The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Egyptian Financial Supervisory Authority (EFSA) have inked a memorandum of understanding (MoU) to improve cross-border collaboration.

Under the agreement, the two parties will offer mutual assistance, share regulatory data and co-operate in supervision and enforcement matters.

FSRA of ADGM CEO Richard Teng said: “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.”

The agreement will also allow the financial regulators to explore joint initiatives that facilitate regulation and supervision of operators involved in cross-border activities.

EFSA chairman Sherif Samy said: “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.”

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By GlobalData