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ADGM and Guernsey Financial Services Commission Sign MOU to Bolster Cross-Border CooperationADGM 06/09/2016
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Guernsey Financial Services Commission (Guernsey FSC) entered into a Memorandum of Understanding (MoU) to co-operate on supervisory matters, exchange of information, as well as to foster high regulatory practice in both jurisdictions.
The MOU was signed on 6 September 2016 by Mr William Mason, Director General of the Guernsey Financial Services Commission and Mr Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM.
This partnership reinforces ADGM’s commitment as an international financial centre to enhance and build stronger collaborations with global financial regulators and agencies. The agreement provides a framework for FSRA and Guernsey FSC to provide mutual assistance, exchange regulatory information and co-operate in supervision of cross-border establishments.
Mr William Mason, Director General of the Guernsey Financial Services Commission, said, “The Commission is very pleased to have had the opportunity to sign this MOU with the Financial Services Regulatory Authority of Abu Dhabi Global Market. It represents a further demonstration of Guernsey’s commitment to working with overseas regulatory authorities and to play its part in addressing matters of global interest and concern in the area of financial services regulation. We are looking forward to developing a close working relationship with our new partners at the Financial Services Regulatory Authority of Abu Dhabi Global Market.”
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM added, “We are pleased to continue our efforts in establishing closer collaboration with global authorities to bolster the high regulatory practice and standards in our respective jurisdictions. The new partnership with Guernsey FSC allows both regulators to better understand the needs of our stakeholders and facilitate future cross-border efforts. I look forward to working closely with our new partner on relevant initiatives that will bring mutual enhancements and benefits to ecosystems.”