The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Cayman Islands Monetary Authority (CIMA) signed a Memorandum of Understanding (MoU) putting in place a framework for mutual assistance and exchange of information to foster high standards of regulatory practice and compliance in both jurisdictions. The agreement was signed on 9 June 2016 by Cindy Scotland, Managing Director of CIMA, and Richard Teng, CEO of FSRA, ADGM.
This MoU will serve to promote the integrity, efficiency and financial soundness of financial institutions by improving the effective regulation, enhancing the supervision of cross-border transactions, and preventing fraudulent and other prohibited practices in ADGM and the Cayman Islands.
Richard Teng, CEO of the Financial Services Regulatory Authority, ADGM said: “ADGM is committed to establishing close cooperation with global regulators to maintain the highest standards and practice of financial services across borders and upholding the integrity of the market. The MOU with Cayman Islands Monetary Authority will enable us to foster a close working relationship with CIMA to maintain an efficient, responsive and well-regulated environment for our member institutions and stakeholders.”
Cindy Scotland, Managing Director of CIMA commented:
“CIMA is extremely pleased to have concluded this MOU with Abu Dhabi Global Market. It is operationally essential, timely and adds to the growing list of such agreements that the Authority already has with counterpart regulators in a number of globally significant jurisdictions. Cooperation with the ADGM will be particularly helpful in enhancing our respective abilities to conduct more effective and efficient international supervision in the context of the increasingly-complex global financial environment in which we operate. We therefore, look forward to working more closely with our counterparts in the ADGM in that regard.”