The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has become a full signatory of the IOSCO Multilateral Memorandum of Understanding (MMoU) after the IOSCO team of international experts assessed ADGM as fully compliant with the international benchmark for effective cross-border cooperation.
The IOSCO MMoU provides a global framework for enforcement co-operation between securities regulators to uphold high international standards and preserve investor confidence. Becoming a signatory of the IOSCO MMoU that facilitates cooperation with 112 financial market regulators worldwide reinforces ADGM’s commitment as an international financial centre to enhance and build strong collaboration with international financial regulators in the supervision of cross-border activities. It is also a recognition by the global financial community of ADGM as a state-of-the-art regulatory financial centre.
Mr Richard Teng, Chief Executive Officer of FSRA, ADM said:
We are pleased with IOSCO’s stamp of approval for ADGM’s best-in-class regulatory standards. As an international financial centre and financial services regulator, ADGM is committed to maintain a robust and effective framework that enables the sharing of information and cooperation with fellow regulators on supervisory and enforcement matters. We look forward to working closely with international regulators to uphold market confidence, bolster cross-border activities and support the growth of financial services globally.
As an IOSCO member since February 2016, this membership corroborates FSRA’s steadfastness in upholding high international standards, contribute to global standard setting activity, and enhance the financial stability as well as robustness of financial market in Abu Dhabi and the region.