In an effort to strengthen the controls and checks for violations in their markets CySEC (Cyprus Regulator) and ADGM (Abu Dhabi Regulator) have signed MoU on Bilateral Cooperation.
The Memorandum of Understanding (MoU) aims to enhance cooperation between the two regulators outlining the exchange of relevant regulatory information and supervision or oversight of relevant financial services offered by investment firms registered under each regulator, as well as investigation cooperation conduct in relation with potential market regulatory violations. The agreements constitutes a new precedent for cooperation between the two nations and their respective regulators setting the provisions and guidelines for information exchange and cooperation.
From CySEC’s part this is a step to bring it closer to the goal of becoming the Mediterranean Financial HUB to connecting EU to other continents by building stronger collaborations with global financial regulators.
According to the official statement, the key areas of cooperation envisaged in the memorandum are the following: facilitating the exchange of relevant and appropriate information and technical expertise, combating unlawful activities and market manipulation, insuring transparency of financial market participants, as well as other issues within the competence of both authorities.