DIFC appoints new chief commissioner

In 1997 he was appointed Managing Director of the newly formed Financial Services Authority (FSA), which is responsible for the regulation of all insurance, banking, securities and investment business in the United Kingdom.

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By  Massoud Derhally Published  June 13, 2002

Dubai International Financial Centre (DIFC) has appointed Phillip Thorpe as its chief commissioner for its regulatory agency that will ensure that DIFC licensed institutions are regulated to the best international standards.

Phillip Thorpe is widely regarded as a leading regulator and will bring a wealth of knowledge and experience.

Ian Hay Davison, chairman of the DIFC regulatory council said, “Phillip is the ideal candidate for the job in hand. He has unparalleled knowledge about the regulatory markets and has an excellent track record in the UK, North America and Hong Kong – among the best regulated and most sophisticated financial markets in the world.”

“We are confident that Phillip’s world-class experience will help to establish us as one of the best markets in the world. Having someone like Phillip join us shows that we have put in place a well thought-out regulatory and legal framework. Phillip’s appointment certainly is a milestone in the development of the DIFC,” added Davison.

Prior to joining the DIFC, Phillip was the President of the Washington D.C. based Institute for Financial Markets where he has overseen an expansion of the remit of the Institute, both in terms of the products and services it offers, and in terms of its contributor and client base.

Thorpe previously undertook a number of senior roles in the commission responsible for securities and futures regulation in Hong Kong, and from October 1987 leading the Hong Kong Futures Exchange as its CEO. He was also the CEO of the London Commodity Exchange in 1991, and subsequently was appointed as CEO of IMRO, the organization responsible for the regulation of the investment management industry in the UK.

In 1997 he was appointed Managing Director of the newly formed Financial Services Authority (FSA), which is responsible for the regulation of all insurance, banking, securities and investment business in the United Kingdom.

Commenting on his new appointment, Phillip said, “The creation of a successful DIFC is an exciting and demanding project. I believe my previous experience in international financial markets, and in building regulatory structures, will stand me in good stead for the job ahead. I particularly look forward to the challenge of helping establish a new regulator committed to setting and maintaining the highest standards for this new and important financial centre.”

Phillip is expected to begin in July 2002.

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