6 February 2016, Abu Dhabi, UAE: The Central Bank of the UAE and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding on 4 February 2016 to formalise a framework to enable ongoing cooperation on the supervision of banks and other financial institutions under both jurisdictions, exchange of relevant information and facilitate communication. The MOU was signed by H.E. Saeed Abdulla Al Hamiz, Assistant Governor for Banking Supervision of the Central Bank of the UAE and Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority (FSRA), witnessed by HE Mubarak Rashed Khamis Al Mansoori, Governor of the Central Bank of the UAE and HE Ahmed Ali Al Sayegh, Chairman of ADGM.
H.E. Saeed Abdulla Al Hamiz, Assistant Governor for Banking Supervision of the Central Bank of the UAE emphasized in a statement the need for cooperation and coordination with supervisory authorities to ensure the stability of the financial system in the UAE.
Mr Richard Teng, CEO, Financial Services Regulatory Authority of the Abu Dhabi Global Market said,” The signing of this MOU reinforces our commitment to and partnership with the Central Bank in supervising financial institutions under our authorities. This MOU endorses the prevailing practice and arrangements for co-operation and information sharing between the two regulators. By working closely, we can share our regulatory experience and strengths to maintain the highest standards and practice of financial services in this region.”
In 2015, ADGM entered into similar comprehensive cooperation agreements with the Emirates Securities and Commodities Authority and the Insurance Authority, with the aim of developing Abu Dhabi as an international financial centre. ADGM will continue to cultivate meaningful collaborations and partnerships with authorities and stakeholders locally and globally.