Dubai’s DFSA appoints F. Christopher Calabia as new chief

Dubai Financial Services Authority (DFSA), Dubai financial services regulator, has appointed F. Christopher Calabia to the post of chief executive, it announced on August 10.

Chris, who will succeed Bryan Stirewalt with effect from October 1, 2021, hosts a career that spans 30 years in various public and not-for-profit sector roles. He was previously responsible for improving supervisory effectiveness at the Federal Reserve Bank of New York, where he held multiple specialised policy and supervision roles, a statement said.

He joins the DFSA from a senior advisory position at the Bill & Melinda Gates Foundation, leading its work to promote regulations that enable digital financial inclusion. He has advocated for policy, technology and data innovations to strengthen the safety and integrity of financial systems in developing countries worldwide, the statement added.

Fadel Al Ali, chairman of the DFSA, commented: “The DFSA plays a crucial role as the independent financial regulator of the DIFC. Chris’s experience, driving innovation in complex environments while maintaining the stability and integrity of financial systems, will further strengthen the DIFC’s standing as a global financial hub. The board of directors and I look forward to working with Chris as he builds on the best practices set in place and enhances regulatory capacity at a time of rapid transformation in markets and technology.”

“During his tenure, Bryan has played an instrumental role in maintaining the DFSA’s reputation as a leading global regulator and has been a valued and respected leader at the DFSA, particularly through a challenging period. Bryan has also been an exemplary ambassador for the DFSA on a global stage through his participation in the work of international standard-setting bodies.”

DFSA regulates financial services conducted in and from the Dubai International Financial Centre (DIFC). Its regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange.

The DFSA is also responsible for administering anti-money laundering (AML) and combating the financing of terrorism (CFT) legislation that applies to regulated firms and designated non-financial businesses and professions in the DIFC.