SCA signs MOU with Abu Dhabi Global Market

04/08/2015 07:47 AST

Dubai: The Securities and Commodities Authority (SCA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding to exchange information and enhance mutual cooperation.

They will work on areas including market supervision, investor protection, oversight of financial markets and management of entities such as listed companies and brokerages and others.

“The authorities will also work closely together to ensure the qualification and competence of licensed persons and improve their professional capabilities,” the statement from ADGM said.

In order to strengthen their capabilities, the MOU highlighted the need for SCA and FSRA to enhance understanding of and exchange expertise on financial systems. They will also increase exchange of technical support through training, visits and conferences.

“At ADGM, we believe that greater cooperation among authorities and relevant regulators makes a significant contribution towards the economic growth of the UAE and its wider region, particularly in today’s dynamic business environment,” said Ahmad Ali Al Sayegh, chairman of ADGM.

“The MOU with SCA marks a pivotal milestone and dovetails well with ADGM’s vision in achieving a vibrant international financial centre that caters to global trading and financial needs,” he added.

The agree further underlines the importance of collaborations and partnerships among relevant authorities, and enhances AGDM’s role and interconnectivity to the economies of Abu Dhabi and the UAE.

Gulfnews