Abu Dhabi Global Market and Australian Prudential Regulation Authority Agree on Bilateral CooperationADGM 15/02/2017
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Australian Prudential Regulation Authority (APRA), the National prudential regulator of Australia, signed a Memorandum of Understanding (MoU) to facilitate enable further collaboration on joint initiatives and bolster the growth of the financial markets in Abu Dhabi and Australia. This agreement was signed by Mr. Wayne Byres, Chairman of APRA and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
Australia and the UAE have been long-standing strategic business, financial and trading partners spanning several decades. Building on this foundation, the MoU establishes a strategic platform for ADGM and APRA to share expertise and information on banking, financial services and products, and insurance legislation as well as on regulatory practice in each market.
Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA), ADGM said: “We are pleased to deepen our on-going engagement and collaboration with APRA. By harnessing our expertise and experience, financial institutions and companies from both markets can further expand their global footprints via each other’s internationally recognised platforms. I look forward to the two teams working closely together in leveraging each other’s regulatory experience and insights, developing the financial services sectors, and supporting our stakeholders in achieving their growth plans.”
ADGM will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally.