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Abu Dhabi Global Market Square

Abu Dhabi inks deal with Turkey financial institution

ABU DHABI, June 23, 2016

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Banking Regulation and Supervision Agency of Turkey (BRSA) have signed an agreement to bolster cross-border co-operation.

The MoU is aimed at boosting co-operation and exchange supervisory and enforcement information, as well as foster the implementation of high regulatory standards in both jurisdictions, said a statement from the ADGM FSRA.

The deal was signed by Mehmet Ali Akben, chairman of the Turkish BSRA and Richard Teng, chief executive officer of the ADGM FSRA.

This partnership reinforces ADGM’s commitment as an international financial centre to build stronger and closer ties with well-established financial centres in the region and beyond, and paves the way for close collaboration, it added.

On the deal, Akben said: “We are confident that it will contribute to the increasing cooperation between both our institutions. We look forward to further enhancing the scope of our cooperation with FSRA.”

The agreement provides a framework for BRSA and FSRA to render mutual assistance, exchange regulatory information and co-operate in supervision of cross-border establishments, he added.

Teng said the Turkish partnership demonstrates the ADGM FSRA’s commitment in establishing co-operative arrangements and cross-border collaboration with its international counterparts.

“We look forward to further strengthen our ties with regional authorities to maintain an efficient, responsive and well-regulated financial environment that address the needs of our stakeholders,” he added. – TradeArabia News Service




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