Abu Dhabi Global Market (ADGM) and the Central Bank of Bahrain (CBB) have inked a memorandum of understanding (MoU) to boost cross-border regulatory cooperation for the supervision of financial institutions.
Under the agreement, the two parties will provide mutual assistance, share data, as well as support cross border activities.
CBB governor Rasheed Al Maraj said: “We are delighted to have this framework of collaboration with ADGM as CBB continues to expand its partnerships with regulatory authorities in the region and globally to facilitate proper supervision and oversight over the licensed financial institutions operating on both jurisdictions."
Financial Services Regulatory Authority of the ADGM CEO Richard Teng said: “We are pleased to further our partnership with the Central Bank of Bahrain (CBB). This MoU underpins ADGM’s commitment to building greater collaborations with regional partners to uphold high regulatory standards and support cross-border activities of stakeholders.”
ADGM has been collaborating with several global financial regulators in the recent times to improve cross-border regulatory cooperation, the most recent one being the MoU signed with Mauritius Financial Services Commission. The Abu Dhabi regulator said that it will continue to build similar partnerships with authorities and stakeholders both locally and globally.