The Jersey Financial Services Commission (JFSC) has signed a memorandum of understanding (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to allow the regulatory authorities to cooperate on supervisory matters.

The MoU will also facilitate the exchange of information to maintain the stability and well-being of the financial systems in each respective capital market.

This pact establishes a framework to facilitate long-term collaboration between JFSC and FSRA and underlines their commitment to foster and uphold the highest international regulatory standards and practice in both jurisdictions.

The agreement was signed by John Harris, director general of the JFSC, and Richard Teng, CEO of ADGM Financial Services Regulatory Authority.

JFSC director general John Harris said: "We have every expectation that the Abu Dhabi Global Market will grow into a world leading financial centre and we will work together to exchange ideas, develop and cooperate, whilst adhering to international regulatory standards."

Richard Teng said: "This MoU continues the FSRA’s undertaking in establishing relevant cooperative arrangements and cross-border collaboration with our international counterparts.

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"As globalisation continues across the various markets, our partnerships with JFSC and other like-minded regulators are crucial in enabling us to monitor and supervise our respective jurisdictions.

"We look forward to working closely with JSFC to maintain an efficient, responsive and well- regulated financial environment that address the needs of our businesses and stakeholders."