MoU be­tween the MFSA and the Abu Dhabi Global Mar­ket Fi­nan­cials Ser­vices Reg­u­la­tory Author­ity

The Malta Business Weekly - - FRONT PAGE -

The Malta Fi­nan­cial Ser­vices Author­ity has an­nounced that, on the 2nd Fe­bru­ary, it suc­cess­fully con­cluded and signed a Me­moran­dum of Un­der­stand­ing with the Abu Dhabi Global Mar­ket Fi­nan­cials Ser­vices Reg­u­la­tory Author­ity.

The Me­moran­dum of Un­der­stand­ing es­tab­lishes a frame­work of bi­lat­eral co­op­er­a­tion be­tween the two au­thor­i­ties in the car­ry­ing out of their re­spec­tive du­ties and obli­ga­tions in the area of bank­ing, se­cu­ri­ties and in­sur­ance. It also pro­vides for the ex­change of in­for­ma­tion and the pro­vi­sion of tech­ni­cal and in­ves­tiga­tive as­sis­tance be­tween the two Au­thor­i­ties.

This Me­moran­dum of Un­der­stand­ing was signed by Pro­fes­sor Joe V. Ban­nis­ter, Chair­man of the Malta Fi­nan­cial Ser­vices Author­ity, and Richard Teng, Chief Ex­ec­u­tive Of­fi­cer of the Fi­nan­cial Ser­vices Reg­u­la­tory Author­ity of the Abu Dhabi Global Mar­ket.

Prof. Joe V. Ban­nis­ter, Chair­man of the Malta Fi­nan­cial Ser­vices Author­ity said, “The main ob­jec­tive of the Me­moran­dum of Un­der­stand­ing is to cre­ate a for­mal frame­work for reg­u­la­tory col­lab­o­ra­tion be­tween the two Au­thor­i­ties. Such col­lab­o­ra­tion should prove ben­e­fi­cial in pro- tect­ing in­vestors, pro­mot­ing the in­tegrity of reg­u­lated mar­kets and bol­ster­ing the growth of fi­nan­cial ser­vices in both mar­kets. This will be achieved by pro­vid­ing clear means for co­op­er­a­tion be­tween the two Au­thor­i­ties in­clud­ing chan­nels of com­mu­ni­ca­tion, in­creased mu­tual un­der­stand­ing, ex­change of reg­u­la­tory ex­pe­ri­ence and tech­ni­cal in­for­ma­tion and in­ves­tiga­tive as­sis­tance.”

Richard Teng, Chief Ex­ec­u­tive Of­fi­cer, Fi­nan­cial Ser­vices Reg­u­la­tory Author­ity of ADGM said, “Malta and Abu Dhabi have es­tab­lished years of great friend­ship, ro­bust trade and in­vest­ment ini­tia­tives. We are pleased to fur­ther our part­ner­ship with Malta FSA through closer col­lab­o­ra­tion in ef­forts to up­hold high reg­u­la­tory prac­tice and stan­dards in our re­spec­tive ju­ris­dic­tions. By har­ness­ing joint ef­forts and reg­u­la­tory co-op­er­a­tion, fi­nan­cial in­sti­tu­tions and com­pa­nies can fur­ther ex­pand their global foot­prints through ADGM’s in­ter­na­tion­ally recog­nised plat­form. We look for­ward to work­ing closely with the MFSA to lever­age each other’s reg­u­la­tory ex­pe­ri­ence and in­sights and bol­ster the growth of fi­nan­cial ser­vices in both mar­kets.”

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