Hong Kong’s Securities and Futures Commission and the financial regulator of Abu Dhabi’s international financial center has pledged to enhance cooperation on the supervision of investment managers of collective investment schemes in either market.
This came after the SFC and the Financial Services Regulatory Authority of ADGM – the international financial center of the United Arab Emirates' capital city – entered into a memorandum of understanding on Thursday.
It is the third agreement signed by the city’s securities watchdog and overseas regulators this week, following those with Canada’s Ontario Securities Commission and the Central Bank of Ireland.
The MoU built a framework for both regulators to consult, cooperate and exchange information in connection with supervision and oversight of regulated entities that engage in fund management, investment management, or advisory activity on a cross-border basis.
Julia Leung Fung-yee, chief executive of SFC, noted that the deepened partnership will facilitate cross-market industry collaboration between ADGM and Hong Kong, especially on investment delegation and fund offerings through master-feeder structure.
Emmanuel Givanakis, CEO of ADGM FSRA, said the cooperation fosters mutual trust and strengthens the stability and integrity of both financial markets, promoting investor protection and reinforcing the global financial ecosystem.
The signing of the MoU took place on the sidelines of the annual general meeting of the International Organization of Securities Commissions in Doha, the State of Qatar.
STAFF REPORTER
