Dubai in regulatory pact with US

The Dubai Financial Services Authority (DFSA) has signed a memorandum of understanding with the United States banking supervisors. The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision have all agreed to a comprehensive statement of co-operation with the DFSA.

David Knott, the chief executive of the DFSA, said: "This is an historic event in the development of the DFSA. Never before has a regulator fro