x Abu Dhabi, UAESunday 23 July 2017

DFSA's new chief has history of fighting fraud

The Dubai Financial Securities Authority's new chief executive has a history of fighting fraud.

The Dubai Financial Securities Authority's (DFSA) new chief executive has a history of fighting fraud and rule violations, and is a proponent of greater disclosure. The DFSA announced the appointment today of Paul Koster, the commissioner and executive board member at the Netherlands Authority for Financial Markets (NAFM) from 2001 until this year. In 2004, the NAFM uncovered serious shortcomings and suspected violations in the operation of investment funds run by leading financial institutions in the Netherlands after a six-month investigation.

At the time Mr Koster said: "We do feel that there needs to be more supervision at the highest level. The investor should have a level of security and assurance that there is strong governance and operating procedures." Last year, the Dutch regulator indicated it wanted disclosure rules expanded to include share transactions amounting to just one per cent of a company's shares. Mr Koster spoke at the Dutch parliament and told a committee of MPs that the boundary for share declaration, which was at five per cent, should be lowered.

Mr Koster succeeds David Knott, who retires this year after four years. Abdullah Saleh, the chairman of the DFSA, said: "Paul's experience in shaping and developing the Dutch AFM is very relevant to the next phase of the DFSA's growth, as the Dubai International Financial Centre continues to expand so successfully and is in full business mode. After an extensive and thorough search, we are delighted that we have attracted a person of his calibre and standing to the organisation." afoxwell@thenational.ae