ABU DHABI, 29th January, 2017 (WAM) — Abu Dhabi Global Market, ADGM, the international financial centre in Abu Dhabi, and the Mauritius Financial Services Commission, Mauritius FSC, have signed a Memorandum of Understanding, MoU, to bolster cross-border cooperation.
The MoU will strengthen regulatory cooperation for the supervision of financial institutions, facilitate joint collaboration and exchange of information.
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM and P.K. Kuriachen, Acting Chief Executive of the Mauritius Financial Services Commission, signed the MoU.
This partnership reinforces ADGM’s commitment as an international financial centre to enhance and build stronger collaborations with global financial regulators and agencies. The agreement provides a framework for FSRA and Mauritius FSC to provide mutual assistance, exchange regulatory information and cooperate in supervision of cross-border establishments.
Richard Teng said, “We are pleased to continue our efforts in establishing closer collaboration with global authorities to bolster the high regulatory practice and standards in our respective jurisdictions. We look forward to working closely with the Mauritius FSC on relevant initiatives to strengthen relationship further, share regulatory experience and insights and bolster the growth of financial services in both markets.”
ADGM will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally, he added.
P.K. Kuriachen said, “This MoU represents our mutual endeavour to bridge the gap further with the Middle East countries, to formalise our ally relationship with the Abu Dhabi jurisdiction and to work together towards the development of the respective markets in a business friendly and healthy environment. We anticipate close collaboration and fruitful interactions for the betterment of our authorities.”