The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has inked a memorandum of understanding (MoU) with the Banking Regulation and Supervision Agency of Turkey (BRSA) to co-operate and exchange supervisory and enforcement information.
The MoU will also provide a framework for BRSA and FSRA to render mutual assistance, exchange regulatory information and co-operate in supervision of cross-border establishments.
Under the agreement, the two regulatory bodies will be able to share information of cross-border entities, provide technical assistance and facilitate knowledge sharing to bolster regulatory standards and practices in both jurisdictions.
ADGM-FSRA CEO Richard Teng said: "The partnership with the Turkish BRSA demonstrates FSRA’s commitment in establishing cooperative arrangements and cross-border collaboration with our 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."
BRSA chairman Mehmet Ali Akben said: "We are confident that the Memorandum will contribute to the increasing cooperation between Financial Services Regulatory Authority of ADGM and the Banking Regulation and Supervision Agency of Turkey."