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The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and Jordan Securities Commission (JSC) signed an agreement (MoU) on 26 September 2016 to enhance regulatory cooperation and foster cross-border activities. The MoU establishes a framework for both Authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market. This agreement further complemented and strengthened the existing relationship between ADGM and JSC.
The MoU was signed by Mr. Mazen Wathaifi, Commissioner of the Jordan Securities Commission and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM at the ADGM Authorities Building on Al Maryah Island, Abu Dhabi.
The MoU establishes a framework for both Authorities to provide assistance, exchange regulatory information and co-operate in supervising and overseeing the compliance of financial institutions with their respective legislations. The agreement enables JSC and FSRA to promote the integrity, efficiency and financial soundness of their markets through effective regulation, robust supervision of cross-border transactions in both jurisdictions.
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said, “It has been one of ADGM’s key priorities to establish closer cooperation among regional and global regulators to facilitate cross-border financial activities and uphold the integrity of capital markets. Our partnership with Jordan Securities Commission underlines the importance of regional efforts to bolster the growth of our financial sectors and greater economies. The FSRA will continue to achieve strategic partnerships to enable our financial institutions and companies to expand their global footprints through ADGM’s internationally recognised platform that is underpinned by global standards and best practices.”
Mr. Mazen Wathaifi, Commissioner of JSC said, “The signing the MOU between the JSC and the ADGM signifies an important step towards in a foundation and framework that enables constructive and fruitful cooperation between our institutions. The agreement signifies our common regulatory goals and reinforces our roles in enhancing investor protection and fortifying the regulation of our markets.”
Mr Wathaifi added, “The capital market institutions in the two brotherly countries have a long history of cooperation and we will continue to nurture and strengthen this relationship. Reflecting our country's positive and forward looking vision, Jordan securities Commission is committed to enhance the capital market through greater effective operations and robust regulations".
ADGM will continue to cultivate meaningful bilateral collaborations and partnerships with authorities and stakeholders locally and globally.
