Dubai Financial Services Authority (DFSA) said its board of directors has appointed Bryan Stirewalt as the new chief executive with effect from October 1. He succeeds Ian Johnston, who in late 2017 had announced his intention to step down.

During his tenure, Johnston made a significant contribution to the DFSA and was key to its development as a strong and internationally respected regulator, as well as to the development of the Dubai International Financial Centre, said a statement from DFSA.

An industry veteran, Stirewalt is an acclaimed financial regulator with a career that spans over 30 years in various public and private sector roles. He has been with the DFSA for 10 years, serving for the last eight years as managing director, supervision.

DFSA Chairman Saeb Eigner said: "The Authority plays a crucial role as the independent financial regulator of the DIFC. Stirewalt has played a vital part in executing the DFSA’s regulatory mandate and developing its risk-based supervision framework."

"He comes with wide international experience combined with a thorough knowledge of the workings of the DFSA and the context in which it operates. The board and I are looking forward to working with and supporting Stirewalt as he takes the lead in steering the work of the DFSA and further developing its capability as a robust regulator," he noted.

On his new role, Stirewalt said: "I would like to extend my thanks and appreciation to the board for entrusting me with this responsibility. I am very privileged to step into the CEO role and look forward to further contributing to the DFSA’s work in delivering world-class financial regulation in the DIFC."

Stirewalt has extensive experience in financial regulation and played an active role in supporting the work of international standard-setting bodies.

He now serves as the co-chair of the Basel Consultative Group, which provides a forum for deepening the Basel Committee on Banking Supervision’s engagement with country supervisors.-TradeArabia News Service