Abu Dhabi signs cooperation agreement with Turkey

Added 22nd June 2016

The Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) has signed a memorandum of understanding with Turkey to cooperate and exchange supervisory and enforcement information.

Abu Dhabi signs cooperation agreement with Turkey

Richard Teng, chief executive of the Financial Services Regulatory Authority (FSRA), and Mehmet Ali Akben, chairman of the Turkish Banking Regulation and Supervision Agency (BRSA), signed the agreement on 17 June.

It provides a framework for BRSA and FSRA to render mutual assistance, exchange regulatory information and co-operate in the supervision of cross-border establishments.

Proactive sharing

The memorandum enables the proactive sharing of information on cross-border entities, the provision of technical assistance, as well as the facilitation of knowledge sharing to strengthen high regulatory standards and practices in both jurisdictions.

Teng said: “The partnership with the Turkish BRSA demonstrates FSRA’s commitment in establishing cooperative arrangements and cross-border collaboration with our international counterparts. We look forward to further strengthen our ties with regional authorities to maintain an efficient, responsive and well-regulated financial environment that address the needs of our stakeholders."

Akben added: “We are confident that the memorandum will contribute to the increasing cooperation between Financial Services Regulatory Authority of Abu Dhabi and the Banking Regulation and Supervision Agency of Turkey. We look forward to further enhancing the scope of our cooperation with FSRA.”

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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