14 July 2016, Beijing and Abu Dhabi : The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the China Securities Regulatory Commission (CSRC) entered into a Memorandum of Understanding (MoU) to facilitate cross-border activities and enhance regulatory collaboration between the two jurisdictions.
The MOU provides a framework to provide assistance, exchange regulatory information and co-operate in the supervision of financial institutions with respective securities and derivatives markets laws and regulations to uphold high standards. It enables both regulators to work on initiatives such as joint training and technical assistance to strengthen high regulatory standards and practices in both markets.
The agreement was signed by Mr Liu Shiyu, Chairman of the China Securities Regulatory Commission (CSRC) and Mr Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority (FSRSA) of ADGM on 14 July in Beijing. This initiative follows closely after and complements FSRA’s recent MOU partnership with the China Banking Regulatory Commission (CBRC) in May 2016 and discussion on areas of cooperation for banks and financial institutions to engage in cross-border activities and business expansions. The newly inked agreements with CSRA and CBRC reconfirm ADGM’s commitment to support China’s One Belt, One Road initiative.
Mr. Richard Teng, CEO, FSRA of ADGM said, “We are very pleased to cooperate with CSRC and believe the concerted efforts from both Authorities will serve the long—term interests of our respective stakeholders and markets. The growing economies of both China and the UAE have, and will continue to offer investment opportunities for investors worldwide. As an international financial centre based in the heart of the Middle East, ADGM is committed to provide a well-regulated and strategic platform for companies and investors to access the UAE’s growth and advance their business aspirations in this region. With the MOU, we will strengthen regulatory cooperation between both markets to support increasing cross-border activities.”