DFSA was established under Dubai Law No. 9 of 2004 and is the independent financial 

services and market regulator of the Dubai International Financial Centre ("DIFC"). The 

DFSA administers the DIFC Regulatory Law No. I of 2004, which pr~vides, among other 

things, for the authorization, registration, recognition and supervision of financial service 

providers, financial services and products related to banking, securities, Islamic finance, 

collective investment schemes, asset management, trust services and insurance and reinsurance. The DFSA has the authority under the DIFC Markets Law No. 12 of 2004 to 

regulate the securities markets, including futures and derivatives. 

1.3 The CFTC was created by US Congress in 1974 as an independent agency with the 

mandate to regulate commodity futures and options markets in the United States. The 

agency's mandate has been renewed and expanded several times since then, most recently 

by the Commodity Futures Modernization Act of 2000. Today, the CFTC assures the 

economic utility of the futures markets by encouraging their competitiveness and efficiency, 

ensuring their integrity, protecting market participants against manipulation, abusive trading 

practices, and fraud, and ensuring the financial integrity of the clearing process. Through 

effective oversight, the CFTC enables the futures markets to serve the important function 

of providing a means for price discovery and offsetting price risk. 

The mission of the CFTC is to protect market users and the public from fraud, 

manipulation, and abusive practices related to the sale of commodity and financial futures 

and options, and to foster open, competitive, and financially sound futures and option 

markets. 

2. DEFINITIONS 

"Authorities" means the CFTC and the DFSA; 

"CFTC" means the United States Commodity Futures Trading Commission; 

"DFSA" means the Dubai Financial Services Authority; 

"DIFC" means the Dubai International Financial Centre; 

"Futures Contract" means a futures or options transaction regulated or subject to 

regulation by the authorities whether transacted over-the-counter or on or subject to the 

rules of an exchange or market. 

"Jurisdiction" means the country, state or territory in which the CFTC or the DFSA 

have legal authority, power and/or jurisdiction; 
"laws, Regulations, and/or Requirements" means the provisions of the laws of the 

United States and/or Dubai International Financial Centre, the regulations promulgated 

thereunder, and other regulatory requirements that fall within the jurisdiction of the 

Authorities concerning Futures Contracts. 

"licensed Entity" means any person carrying out activities reqUJnng licensing, 

authorisation and/or registration by the Authorities and who is subject to the operative 

legislation within the respective jurisdiction; 

"Person" means a natural person, body corporate, partnership, unincorporated 

association, or trust; 

"Protocol" means this "Protocol Concerning Mutual Assistance, Information 

Sharing and Cooperation Arrangements"; 

"Requested Allthority" means the Authority receiving a request under paragraph 4; and 

"Requesting Authority" means the Authority making a request under paragraph 4. 

3. SCOPE AND INTENTION 

3.1 This Protocol sets forth the Authorities' intent with regard to mutual assistance and the 

exchange of information for the purpose of enforcing and securing compliance with the 

respective laws, Regulations and/or Requirements of the jurisdictions of the Authorities. 

The provisions of this Protocol are not intended to create legally binding obligations or 

supersede domestic laws. 

3.2 This Protocol will promote the integrity, efficiency and financial soundness of licensed 

entities by improving effective regulation, enhancing the supervision of cross-border 

transactions, and creating an environment conducive to the prevention of fraudulent and 

other prohibited practices in the DIFC and the United States. 

3.3 The Authorities will assist each other to the full extent permitted by the Laws, Regulations 

and/or Requirements of their respective jurisdictions. Such assistance will not be limited to 

information concerning institutions authorised, licensed, registered or recognised in the 

United States anc!/or the DIFC Assistance will include: 

a) enforcement of Laws, Regulations and/or Requirements pertaining to the respective 

functions of the Authorities; 

b) regulation and supervision of Licensed Entities; and 

c) any matters agreed upon between the Authorities from time to time as evidenced 

in writing. 

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4. REQUESTS FOR ASSISTANCE 

4.1 To facilitate communication and ensure continuity, each Authority will designate contact 

officers to whom requests for assistance will normally be addressed. The initial contact 

officers are set out in Appendix A. 

4.2 A request for assistance will include the following: 

a) a general description of the subject matter of the request and the purpose for 

which the assistance or information is sought; 

b) a general description of the assistance, documents or information sought; 

c) any information in the possession of the Requesting Authority that might assist in 

identifying the persons, bodies or entities which they believe possess the 

information sought, or the places where the Requested Authority may obtain such 

information; 

d) the legal provisions or a brief description thereof concerning the matter that is the 

subject matter of the request; 

e) whether any other Authority, governmental or non-governmental, is cooperating 

with the Requesting Authority or seeking information from the confidential files of 

the Requesting Authority and to whom onward disclosure of information is likely 

to be necessary; and 

f) the urgency of the request and the desired period of time for the reply. 

4.3 In urgent circumstances, the Requested Authority will accept a request for assistance by 

electronic mail or facsimile. Such urgent communications must be confirmed in writing 

within five business days. 

5. UNSOLICITED INFORMATION 

To the extent permitted by Laws, Regulations, and/or Requirements of its respective 

jurisdiction, each Authority will use reasonable efforts to provide the other Authority with 

any information it discovers that gives rise to a suspicion of a breach or an anticipated 

breach of the Laws, Regulations, and/or Requirements applicable in the jurisdiction of the 

other Authority. 

