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The Securities and Futures Commission (SFC) and the Financial Services Regulatory Authority (FSRA) of ADGM (Note 1) have entered into a Memorandum of Understanding (MoU) to enhance cooperation on supervision of investment managers of collective investment schemes based in either market.
The signing of the MoU took place on the sidelines of the annual general meeting of the International Organization of Securities Commissions in Doha, the State of Qatar. The SFC’s Chief Executive Officer, Ms Julia Leung, and its Executive Director of Investment Products, Ms Christina Choi, joined FSRA’s Chief Executive Officer, Mr Emmanuel Givanakis, at the meeting held yesterday.
The MoU provides for a framework for consultation, cooperation and exchange of information in connection with supervision and oversight of regulated entities that engage in fund management, investment management or advisory activity on a cross-border basis.
Mr Emmanuel Givanakis, CEO of ADGM FSRA, said “This MoU marks a significant step in strengthening our regulatory cooperation with the SFC. By enhancing information exchange between both authorities, we are not only improving oversight of cross-border fund management, investment, and advisory activities, but also ensuring that both jurisdictions benefit from greater transparency and more effective regulatory practices. This partnership fosters mutual trust and strengthens the stability and integrity of our respective financial markets, promoting investor protection and reinforcing the global financial ecosystem.”
“This MoU between the SFC and ADGM's FSRA marks an important milestone in forging closer regional market connectivity between Hong Kong and the Middle East and deepening the regulatory cooperation between the SFC and the FSRA,” said Ms Leung. “Specifically, the agreement would facilitate cross-market industry collaborations between ADGM and Hong Kong, especially on investment delegation and fund offerings through master-feeder structure.” (Note 2).
Notes:
1. About ADGM
ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world’s most advanced, diverse, and progressively governed financial hubs.
2. Please see the SFC’s press release on 27 May 2024 on high-level meeting between the SFC and the ADGM’s FSRA.
