17 February 2016, Abu Dhabi, UAE: The Jersey Financial Services Commission (JFSC) signed a landmark Memorandum Of Understanding (MOU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) on 17 February 2016, which puts in place a formal mechanism to enable the regulatory authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market.
John Harris, Director General of the JFSC, and Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority (FSRA), signed the MOU at a signing ceremony in ADGM building at Abu Dhabi.
John Harris, Director General of the JFSC, commented: “A key element of the work that we undertake is facilitating market access, whilst at the same time working to protect and enhance Jersey’s reputation. This MOU acknowledges our shared ambitions for a long-term partnership and collaboration. We have every expectation that the Abu Dhabi Global Market will grow into a world leading financial centre and we will work together to exchange ideas, develop and cooperate, whilst adhering to international regulatory standards.”
Richard Teng, Chief Executive Officer of ADGM, added: “This MOU continues the FSRA’s undertaking in establishing relevant cooperative arrangements and cross-border collaboration with our international counterparts. As globalisation continues across the various markets, our partnerships with JFSC and other like-minded regulators are crucial in enabling us to monitor and supervise our respective jurisdictions. Such cooperative arrangements serve as cornerstones in continuing customer protection and financial market integrity. We look forward to working closely with JSFC to maintain an efficient, responsive and well-regulated financial environment that address the needs of our businesses and stakeholders."
The MOU formally establishes a framework to facilitate long-term collaboration between JFSC and FSRA and underpins their commitment to foster and uphold the highest international regulatory standards and practice in both jurisdictions.