Abu Dhabi and S. Africa regulators sign partnership deal

Added 9th August 2016

South Africa’s Financial Services Board (FSB) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have agreed to collaborate more on regulatory matters and facilitate the exchange of information between the countries.

Abu Dhabi and S. Africa regulators sign partnership deal

The memorandum of understanding 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.

It was signed by Dube Tshidi, executive officer of the FSB, and Richard Teng, chief executive of the FSRA.

Sound financial environment

Tshidi said: “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."

Teng added: “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."

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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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