Abu Dhabi Global Market (ADGM) and Portuguese securities market commission CMVM have inked a memorandum of understanding (MoU) to strengthen cross-border collaboration in financial markets.

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

The agreement will also allow the two parties to exchange views and expertise on capital markets regulation of each jurisdiction.

ADGM Financial Services Regulatory Authority 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 CMVM to leverage on each other’s regulatory experience and insights and bolster the growth of financial services in both markets.”

The Abu Dhabi regulator also said that it will continue to ink similar partnerships with authorities and stakeholders locally as well as globally.

CMVM chairperson Gabriela Figueiredo Dias added: “Our institutions have had friendly and productive relations, which will become more effective thanks to this MoU, as it further creates the opportunity for enhanced technical cooperation channels in regulatory and supervisory practices and ideas.”