The Central Bank of the UAE announced on Sunday that it has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Global Market (ADGM), Financial Services Regulatory Authority (FSRA). Both parties expressed their mutual willingness to cooperate on the basis of reciprocity as well as mutual trust and understanding and agree to base their co-operation in the field of supervision of banks and other financial institutions on the principles outlined in the memorandum.
Saeed Abdulla Al Hamiz, Assistant Governor for Banking Supervision at Central Bank, and Richard Teng, CEO of the ADGM FSRA, signed the MoU.
The MoU puts a mechanism in place to cooperate in regulatory matters and supervision of banks and other financial institutions operating in both jurisdictions and exchange of supervisory information, in line with the Bank for International Settlements Home-Host information sharing, which contributes to the realisation of a sound financial system in the UAE.
The Assistant Governor for Banking Supervision emphasised the need for cooperation and coordination with supervisory authorities to ensure the stability of the financial system in the UAE.
Richard Teng said, "The signing of this MoU reinforces our commitment to and partnership with the Central Bank in supervising financial institutions operating in both jurisdictions. The FSRA is pleased to formalise the current practice and arrangements for co-operation and information sharing between the two regulators."