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Announcement
ADGM and the Banking Regulation and Supervision Agency of Turkey Sign Mou to Bolster Cross-Border Cooperation
ADGM FSRA 22/06/2016Abu Dhabi, UAE, 22 June 2016: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Banking Regulation and Supervision Agency of Turkey (BRSA) entered into a Memorandum of Understanding (MoU) to co-operate and exchange supervisory and enforcement information, as well as foster the implementation of high regulatory standards in both jurisdictions. The MOU was signed on 17 June 2016 by Mr. Mehmet Ali Akben, Chairman of the Turkish BSRA and Mr. Richard Teng, Chief Executive Officer of the ADGM FSRA.
This partnership reinforces ADGM’s commitment as an international financial centre to build stronger and closer ties with well-established financial centres in the region and beyond, and paves the way for close collaboration. The agreement provides a framework for BRSA and FSRA to render mutual assistance, exchange regulatory information and co-operate in supervision of cross-border establishments.
This partnership reinforces ADGM’s commitment as an international financial centre to build stronger and closer ties with well-established financial centres in the region and beyond, and paves the way for close collaboration. The agreement provides a framework for BRSA and FSRA to render mutual assistance, exchange regulatory information and co-operate in supervision of cross-border establishments.
As the cornerstone that allows BRSA and FSRA to work closely in supervisory activities, the MOU enables proactively sharing information of cross-border entities, providing technical assistance as well as facilitating knowledge sharing to strengthen high regulatory standards and practices in both jurisdictions.
Mr. Mehmet Ali Akben, Chairman of the BRSA said, “We are confident that the Memorandum will contribute to the increasing cooperation between Financial Services Regulatory Authority of Abu Dhabi and the Banking Regulation and Supervision Agency of Turkey. We look forward to further enhancing the scope of our cooperation with FSRA.”
Mr. Richard Teng, CEO of the ADGM-FSRA said, “The partnership with the Turkish BRSA demonstrates FSRA’s commitment in establishing cooperative arrangements and cross-border collaboration with our international counterparts. We look forward to further strengthen our ties with regional authorities to maintain an efficient, responsive and well-regulated financial environment that address the needs of our stakeholders."
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