ADGM, Bahrain's Central Bank Boost Regulatory Collaboration

Josh O'Neill

14 February 2017

An Abu Dhabi-domiciled international financial centre and regulator has entered into an agreement with Bahrain's central bank in a bid to strengthen regulatory cooperation and facilitate information exchange.

(ADGM) and the signed a memorandum of understanding in December last year to “strengthen regulatory cooperation for the supervision of financial institutions, to facilitate joint collaboration and exchange of information, as well as support cross-border activities,” ADGM said in a statement earlier this week.

The alliance establishes a platform allowing both institutions to share “pertinent” information while monitoring financial services companies, insurance and capital markets in both Abu Dhabi and Bahrain, ADGM added.

“This MoU underpins ADGM’s commitment to building greater collaborations with regional partners to uphold high regulatory standards and support cross-border activities of stakeholders,” said Richard Teng, chief executive of ADGM's regulatory department.

He added: “I look forward to both teams working closely together in areas including sharing regulatory expertise and insights which bolster the growth of financial services in both markets.”

ADGM's memorandum of understanding with the Central Bank of Bahrain marks the latest link in a chain of agreements that the financial centre has entered into.

Earlier this month, ADGM signed a memorandum of understanding with Jersey's financial regulator.