ABU DHABI, 15th February, 2017 (WAM) -- Abu Dhabi Global Market (ADGM), the international financialcentre in Abu Dhabi, and the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, entered into a Memorandum of Understanding (MoU) to reinforce regulatory cooperation for the supervision of financial institutions, to facilitate joint collaboration and exchange of information as well assupport cross border activities in both Abu Dhabi and Luxembourg financial sectors.
The MoU was signed on 14 February 2017 by Claude Marx, Director General of the CSSF andRichard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) ofADGM. This partnership reinforces ADGMs commitment as an international financial centre to enhanceand build strong collaborations with global financial regulators and agencies. The agreementconstitutes a framework for FSRA and CSSF to provide mutual assistance, exchange regulatoryinformation and co-operate in the supervision of cross-border establishments to foster greatergrowth in both financial markets. The MoU also establishes a partnership framework for theexchange of views and expertise in the fields of banking and capital markets regulation of eachjurisdictionClaude Marx, Director General of the CSSF, stated: "This agreement is very important for thedevelopment of the relationship of our authorities, and for a good cooperation in the areascovered by the Memorandum of Understanding". Richard Teng, Chief Executive Officer, FSRA of ADGM said: "Luxembourg and Abu Dhabi haveestablished years of great friendship, robust trade and investment initiatives. We are pleased tofurther our partnership with CSSF through closer collaboration in efforts to uphold high regulatorypractice and standards in our respective jurisdictions. By harnessing joint efforts and regulatoryco-operation, financial institutions and companies can further expand their global footprintsthrough ADGMs internationally recognised platform. We look forward to working closely with theCSSF to leverage on each others regulatory experience and insights and bolster the growth offinancial services in both markets."In March 2016, ADGM and Luxembourg for Finance (LFF) entered into an agreement tocollaborate on efforts to foster the developments of their respective financial markets. ADGM andLFF would also be exploring joint activities and training initiatives to develop their human capitalcapabilities and foster greater growth in both financial marketsCopyright Emirates News Agency (WAM) 2017.
