The Cayman Islands Monetary Authority (CIMA) has signed a deal with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), creating a framework for mutual assistance and exchange of information. CIMA said the Memorandum of Understanding (MoU) would foster standards of regulatory practice and compliance.
The deal, officials said, would promote the “integrity, efficiency and financial soundness of financial institutions by improving the effective regulation, enhancing the supervision of cross-border transactions, and preventing fraudulent and other prohibited practices” in both jurisdictions.
The agreement was signed at the beginning of this month by Cindy Scotland, Managing Director of CIMA, and Richard Teng, CEO of FSRA, ADGM.
Teng said, “ADGM is committed to establishing close cooperation with global regulators to maintain the highest standards and practice of financial services across borders and upholding the integrity of the market. The MOU with Cayman Islands Monetary Authority will enable us to foster a close working relationship with CIMA to maintain an efficient, responsive and well-regulated environment for our member institutions and stakeholders.”
Scotland described the deal as essential and timely, adding to the growing list of such agreements that CIMA has with regulators in a number of globally significant jurisdictions.
“Cooperation with the ADGM will be particularly helpful in enhancing our respective abilities to conduct more effective and efficient international supervision in the context of the increasingly-complex global financial environment in which we operate. We therefore, look forward to working more closely with our counterparts in the ADGM in that regard,” she said.