The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
Memorandum of Understanding, (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) which puts in place a formal mechanism to enable the regulatory authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market.
John Harris, Director-General of the JFSC, and Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority, signed the MoU at a ceremony in the ADGM building in Abu Dhabi.
John Harris commented, “A key element of the work that we undertake is facilitating market access, whilst at the same time working to protect and enhance Jersey’s reputation. This MoU acknowledges our shared ambitions for a long-term partnership and collaboration. We have every expectation that the Abu Dhabi Global Market will grow into a world leading financial centre and we will work together to exchange ideas, develop and cooperate, whilst adhering to international regulatory standards.”
Richard Teng added, “This MoU continues the FSRA’s undertaking in establishing relevant cooperative arrangements and cross-border collaboration with our international counterparts. As globalisation continues across the various markets, our partnerships with JFSC and other like-minded regulators are crucial in enabling us to monitor and supervise our respective jurisdictions.” He went on to say that cooperative arrangements such as this serve as cornerstones in continuing customer protection and financial market integrity. “We look forward to working closely with JSFC to maintain an efficient, responsive and well -regulated financial environment that address the needs of our businesses and stakeholders.”
The MoU formally establishes a framework to facilitate long-term collaboration between JFSC and FSRA and underpins their commitment to foster and uphold the highest international regulatory standards and practice in both jurisdictions.
The Jersey Financial Services Commission is the financial services regulator for the Island of Jersey. It is responsible for the supervision, authorisation, oversight and development of financial services in or from within Jersey.
Abu Dhabi Global Market is a broad-based international financial centre for local, regional and international institutions, established in accordance with Federal Law No. 08 of 2004, Federal Decree No. 15 of 2013, Cabinet Resolution No. 04 of 2013, and Abu Dhabi Law No. 04 of 2013.
In collaboration with other International Financial Centres, global institutions and regulators, Abu Dhabi Global Market develops and supports member institutions with the regulatory framework, legal jurisdiction and attractive business environment they need for sustainable business growth.