Abu Dhabi Global Market and Egyptian Securities Commission Collaborate to Enhance RegulationsADGM 30/11/2016
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Egyptian Financial Supervisory Authority (EFSA) signed a Memorandum of Understanding (MoU) to enhance regulatory cooperation and foster cross-border activities. The agreement was signed by Mr. Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority and Mr. Richard Teng, Chief Executive Officer of the ADGM Financial Services Regulatory Authority.
The MoU establishes a framework for both Authorities to provide mutual assistance, exchange regulatory information and co-operate in the fields of supervision and enforcement matters to uphold high standards in both jurisdictions. The MoU also allows both EFSA and FSRA to discuss and explore join initiatives that enable effective regulation and robust supervision of operators that engage in cross-border operations.
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said: “We are pleased to strengthen our partnership with Egyptian Financial Supervisory Authority (EFSA). This agreement fosters greater regulatory collaboration and supports continuous development and innovation of our respective financial sectors. We look forward to working closely with EFSA to maintain an efficient, responsive and well-regulated financial environment for our stakeholders and investors.”
Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority said : “The signing the MOU between the EFSA and FSRA signals an important step towards strengthening our regional partnerships and cooperation tools. We are looking forward to further develop the fruitful cooperation that has taken place between our two institutions from the start. We trust that such an agreement will contribute to reinforce a sound and responsive market regulation as well as an enhanced investor protection.”
ADGM will continue its engagements and efforts to develop mutually-beneficial collaborations and partnerships with authorities and stakeholders locally and globally.