The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Cayman Islands Monetary Authority (CIMA) have signed a memorandum of understanding (MoU) to improve regulatory compliance in the two jurisdictions by setting up a framework for mutual assistance and information sharing.
The cooperation agreement is intended to promote the integrity, efficiency and financial soundness of financial institutions by improving the effective regulation, enhancing the supervision of cross-border transactions, and preventing fraudulent and other prohibited practices in ADGM and the Cayman Islands.
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Commenting on the agreement, CIMA managing director Cindy Scotland said: It is operationally essential, timely and adds to the growing list of such agreements that the Authority already has with counterpart regulators in a number of globally significant jurisdictions.
"Cooperation with the ADGM will be particularly helpful in enhancing our respective abilities to conduct more effective and efficient international supervision in the context of the increasingly-complex global financial environment in which we operate.
FSRA CEO Richard Teng added: "The MOU with Cayman Islands Monetary Authority will enable us to foster a close working relationship with CIMA to maintain an efficient, responsive and well-regulated environment for our member institutions and stakeholders."
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