Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Comissão do Mercado de Valores Mobiliários (CMVM) of Portugal entered into a Memorandum of Understanding (MoU) to reinforce regulatory cooperation for the supervision of financial institutions facilitate joint collaboration and exchange of information as well as support cross border activities in the Abu Dhabi and Portugal financial sectors.
The MoU was signed on 02 March 2017 by Ms. Gabriela Figueiredo Dias, Chairperson of the CMVM and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
This partnership reinforces ADGM’s commitment as an international financial centre to enhance and build strong collaborations with global financial regulators and agencies. The agreement constitutes a framework for FSRA and CMVM to provide mutual assistance, exchange regulatory information and co-operate in the supervision of cross-border establishments to foster greater growth in both financial markets. The MoU also establishes a partnership framework for the exchange of views and expertise in the fields of capital markets regulation of each jurisdiction.
Ms. Gabriela Figueiredo Dias, CMVM Chairperson, said, “The growing number of Portuguese companies doing business in the UAE gives evidence of the economic and business complementarity between the two countries, which has been intensifying in recent years, demanding a closer cooperation among the respective market supervisors. Additionally, globalization, innovation and financial sophistication make the cooperation between financial regulators key to enhance their capacity. I am pleased that through this Memorandum of Understanding the CMVM and the ADGM FSRA are formalising their cooperation and exchange of information, expertise and best practices. Our institutions have had friendly and productive relations, which will become more effective thanks to this MoU, as it further creates the opportunity for enhanced technical cooperation channels in regulatory and supervisory practices and ideas.”
Mr. Richard Teng, Chief Executive Officer, FSRA of ADGM said, “We are pleased to further our partnership with CMVM through closer collaboration in efforts to uphold high regulatory practice and standards in our respective jurisdictions. By harnessing joint efforts and regulatory co-operation, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform. We look forward to working closely with the CMVM to leverage on each other’s 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.