Abu Dhabi Global Market (ADGM) and the Malta Financial Services Authority (MFSA) have signed a memorandum of understanding (MoU) to strengthen cross-border cooperation for the supervision of financial institutions.
Under the agreement, the two parties will offer mutual assistance, share regulatory information and co-operate in the supervision of cross-border establishments to boost growth in financial markets in both the jurisdictions.
The alliance will allow the two regulators to share views and expertise in banking, insurance, funds and capital markets regulation.
MFSA chairman Joseph Bannister 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 protecting 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 co-operation between the two Authorities including channels of communication, increased mutual understanding, exchange of regulatory experience and technical information and investigative assistance.”
Financial Services Regulatory Authority of the ADGM CEO Richard Teng said: “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.”