Abu Dhabi Global Market (ADGM) and the Astana Financial Service Authority of Astana International Financial Centre (AFSA-AIFC) have signed an agreement to enhance cooperation on financial markets.

The memorandum of understanding (MoU) was signed at the side of the Annual Conference of the International Organisation of Securities Commissions (IOSCO) held in Budapest, Hungary.

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 ADGM’s The Financial Services Regulatory Authority (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 look into mutually beneficial projects and activities that develop human capital capabilities and foster greater growth in both of the financial markets.

Philippe Richard, director of international affairs of FSRA of ADGM said:  “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.”

Mukhtar Bubeyev, chief policy officer of the AFSA said: “We are very pleased to strengthen our partnership with the FSRA by signing the Memorandum of Understanding.  Our legal and regulatory frameworks have many synergies and the ADGM have been supporting our aspirations to establish an international financial centre.” – TradeArabia News Service