ADGM and Commission De Surveillance Du Secteur Financier Strengthen Cross-Border CooperationADGM 14/02/2017
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Commission de Surveillance du Secteur Financier (CSSF) entered into a Memorandum of Understanding (MoU) 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 in both Abu Dhabi and Luxembourg financial sectors.
The MoU was signed on 14 February 2017 by Mr. Claude Marx, Director General of the CSSF 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 CSSF 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 banking and capital markets regulation of each jurisdiction
Mr Claude Marx, Director General of the CSSF, stated: "This agreement is very important for the development of the relationship of our authorities, and for a good cooperation in the areas covered by the Memorandum of Understanding".
Mr. Richard Teng, Chief Executive Officer, FSRA of ADGM said: “Luxembourg and Abu Dhabi have established years of great friendship, robust trade and investment initiatives. We are pleased to further our partnership with CSSF 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 CSSF to leverage on each other’s regulatory experience and insights and bolster the growth of financial services in both markets.”
In March 2016, ADGM and Luxembourg for Finance (LFF) entered into an agreement to collaborate on efforts to foster the developments of their respective financial markets. ADGM and LFF would also be exploring joint activities and training initiatives to develop their human capital capabilities and foster greater growth in both financial markets