The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Securities and Exchange Board of India (SEBI) has signed a Memorandum of Understanding (MoU) to enhance regulatory cooperation and facilitate cross- border activities.
The MoU establishes a framework for both Authorities to provide assistance, exchange regulatory information and co-operate in supervising and overseeing the compliance of financial institutions with their respective securities and derivatives markets laws and regulations. The MOU also enables both regulators to include initiatives such as joint training and technical assistance to strengthen the high regulatory standards and practice in both jurisdictions.
The MoU was signed between Mr. Sunder Rajan Raman, Whole Time Member (WTM) of the SEBI Board, and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, in Abu Dhabi.
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said:
With the internationalisation of capital markets, ADGM is committed to establishing closer cooperation among global regulators to facilitate cross-border financial activities and uphold the integrity of markets. The growing economies of India and UAE will offer plenty of exciting investment opportunities for investors worldwide. This initiative further strengthens the working relationship with the Securities and Exchange Board of India for the mutual beneficial development of the financial services industry and the capital markets in our jurisdictions. By harnessing our joint efforts and co-operation, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform that is underpinned by global standards and best practices.”
Mr. S. Raman, WTM, SEBI added:
We are pleased to sign a MoU with FSRA. The MoU will enhance the bilateral cooperation between the authorities and would establish a stronger relationship with ADGM. With the markets getting inter-connected and the financial entities operating globally, the MoU will be a valuable tool for cross-border cooperation. The MoU will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments between the jurisdictions.”