The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has signed a memorandum of understanding (MoU) with the Guernsey Financial Services Commission (Guernsey FSC) to improve cross border co-operation.

Under the agreement, the two regulators will offer mutual assistance, share regulatory information and co-operate in supervision of cross-border establishments.

Commenting on the partnership, Guernsey FSC Director General William Mason said: “It represents a further demonstration of Guernsey’s commitment to working with overseas regulatory authorities and to play its part in addressing matters of global interest and concern in the area of financial services regulation.”

ADGM said the latest agreement reinforces its commitment as an international financial centre to improve collaborations with global financial regulators and agencies.

FSRA of ADGM CEO Richard Teng said: “We are pleased to continue our efforts in establishing closer collaboration with global authorities to bolster the high regulatory practice and standards in our respective jurisdictions. The new partnership with Guernsey FSC allows both regulators to better understand the needs of our stakeholders and facilitate future cross-border efforts.”