Abu Dhabi Global Market and Luxembourg for Finance Sign MOU on Bilateral Cooperation

ADGM FSRA 10/03/2016

10 March 2016, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM) and Luxembourg for Finance (LFF) have entered into an agreement to collaborate on efforts to foster the developments of their respective financial markets. The Memorandum of Understanding was signed on 10 March 2016 by Mr. Nicolas Mackel, Chief Executive Officer of LFF and Mr Philippe Richard, International Affairs Director of the FSRA, ADGM.

The MOU builds on a fruitful bilateral dialogue between the two organisations and establishes a partnership framework for the exchange of views and expertise in the fields of banking, financial services and securities regulation of each jurisdiction. ADGM and LFF will also explore joint activities and training initiatives to develop their human capital capabilities and foster greater growth in both financial markets.

Philippe Richard, International Affairs Director of the Financial Services Regulatory Authority, ADGM: “Since its establishment, ADGM has developed a good standing relationship with the Luxembourg financial centre, its industry and its regulators. The MoU signed today with Luxembourg for Finance, the agency for the development of the financial centre, strengthens the cooperation between the two international financial centres, and will facilitate mutually beneficial developments of the financial services industry in both countries. We look forward to working with LFF and their team to advance the financial developments of our markets through joint initiatives.”

Nicolas Mackel, CEO of Luxembourg for Finance, said: “This MoU marks an important step forward in our on-going collaboration with Abu Dhabi Global Market. We look forward to working more closely with them to share expertise in international financial services activities and products, and facilitate contacts for market operators, university institutions, and financial delegations.”

The signing ceremony took place in Luxembourg during on the sidelines of the second meeting of the UAE-Luxembourg Council for Cooperation on Islamic Finance and Banking.

Photo (Left to Right) : Mr Philippe Richard, International Affairs Director of ADGM FSRA, H.E Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, Ms Isabelle Goubin, Director of the Treasury, Luxembourg Ministry of Finance, and Mr Nicolas Mackel, CEO of LFF.