The JSC signs two memorandams of understanding with the UAE stock market regulators
28-Sep-2016
The Jordan Securities Commission has signed two memorandums of understanding with the Dubai Financial Services Authority for the Dubai Financial Market and the Financial Services Regulatory Authority for the Abu Dhabi Global Market with the aim of strengthening the strength of the existing bilateral relations between the two sides, enhancing cooperation on regulatory matters and facilitating cross-border financial activities, in addition to providing a sound and transparent market to protect Individual investors, institutional investors, and the community from any practices in violation of regulations, as the two bilateral memorandums define the joint framework for exchanging regulatory information, and cooperating in supervisory and control processes in order to achieve the stability and integrity of financial systems in the capital markets of the two signatories to each agreement accordingly.
The two memorandums were signed on the sidelines of the meeting of the working group tasked with implementing the strategic plan of the Union of Arab Securities Authorities on 27/9/2016, in Dubai and Abu Dhabi, by the Commissioner of the Securities Authority, Mazen Al-Wazifi, and Richard Teng, CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market. and CEO of the Dubai Financial Services Authority Ian Johnston.
In this context, Al-Wathaifi said, "The signing of the two memoranda comes within the framework of the Authority's policy of openness to Arab and international institutions to serve its regulatory objectives in upgrading the national capital market and applying best practices and international standards. It also represents an important step towards establishing a framework that provides constructive and fruitful areas of cooperation between the two parties." , in a manner that serves the achievement of the unity of our common regulatory objectives, enhances the role of our legislation in protecting investors, and increases the robustness of our regulatory practices in the markets.”
He added: "Capital institutions in our two brotherly countries have a long history of bilateral cooperation relations, and we will continue to work to strengthen and consolidate this distinguished brotherly relationship. We at the Jordan Securities Commission are committed to working according to approach of the positive and long-term vision of the Hashemite Kingdom of Jordan in order to strengthen and develop the capital market from By upgrading the technical aspects and the applicable regulatory frameworks and procedures.
It is noteworthy that the JSC continues its endeavors by signing memoranda of understanding and various partnership agreements with regulatory agencies and concerned parties locally, regionally and globally, to build bilateral relations, discuss areas of joint cooperation, and enhance the position of the national capital market as a leading financial center in the region that provides attractive and competitive incentives for the investor through renewal, Continuous development, whether in terms of providing renewable and traditional safe financial instruments, as well as competitive Islamic instruments and instruments, or in terms of legislation, laws, and regulatory and supervisory instructions that are updated according to what meets the aspirations of the investor or in terms of innovative services and solutions that keep pace with technology and serve the process of disclosure, integrity and transparency.