On 10 August 2016 the Financial Services Board (FSB) of South Africa issued a press release announcing it’s signing of a Memorandum of Understanding (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The aim of this agreement is to facilitate a partnership that promotes and maintains the integrity of both countries’ financial industries by working together on regulatory matters and the exchange of information.
Advocate Dube Tshidi, Executive Officer at the FSB, has stated that they look forward to working with the ADGM as the MoU will enable both institutions to enhance cross-border connections. They are confident that this will encourage integrity, efficiency and financial soundness through active regulation of their respective jurisdictions.
“…..The FSB has developed and maintained a strong, effective presence in the regulatory field, in South Africa and internationally, while working closely with its counterparts in other parts of the world to establish solid regulatory frameworks. Signing this MoU not only attests to the aforementioned but is also an indication of the FSB’s commitment to ensuring a sound financial investment environment”.