Abu Dhabi Global Market (ADGM) and the Mauritius Financial Services Commission (Mauritius FSC) have signed a memorandum of understanding (MoU) to improve cross-border regulatory cooperation or the supervision of financial institutions.

Under the agreement, the two parties will provide mutual assistance, share regulatory data, as well as co-operate in supervision of cross-border establishments.

Commenting on the MoU, Mauritius FSC acting CEO P.K. Kuriachen said: “This MOU represents our mutual endeavour to bridge the gap further with the Middle East countries, to formalise our ally relationship with the Abu Dhabi jurisdiction and to work together towards the development of the respective markets in a business friendly and healthy environment.”

ADGM has been building alliances with several global financial regulators, the most recent one being the MoU signed with Egyptian Financial Supervisory Authority at the end of November 2016 for strengthening cross-border collaboration. The Abu Dhabi regulator said that it will continue to build similar partnerships with authorities and stakeholders locally and globally.

Financial Services Regulatory Authority of ADGM CEO Richard Teng added: “We look forward to working closely with the Financial Services Commission of Mauritius on relevant initiatives to strengthen relationship further, share regulatory experience and insights and bolster the growth of financial services in both markets.”

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By GlobalData