Assistant Governor for Banking Supervision at Central Bank “Mr. Saeed Abdulla Al Hamiz”, and CEO of the ADGM and FSRA “Mr. Richard Teng”, had done the ceremony of signed the Memorandum of Understanding. UAE Central Bank had announced on Sunday about the signed of a Memorandum of Understanding (MoU) with two parities of Abu Dhabi first Abu Dhabi Global Market (ADGM), and second Financial Services Regulatory Authority (FSRA). These parties had expressed their mutual willingness to cooperate as well as mutual trust and understanding the base their co-operation in the supervision of banks and other financial institutions.

The Memorandum of Understanding had puts a mechanism in place to have a good mutual understanding in the regulatory matters and supervision of the banks and other financial institutions, which come up with the realization of financial system in the UAE.

CEO of the ADGM and FSRA said, "The signing of this MoU reinforces our commitment to and partnership with the Central Bank in supervising financial institutions operating in both jurisdictions. The FSRA is pleased to formalize the current practice and arrangements for co-operation and information sharing between the two regulators."

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