The financial regulatory authority in Cyprus (CySEC) and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MOU) to enhance mutual cooperation in areas including supervision of financial services business and the exchange of relevant regulatory information and oversight.
Conclusion of this agreement marks a new level of cooperation between the securities market authorities of both countries. The MOU makes provisions for cooperation and information exchange in respect of all entities regulated by the FSRA and the CySEC.
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In addition, this partnership reinforces CySEC’s commitment to build stronger collaborations with global financial regulators.
According to the official statement, the key areas of cooperation envisaged in the memorandum are the following: facilitating the exchange of relevant and appropriate information and technical expertise, combating unlawful activaties and market manipulation, insuring transparency of financial market participants, as well as other issues within the competence of both authorities.
The agreement also constitutes a framework for CySEC and FSRA to conduct investigations of potential violations of the legislation regarding the securities market.