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SEBI signs a bilateral Memorandum of Understanding with Abu Dhabi Global Markets Financial Services Regulatory Authority- (Securities and Exchange Board of India) (24 Aug 2016)

MANU/SPRL/0131/2016

Capital Market

Securities and Exchange Board of India (SEBI) and The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) have entered into a bilateral Memorandum of Understanding (MoU) for mutual cooperation and technical assistance. The MoU was signed by Mr. S. Raman, Whole Time Member, SEBI and Mr. Richard Teng, Chief Executive Officer, FSRA on August 24, 2016 at Abu Dhabi.

The bilateral MoU provides a framework for regulatory cooperation between two authorities for enforcement and ensuring compliance with their respective laws and regulations. The MoU will also enable the jurisdictions to consult with each other to establish and implement technical assistance programs.

Mr. S. Raman, Whole Time Member, SEBI said, "We are pleased to sign a MoU with FSRA. The MoU will enhance the bilateral cooperation between the authorities and would establish a stronger relationship with ADGM. With the markets getting inter-connected and the financial entities operating globally, the MoU will be a valuable tool for cross-border cooperation. The MoU will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments between the jurisdictions.

Mr. Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM said, "With the internationalisation of capital markets, ADGM is committed to establishing closer cooperation among global regulators to facilitate cross-border financial activities and uphold the integrity of markets. The growing economies of India and UAE will offer plenty of exciting investment opportunities for investors worldwide. This initiative further strengthens the working relationship with the Securities and Exchange Board of India for the mutual beneficial development of the financial services industry and the capital markets in our jurisdictions. By harnessing our joint efforts and co-operation, financial institutions and companies can further expand their global footprints through ADGM's internationally recognised platform that is underpinned by global standards and best practices." SEBI has now signed 22 bilateral MoUs with the regulators of various jurisdictions. SEBI is also a signatory to the multilateral MoU of International Organization of Securities Commissions (IOSCO).

Tags : MOU   BILATERAL   SIGNING OF  

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