9 August 2016: The Financial Services Board (the FSB) of the Republic of South Africa and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) signed a landmark Memorandum Of Understanding (MOU) to enable greater collaboration on regulatory matters and facilitate the exchange of information to promote the robustness and maintain the integrity of the financial industries in both countries. The agreement was signed by Advocate Dube Tshidi, Executive Officer of the Financial Services Board (the FSB) of the Republic of South Africa, and Mr. Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority (FSRA).
Advocate Dube Tshidi, Executive Officer of the Financial Services Board (the FSB) of the Republic of South Africa said: “We are looking forward to working with the ADGM. This MoU presents both institutions with an opportunity strengthen cross-border ties, thus promoting integrity, efficiency and financial soundness through effective regulation of their respective jurisdictions. The FSB has developed and maintained a strong, effective presence in the regulatory field, in South Africa and internationally, while working closely with its counterparts in other parts of the world to establish solid regulatory frameworks. Signing this MoU not only attests to the aforementioned but is also an indication of the FSB’s commitment to ensuring a sound financial investment environment”.
Richard Teng, Chief Executive Officer of ADGM, added: “We are pleased to establish this new partnership with FSB South Africa. The MOU recognises our shared ambition to foster greater investor protection and support the continuous development, innovation and supervision in financial products and activities in both our financial sectors. One of the key objectives of this partnership is to develop relevant cooperative arrangements and cross-border collaboration that enable the growth and meet the business needs of companies and businesses in our jurisdictions. We look forward to working closely with FSB to maintain an efficient, responsive and well-regulated financial environment for our stakeholders and investors."
The MOU sets in place a framework for mutual assistance and cooperation between the Authorities to enforce or secure compliance with laws and regulations of their respective jurisdictions. This underpins their commitment to uphold the highest international regulatory standards and practice in both jurisdictions.