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.
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.”