Abu Dhabi – Mubasher: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM FSRA) has signed two Memoranda of Understanding (MoUs) with the Croatian Financial Services Supervisory Agency (HANFA) to enhance their regulatory collaboration in the financial technology (FinTech) and investment management fields.
Upon these agreements, the two authorities’ supervisory cooperation network will be expanded, while an information-sharing framework will be set to help keep pace with regulatory and market-related developments, according to a press release on Monday.
In addition, the MoUs will help financial innovation and FinTech businesses to better understand the respective regulatory regimes of each jurisdiction.
The contracts were dually-signed by the president of the HANFA board, Ante Žigman, and ADGM FSRA’s executive director of International Affairs, Philippe Richard.
In this regard, Žigman added, ‘‘Fintech allows developing financial markets to stay relevant in a global and competitive environment. The ability to solve complex problems connected with the use of new technologies by financial infrastructures and financial services providers also largely depends on effective international cooperation arrangements. This is especially relevant for developing markets today.”
In the same vein, Richard commented that “Digital technologies are being deployed to provide financial services to populations across borders, and Croatia has been particularly active on that front. Together, we will encourage and support technology start-ups and innovators in advancing their creative solutions into new markets.”
It is worthy to note that the new agreements mark ADGM's 33rd FinTech MoU across 19 countries, following its recent partnerships with Australia, Bahrain, Canada, among others.
With regards to the Alternative Investment Fund Managers Directive (AIFMD) front, the two entities have further concluded a European Securities and Markets Authority’s (ESMA) MoU for alternative investment management (ESMA’s AIFMD MoU), hence, allowing ADGM’s fund managers to manage and market Alternative Investment Funds to professional investors in the European Economic Area (EEA) under the AIFMD.
