January 2017, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Mauritius Financial Services Commission (Mauritius FSC) entered into a Memorandum of Understanding (MoU) to strengthen regulatory cooperation for the supervision of financial institutions, to facilitate joint collaboration and exchange of information as well as support cross border activities. The MOU was signed in December 2016 by Mr P.K. Kuriachen, Acting Chief Executive of the Mauritius 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 Mauritius FSC to provide mutual assistance, exchange regulatory information and co-operate in supervision of cross-border establishments.
Mr P.K. Kuriachen, Acting Chief Executive of the Mauritius Financial Services Commission, said, “This MOU represents our mutual endeavour to bridge the gap further with the Middle East countries, to formalise our ally relationship with the Abu Dhabi jurisdiction and to work together towards the development of the respective markets in a business friendly and healthy environment. We anticipate close collaboration and fruitful interactions for the betterment of our Authorities.”
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said, “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. We look forward to working closely with the Financial Services Commission of Mauritius on relevant initiatives to strengthen relationship further, share regulatory experience and insights and bolster the growth of financial services in both markets.”
ADGM will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally.