Abu Dhabi /Â WAM
Abu Dhabi Global Market (ADGM) and the Malta Financial Services Authority (MFSA) have signed a Memorandum of Understanding to reinforce regulatory cooperation for the supervision of financial institutions, to facilitate joint collaboration and exchange of information as well as support cross border activities.
The MoU was signed on February, 2 by Joseph V. Bannister, Chairman of the Malta Financial Services Authority, and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM.
The partnership reinforces ADGMâ€™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 MFSA to provide mutual assistance, exchange regulatory information and cooperate 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 banking, insurance, funds and capital markets regulation of each jurisdiction.
Commenting on the announcement, Bannister said, “The main objective of the MoU is to create a formal framework for regulatory collaboration between the two authorities. Such collaboration should prove beneficial in protecting investors, promoting the integrity of regulated markets and bolstering the growth of financial services in both markets. This will be achieved by providing clear means for co-operation between the two authorities including channels of communication, increased mutual understanding, exchange of regulatory experience and technical information and investigative assistance.”
Teng said, “Malta and Abu Dhabi have established years of great friendship, robust trade and investment initiatives. We are pleased to further our partnership with Malta FSA 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 ADGMâ€™s internationally recognised platform. We look forward to working closely with the MFSA to leverage each otherâ€™s regulatory experience and insights and bolster the growth of financial services in both markets.”
ADGM has said that it will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally.