Thursday 24, May 2018 by Jessica Combes

Cooperation on financial markets strengthened by ADGM and AIFC-AFSA agreement

 

Both Authorities can further collaborate on joint initiatives to bolster the growth of the financial markets in Abu Dhabi and Kazakhstan

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Astana Financial Service Authority of Astana International Financial Centre (AFSA-AIFC) have signed a Memorandum of Understanding (MoU) at the side of the Annual Conference of the International Organisation of Securities Commissions (IOSCO) held in Budapest. 

The agreement enables both Authorities to further collaborate on joint initiatives and efforts to bolster the growth of the financial markets in Abu Dhabi and Kazakhstan.

It establishes a strategic platform for the FSRA and AFSA’s teams to share expertise and relevant information financial services legislation, regulation, and regulatory practices in each market and to facilitate cross-border group activities and supervision.  The Authorities will also investigate mutually beneficial projects and activities that develop human capital capabilities and foster greater growth in both of the financial markets.

“This MoU marks an important development in our on-going engagement and collaboration with Astana International Financial Centre and its Regulatory Authority. Through closer collaboration and exchanging of expertise and experience, the two regulators will be able to support financial institutions seeking cross-border operations via both platforms and jurisdictions,” said Philippe Richard, Director of international affairs of FSRA of ADGM.

 

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