Abu Dhabi, UAE - 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."
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About Cayman Islands Monetary Authority (CIMA)
The Cayman Islands Monetary Authority began operations on 1 January 1997. It was established as a body corporate under the Monetary Authority Law, which was brought into force on that date. In March 2003 the Authority became operationally independent under the Monetary Authority Law (2003 Revision).
The Cayman Islands Monetary Authority has four principal functions:
Monetary - The issue and redemption of Cayman Islands currency and the management of currency reserves. Regulatory - The regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance. Cooperative - The provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision. Advisory - The provision of advice to the Government on monetary, regulatory and cooperative matters.
For more details on CIMA, please visit www.cimoney.com.ky
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre in the capital city of the United Arab Emirates, was established by Federal Decree in 2013 and opened for business on 21st October 2015.
In line with the Abu Dhabi's Economic Vision, ADGM is a natural extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in the heart of one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects with the growing economies of the Middle East, Africa and South Asia.
ADGM's three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established as a broad based financial centre, ADGM's foundation is anchored on three of Abu Dhabi's current strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, grade-A offices spaces to meet Abu Dhabi's long-term development and economic needs. All these complement ADGM's international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com
For further enquiries, please contact:
› Abu Dhabi Global Market
Mirna Hijazi, Corporate Communications
Email: mirna,hijazi@adgm.com Telephone: +971 2 333 8888
www.adgm.com
› Cayman Islands Monetary Authority
Sharon Marshall, Public Relations
Email: S.Marshall@cimoney.com.ky Telephone: +1 345 244-1620
www.cimoney.com.ky
© Press Release 2016
