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ADGM RA and British Virgin Islands Financial Services Commission ink agreement to promote international cross-border collaborationADGM RA 17/12/2020
- SoC to facilitate development of the ADGM RA and FSC registration functions
- Authorities to engage in mutually beneficial activities to promote cross-border collaboration between BVI and Abu Dhabi
The Abu Dhabi Global Market (ADGM) Registration Authority (RA), the award-winning international financial centre in the MENA region, has entered into a Statement of Co-operation (SoC) with the British Virgin Islands (BVI) Financial Services Commission (FSC), whereby the two authorities will aim to promote international cross-border collaboration between Abu Dhabi and the British Virgin Islands. The SoC was signed by Dhaher bin Dhaher Al Mheiri, Chief Executive Officer of the ADGM Registration Authority, and Jennifer Potter-Questelles, Acting Managing Director of the BVI Financial Services Commission.
Through the agreement, the ADGM RA and the FSC will collaborate on various activities in support of their joint registration functions. Chief among these is the provision of expertise on their technological and procedural frameworks, facilitation of applicable activities within their respective jurisdictions and provision of support in the integration of international standards and best practice across their operations.
Commenting on the agreement, Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “Our agreement with the BVI FSC is further testament to our efforts to ensure effective and mutually beneficial relations are maintained between Abu Dhabi and international financial stakeholders. Through this agreement, we reinforce the ADGM RA’s longstanding commitment to develop its portfolio of partners and continuously enhance its offerings, in service of its overarching mandate as a leading registry function in the MENA region. The many partnerships forged with like-minded, progressive institutions over the course of ADGM’s growth have played an instrumental role in its development as an international financial centre, and this agreement bears no exception. We are confident that this partnership will result in fruitful engagements between ADGM and the FSC, while catalysing further collaborative efforts between both jurisdictions.”
As part of the agreement, the ADGM RA and the FSC will provide one another with training and secondment opportunities and facilitate frequent communication that vests their best interests. Both parties will also share insights on various matters, including the ongoing development of international standards, as well as exchange expertise on public events and assist in welcoming delegates of both the ADGM RA and the FSC that wish to carry out any registration activities in their respective jurisdictions.
Established in 2001, the BVI Financial Services Commission is the British Virgin Islands’ exclusive regulatory authority, responsible for the oversight of all financial services firms operating within the jurisdiction.