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The Jersey Financial Services Commission has signed what they call a "landmark" Memorandum of Understanding with the financial regulator in Abu Dhabi.
The agreement, signed in Abu Dhabi, means that the two regulators will be able to co-operate more closely on supervisory matters and creates mechanisms for exchange of information.
John Harris, Director General of the JFSC, said: “A key element of the work that we undertake is facilitating market access, whilst at the same time working to protect and enhance Jersey’s reputation.
"This MoU acknowledges our shared ambitions for a long-term partnership and collaboration. 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, Chief Executive Officer of ADGM, said: “This MoU continues the FSRA’s undertaking in establishing relevant cooperative arrangements and cross-border collaboration with our international counterparts.
"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. Such cooperative arrangements serve as cornerstones in continuing customer protection and financial market integrity. 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."
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