Hong Kong and Abu Dhabi Join Forces to Enhance Investment Manager Regulatory Oversight
In a significant move to enhance regulatory collaboration between Asia and the Middle East, the Securities and Futures Commission (SFC) of Hong Kong and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) have recently signed a Memorandum of Understanding (MoU). This agreement aims to improve the supervision of cross-border investment management activities, a vital aspect of the evolving financial landscape.
Framework for Enhanced Collaboration
The MoU establishes a comprehensive framework for consultation, cooperation, and information exchange between the SFC and FSRA. This collaboration focuses particularly on the oversight of collective investment scheme managers operating across both jurisdictions. Key areas affected include:
- Fund management
- Investment advisory services
- Other related cross-border financial services
Signing Ceremony at IOSCO Annual Meeting
The MoU was officially signed during the annual general meeting of the International Organization of Securities Commissions (IOSCO) held in Doha, Qatar. Notable attendees included:
- Julia Leung, CEO of SFC
- Christina Choi, Executive Director of Investment Products, SFC
- Emmanuel Givanakis, CEO of FSRA
Strengthening Regulatory Cooperation
Emmanuel Givanakis emphasized that this MoU is a crucial step towards enhancing regulatory cooperation between the two authorities. He stated, “By improving information exchange, we enhance oversight of cross-border fund management and advisory activities, ensuring both jurisdictions benefit from increased transparency and effective regulatory practices.”
Benefits of the MoU
Julia Leung highlighted that the agreement is a milestone in fostering closer market connectivity between Hong Kong and the Middle East. The key benefits of this MoU include:
- Facilitating cross-market industry collaborations, particularly in investment delegation and fund offerings through master-feeder structures.
- Paving the way for new opportunities in cross-border fund management.
- Strengthening investor protection standards through enhanced transparency and regulatory synergy.
This partnership is poised to bolster the stability and integrity of both financial markets, promoting investor protection and reinforcing the global financial ecosystem. For more information on regulatory cooperation, visit the IOSCO website.
