The MOU, signed in Abu Dhabi, establishes a general framework for mutual cooperation and assistance between the UAE Central Bank and the IOMFSC.
A memorandum of understanding (MoU) between the UAE Central Bank and IOMFSC was signed by His Excellency Sultan Bin Nasser Al Suwaidi Governor of the UAE Central Bank and Mr. John Aspden, Chief Executive, IOMFSC.
Mr. Aspden said, “We are developing strong business links with this region and co-operation between regulators is a foundation of effective supervision. We are honoured and delighted that our excellent relationship with the UAE Central Bank has now been further reinforced by this MOU.”
Under the term of the MOU, the UAE Central Bank and IOMFSC will consult with each other on an on-going basis to enhance regulatory co-operation and the effectiveness of their supervision.
The MoU also provides a framework for regulatory cooperation through the exchange of information and cooperation in the field of on-site examinations of entities subject to regulation in both jurisdictions. Such cooperation will ensure more effective supervision, while avoiding potential duplication and possible conflicts that may arise from the application of differing regulatory practices.
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