Abu Dhabi Global Market (ADGM) and the Mauritius Financial Services Commission have entered into a Memorandum of Understanding to strengthen regulatory cooperation for the supervision of financial institutions in both countries
The MOU, which will also facilitate joint collaboration and exchange of information as well as support cross border activities, was signed in December 2016 by P.K. Kuriachen, acting chief executive of the Mauritius Financial Services Commission and Richard Teng, chief executive, Financial Services Regulatory Authority of ADGM.
In a statement announcing the MOU, ADGM said the partnership would be backed up further similar agreements, as it bids to reinforce its commitment as an international financial centre to “enhance and build stronger collaborations” with global financial regulators and agencies. Teng said that the MOU will see the ADGM “share regulatory experience and insights and bolster the growth of financial services in both markets.”
Kuriachen called the MOU an opportunity to “bridge the gap further with the Middle East countries” and to formalise “our ally relationship with the Abu Dhabi jurisdiction and to work together towards the development of the respective markets in a business friendly and healthy environment”.