The Guernsey Financial Services Commission (GFSC) has signed a
Memorandum of Understanding (MoU) with the Financial Services
Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The MoU, which was signed on 6 September by William Mason,
Director General of the GFSC and Richard Teng, Chief Executive
Officer of the FSRA of ADGM, is intended to facilitate cooperation
on the supervision of cross-border establishments and the exchange
of information, as well as to foster best regulatory practice in
"The Commission is very pleased to have had the opportunity
to sign this MoU with the Financial Services Regulatory Authority
of Abu Dhabi Global Market," said Mr Mason.
"It represents a further demonstration of Guernsey's
commitment to working with overseas regulatory authorities and to
playing its part in addressing matters of global interest and
concern in the area of financial services regulation. We are
looking forward to developing a close working relationship with our
new partners at the Financial Services Regulatory Authority of Abu
Dhabi Global Market."
Zoë Cousens, Guernsey Finance's Middle East
representative, who was present at the signing ceremony along with
Chief Executive Dominic Wheatley, said the MoU would aid her work
in the region. She has been based in Dubai for the past year and
acts as the main point of contact for Middle Eastern firms and
clients interested in Guernsey as well as being an on-the-ground
presence in the region for Guernsey service providers themselves
looking to further their work in the Middle East.
"We had a productive discussion about working together at
the signing ceremony and as the Middle East Representative for
Guernsey Finance I plan to regularly liaise with ADGM, the
recently-established regulatory authority in this important
region," said Mrs Cousens.
"These agreements are an important facilitator of
international business and will greatly improve the flow of
business between our two jurisdictions. I am looking forward to
working with Guernsey firms in the region to help them to bring
their advice and services to clients here."
Mr Teng added: "We are pleased to continue our efforts in
establishing closer collaboration with global authorities to
bolster the high regulatory practice and standards in our
respective jurisdictions. The new partnership with the Guernsey
Financial Services Commission allows both regulators to better
understand the needs of our stakeholders and facilitate future
cross-border efforts. I look forward to working closely with our
new partner on relevant initiatives that will bring mutual
enhancements and benefits to ecosystems."
The New Generation fund administration platform – this is perhaps how we should now refer to Mauritius. As at February 28, 2007 more than US$36 billion were invested by Mauritius domiciled investment funds, including in Indian equities.
India and Mauritius signed a protocol for the amendment of the convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes of income and capital gains convention...
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