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Abu Dhabi Global Market Establishes Regulatory Collaboration to Enhance Financial Framework and Practice in the UAE
ADGM: 23 August 2016
23 August 2016, Abu Dhabi, UAE: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MoU) to strengthen mutual cooperation and collaboration. The MoU enables the framework to provide assistance, exchange regulatory information and cooperate to supervise compliance of financial institutions with relevant regulatory requirements.
The MOU enables both Authorities to further co-operate in upholding high international regulatory practice and standards in the UAE. The FSRA and DFSA will continue to benchmark their practices and standards with the Principles of the International Organisation of Securities Commissions, the Core Principles established by the International Association of Insurance Supervisors, the Core Principles for Effective Banking Supervision established by the Basel Committee on Banking Supervision and the recommendations on anti-money laundering established by the Financial Action Task Force.
The MoU was signed by Mr Ian Johnston, Chief Executive of DFSA and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.
Mr Richard Teng, Chief Executive of FSRA of ADGM said: “The MOU with the DFSA underscores FSRA’s commitment to foster greater investor protection and support the development and innovation of regulations and supervision in the UAE and wider region. ADGM will continue to work closely with our fellow GCC counterparts and global like-minded regulators to foster high regulatory standards, advance financial development and safeguard financial market integrity in our jurisdictions. As a member of the IOSCO, the FSRA will play its part to cooperate and maintain fair, efficient and responsible markets in Abu Dhabi and beyond.”
ADGM-FSRA has been a member of the International Organisation of Securities Commissions (“IOSCO") since February 2016. In addition, the FSRA is also a member of the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision since January 2016.
Mr Ian Johnston, Chief Executive of the DFSA said: “The DFSA is pleased to engage with its counterparts in the GCC and especially with a fellow regulator in the United Arab Emirates. As regulators of financial centres, founded on Common Law principles, we embrace best practice and apply regulation which meets the requirements of the international standard-setters: the Basel Committee on Banking Supervision; the International Organisation of Securities Commissions; the International Association of Insurance Supervisors; and the Financial Action Task Force. Signing this MoU demonstrates a mutual willingness to co-operate and share information to those standards.”
“The importance of effective co-ordination and co-operation between regulators cannot be overstated and to that end the DFSA has concluded some 97 MoUs with its counterparts since our establishment in 2004. This agreement also builds on the agreements already signed with other UAE regulators, including; the Central Bank, the Securities and Commodities Authority and the Insurance Authority.”, Mr Johnston added.