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Abu Dhabi Global Market Square

Abu Dhabi backs China’s One Belt, One Road initiative

ABU DHABI, July 19, 2016

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the China Securities Regulatory Commission (CSRC) have signed an agreement to facilitate cross-border activities and enhance regulatory collaboration between the two jurisdictions.

The MoU provides a framework for assistance, exchanging regulatory information and co-operation in the supervision of financial institutions with respective securities and derivatives markets laws and regulations to uphold high standards, said a statement from ADGM.

The agreement enables both regulators to work on initiatives such as joint training and technical assistance to strengthen high regulatory standards and practices in both markets, it said.

The agreement was signed by Liu Shiyu, chairman of CSRC and Richard Teng, chief executive officer of FSRSA of ADGM on July 14 in Beijing, China, it added.

This initiative follows closely after and complements FSRA’s recent partnership with the China Banking Regulatory Commission (CBRC) in May and discussion on areas of cooperation for banks and financial institutions to engage in cross-border activities and business expansions, said a statement.

The newly inked agreements with CSRA and CBRC reconfirm ADGM’s commitment to support China’s One Belt, One Road initiative, it stated.

On the agreement, Teng said: “We are very pleased to cooperate with CSRC and believe the concerted efforts from both authorities will serve the long—term interests of our respective stakeholders and markets.”

“The growing economies of both China and the UAE have, and will continue to offer investment opportunities for investors worldwide,” he stated.

“As an international financial centre based in the heart of the Middle East, our institution is committed to providing a well-regulated and strategic platform for companies and investors to access the UAE’s growth and advance their business aspirations in this region,” noted Teng.

“With the agreement, we will strengthen regulatory cooperation between both markets to support increasing cross-border activities,” he added.-TradeArabia News Service




Tags: | abu dhabi | ADGM | China’s One Belt | One Road initiative |

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