The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Egyptian Financial Supervisory Authority (EFSA) have signed a memorandum of understanding (MoU) to enhance regulatory cooperation and foster cross-border activities.
The agreement was signed by Sherif Samy, chairman of the Egyptian Financial Supervisory Authority, and Richard Teng (pictured), chief executive officer of the ADGM Financial Services Regulatory Authority.
The MoU establishes a framework for both authorities to provide mutual assistance, exchange regulatory information and co-operate in the fields of supervision and enforcement matters to uphold high standards in both jurisdictions. The MoU also allows both EFSA and FSRA to discuss and explore join initiatives that enable effective regulation and robust supervision of operators that engage in cross-border operations.
Teng says: “We are pleased to strengthen our partnership with Egyptian Financial Supervisory Authority (EFSA). This agreement fosters greater regulatory collaboration and supports continuous development and innovation of our respective financial sectors. We look forward to working closely with EFSA to maintain an efficient, responsive and well-regulated financial environment for our stakeholders and investors.”
Samy says: “The signing of the MoU between the EFSA and FSRA signals an important step towards strengthening our regional partnerships and cooperation tools. We are looking forward to further develop the fruitful cooperation that has taken place between our two institutions from the start. We trust that such an agreement will contribute to reinforce a sound and responsive market regulation as well as an enhanced investor protection.”