Abu Dhabi's FSRA and GCGRA to strengthen regulatory cooperation
- Cooperation will cover policy dialogue, investigative assistance and regulatory information exchange.
- GCGRA said regulatory cooperation will be important as the UAE's commercial gaming sector grows.
- The agreement aims to strengthen regulatory certainty and confidence in the UAE's regulatory framework.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has signed an MoU with the General Commercial Gaming Regulatory Authority (GCGRA) to establish a formal framework for regulatory cooperation and information sharing.
The MoU provides a framework for cooperation across supervisory coordination, policy dialogue, investigative assistance and the exchange of regulatory information, subject to applicable laws and confidentiality requirements.
The agreement will also support both authorities in carrying out their respective supervisory responsibilities while maintaining their independent statutory mandates.
Moreover, the two authorities said the MoU reinforces the UAE's commitment to high regulatory standards and international best practices.
Regulatory cooperation
The authorities said the agreement will involve a transparent and internationally aligned regulatory environment, while strengthening regulatory certainty for market participants operating within ADGM and the UAE's wider financial ecosystem.
“Commercial gaming is one of the newest regulated sectors in the UAE, and its credibility will be built through exactly this kind of cooperation," said GCGRA CEO Ciarán Carruthers.
“This MoU gives GCGRA and the FSRA a clear channel to share information and coordinate supervision where our respective mandates intersect, which matters as the sector grows and the range of participants operating in and around it becomes more complex.
“The UAE’s reputation as a well-regulated jurisdiction rests on regulators working in step with one another, and this agreement gives that relationship a formal foundation to build on.”