Dubai financial regulator appoints new chief executive

Bryan Stirewalt will succeed Ian Johnston, who is retiring later this month

Abraaj occupies two office floors in a building within the DIFC's Gate Village. Jeff Topping / The National

Dubai Financial Services Authority, the emirate’s financial services regulator, appointed a new chief executive to replace Ian Johnston who will retire at the end of this month.

Bryan Stirewalt will take over from Mr Johnston from October 1, the DFSA said in a statement on Wednesday night. Mr Stirewalt has been with the regulator for a decade, serving for the past eight years as managing director, supervision.

He supported the work of international standard-setting bodies through his role as the co-chair of the Basel Consultative Group, which provides a forum for deepening Switzerland’s Basel Committee on Banking Supervision’s engagement with country heads.

Bryan Stirewalt will take over from Mr Johnston from October 1. DFSA

“Bryan has played a vital part in executing the DFSA’s regulatory mandate and developing its risk-based supervision framework,” said Saeb Eigner, chairman of the DFSA. “He comes with wide international experience combined with a thorough knowledge of the workings of the DFSA and the context in which it operates.”

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Mr Johnston made a significant contribution during his tenure to the DFSA’s development as a “strong and internationally respected regulator” for the emirate’s financial free zone, Dubai International Financial Centre. He revealed his intention to retire at the end of last year.

In the past decade, the DFSA has become a signatory to international bodies such as the International Organisation of Securities Commissions and the International Association of Insurance Supervisors.