6. PERMISSIBLE USES OF INFORMATION 

6.1 The Requesting Authority may use non-public information and non-public documents 

furnished in response to a request for assistance under this Protocol solely for: 

a) the purposes set forth in the request for assistance, including ensuring compliance 

with the Laws, Regulations and/or Requirements related to the request; and 

b) a purpose within the general framework of the use stated in the request for 

assistance, including conducting a civil or administrative enforcement proceeding, 

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assisting in a criminal prosecution, or conducting any investigation for any general 

charge applicable to the violation of the provision specified in the request where 

such general charge pertains to a violation of the Laws, Regulations and/or 

Requirements administered by the Requesting Authority. This use may include 

enforcement proceedings which are public. 

6.2 If a Requesting Authority intends to use information furnished under this Protocol for any 

purpose other than those stated in Paragraph 6.1, it must obtain the consent of the 

Requested Authority. 

7. CONFIDENTIALITY 

7.1 Each Authority will keep confidential requests made under this Protocol, the contents of 

such requests, and any matters arising under this Protocol, including consultations between 

or among the Authorities, and unsolicited assistance. After consultation with the 

Requesting Authority, the Requested Authority may disclose the fact that the Requesting 

Authority has made the request if such disclosure is required to carry out the request. 

7.2 The Requesting Authority will not disclose non-public documents and information received 

under this Protocol, except as contemplated by paragraph 6 or in response to a legally 

enforceable demand. In the context of a civil or administrative enforcement proceeding, 

disclosure may be made solely in such a proceeding to which the Requesting Authority or 

the government of the Requesting Authority is a party. In the event of a legally enforceable 

demand, the Requesting Authority will notify the Requested Authority prior to complying 

with the demand, and will assert such appropriate legal exemptions or . privileges with 

respect to such information as may be available. The Requesting Authority will use its best 

efforts to protect the confidentiality of non-public documents and information received 

under this Protocol. 

8. RIGHTS OF REQUESTED AUTHORITY 

8.1 The Requested Authority may deny requests for assistance under the Protocol: 

a) where the request would require the Requested Authority to act in a way that 

would violate the laws of the jurisdiction of the Requested Authority; 

b) ·where the request is not in accordance with this Protocol; or 

c) on grounds of public interest or essential national interest. 

8.2 Where the Requested Authority denies or opposes a request for assistance, or where 

assistance is not avaiia.bie under che law of the jurisdiction. the Requested Authority will 

provide the reasons why it is not granting the assistance. 

8.3 The Authorities recognise that this Protocol does not limit or enhance their respective 

powers to investigate or gather information or take other measures. 
9. CONSULTATION 

9.1 The Authorities will consult each other on an on-going basis to enhance regulatory 

cooperation, improve the operation of the Protocol and resolve any matters that arise. 

The Authorities will inform one another of the adoption of domestic measures that may 

affect their respective ability to provide assistance under this Protocol. 

9.2 The Authorities may take_ practical measures necessary to facilitate the implementation of 

the Protocol. As such, the Authorities may by agreement in writing amend, relax or waive 

any of the terms of the Protocol. 

I 0. COSTS OF INVESTIGATION 

If the cost of fulfilling a request is likely to be substantial, the Requested Authority may, as 

a condition. of agreeing to give assistance. under this MOU, require the Requesting 

Authority to make a contribution to costs. 

II. EFFECTIVE DATE AND TERMINATION 

I 1.1 Cooperation in accordance with this Protocol will begin on the date of its signing by the 

Authorities. 

I 1.2 Cooperation and assistance in accordance with this Protocol will continue until the 

expiration of 30 days after any Authority gives written notice to the other Authority of its 

intention to discontinue cooperation and assistance hereunder. If any authority gives a 

termination notice, cooperation and assistance in accordance with this Protocol will 

continue with respect to all requests for assistance that were made or information 

provided before the effective date of notification (as indicated in the notice but no earlier 

than the date the notice is sent) until the Requesting Authority terminates the matter for 

which assistance was requested. The provisions of this Protocol concerning confidentiality 

will continue thereafter with respect to information in the possession of the Requesting 

Authority. 

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SIGNED on this day of 

FOR THE DUBAI FINANCIAL SERVICES AUTHORITY 

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............. ./~{-~ ... !{~{ .................. . 

DAVID KNOTT 

Chief ~ecutive 

SIGNED on this day of 

2005 

2005 

FOR THE COMMODITY FUTURES TRADING COMMISSION 
DESIGNATED CONTACT OFFICERS 

Dubai Financial Services Authority 

Level 13, The Gate 

Dubai International Financial Centre 

Dubai, UAE 

Director. International Relations 

Mark McGinness 

Telephone: +971 4 3621508 

Fax: 

email: 

+971 4 362080 I 

MMcGinness@dfsa.ae 

Director. Clearing and Settlement - Markets 

Peter Davey 

Telephone: +971 4 3621647 

, 1 Fax: +971 4 362 0801 

email: pdavey@dfsa.ae 

US Commodity Futures Trading Commission 

Division of Enforcement 

I 155 21 •• Street, NW 

Washington, DC 20581 

United· States of America 

Director of Enforcement 

Gregory G. Macek 

Telephone: +I 202 418 5378 

Fax: +I 202 418 5519 

email: gmocek@dtc.gov 

Chief Counsel - Enforcement 

Phyllis j. Cela 

Telephone: +I 202 418 5374 

fax: + i 202 418 5519 

email: pc::ela@cftc.gov 

APPENDIX A