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FSB and Abu Dhabi authority form new partnership
The Financial Services Board (FSB) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) signed a landmark memorandum of understanding (MoU) to enable greater collaboration on regulatory matters and facilitate the exchange of information to promote the robustness and maintain the integrity of the financial industries in both countries.
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The agreement was signed by Dube Tshidi, executive officer: FSB and Richard Teng, CEO of FSRA.
Tshidi said: “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: “We are pleased to establish this new partnership. It 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. We look forward to working closely with FSB to maintain an efficient, responsive and well-regulated financial environment for our stakeholders and investors."
The MoU 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.
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