ADGM and Kazakhstan financial authority sign cooperation agreement

ABU DHABI. KAZINFORM - The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Astana Financial Service Authority of Astana International Financial Centre (AFSA-AIFC) have signed a Memorandum of Understanding on the sidelines of the Annual Conference of the International Organisation of Securities Commissions (IOSCO), that was recently held in Budapest, WAM reports. 

The agreement enables both authorities to further collaborate on joint initiatives and efforts to bolster the growth of financial markets in Abu Dhabi and Kazakhstan.

It establishes a strategic platform for the FSRA and AFSA's teams to share expertise and relevant information financial services legislation, regulation, and regulatory practices in each market and to facilitate cross-border group activities and supervision. The authorities will also look into mutually beneficial projects and activities that develop human capital capabilities and foster greater growth in both of the financial markets.

Philippe Richard, Director of international affairs of FSRA of ADGM, said, "This MoU marks an important development in our on-going engagement and collaboration with Astana International Financial Centre and its Regulatory Authority. Through closer collaboration and exchanging of expertise and experience, the two regulators will be able to support financial institutions seeking cross-border operations via both platforms and jurisdictions."

Mukhtar Bubeyev, Chief Policy Officer of the AFSA, said, "We are very pleased to strengthen our partnership with the FSRA by signing the MoU. Our legal and regulatory frameworks have many synergies and the ADGM have been supporting our aspirations to establish an international financial centre".