DIFC and Abu Dhabi Global Market regulators sign new accord

Added 23rd August 2016

The Dubai Financial Services Authority (DFSA), which regulates the city's international financial centre, has signed a cooperation deal with the regulator of the new Abu Dhabi Global Market (ADGM) to help boost supervision across the UAE and the wider Gulf region.

DIFC and Abu Dhabi Global Market regulators sign new accord

The Memorandum of Understanding (MoU) was signed by DFSA chief executive, Ian Johnston and, on behalf of the FSRA, by chief executive Richard Teng.

Johnston said: “The DFSA is pleased to engage with its counterparts in the GCC and especially with a fellow regulator in the United Arab Emirates.

““The importance of effective co-ordination and co-operation between regulators cannot be overstated and to that end the DFSA has concluded some 97 MoUs with its counterparts since our establishment in 2004.

“This agreement also builds on the agreements already signed with other UAE regulators, including; the Central Bank, the Securities and Commodities Authority (SCA) and the Insurance Authority,” he said.

Richard Teng of FSRA said: “The MoU with the DFSA underscores FSRA’s commitment to foster greater investor protection and support the development and innovation of regulations and supervision in the UAE and wider region.

“ADGM will continue to work closely with our fellow GCC counterparts and global like-minded regulators to foster high regulatory standards, advance financial development and safeguard financial market integrity in our jurisdictions.”

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Richard Hubbard

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Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.

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