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February 21, 2017

ADGM, Central Bank of Jordan sign accord to improve banking & financial supervision

Abu Dhabi Global Market (ADGM) and the Central Bank of Jordan (CBJ) have inked a memorandum of understanding (MoU) to strengthen cross-border collaboration in their financial markets.

Abu Dhabi Global Market (ADGM) and the Central Bank of Jordan (CBJ) have inked a memorandum of understanding (MoU) to strengthen cross-border collaboration in their financial markets.

Under the MoU, the two regulators will collaborate on the supervision of banks and other financial institutions in the two jurisdictions and share information relevant to them in delivering their functions.

Richard Teng, CEO of the Financial Services Regulatory Authority of the ADGM said: “The MOU reinforces ADGM’s commitment to and partnership with our Jordanian counterpart in supervising financial institutions under our respective authorities. It also endorses the prevailing practice and arrangements for co-operation and information sharing between the two regulators.

"By working closely together, we can share our regulatory experience and strengths to maintain the highest standards and practice of financial services in the region while facilitating the development of cross border business.”

ADGM previously signed agreements with other regulators across the globe to improve cross-border regulatory collaboration. Recently, it signed similar cooperation agreements with the Australian Prudential Regulation Authority and the Malta Financial Services Authority.

Last September, ADGM struck a similar cooperation agreement with the Jordan Securities Commission.

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