The Emirates Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the Central Bank of Lebanon (Banking Control Commission of Lebanon). The agreement aims at boosting cooperation between the two sides in the area of joint supervision.
H.E. Abdullah Al-Turaifi, SCA Chief Executive Officer and H.E. Riyad Salama, Governor of the Central Bank of Lebanon, signed the MoU during the two-day annual Arab Banking Conference, which was recently held in Lebanon by the Union of Arab Banks. H.E. Rahma Hussein Al-Za’abi, UAE Ambassador in Lebanon and Waleed Alamudin, Chairman of the Banking Control Commission of Lebanon, were present at the signing ceremony.
The MoU calls for a framework that will boost joint assistance and sharing of information to enable the two sides discharge their duties in enforcing valid stock markets and financial institution laws.
In a statement after signing the agreement, Al-Turaifi underscored the need for cooperation and coordination with control and monetary authorities in Arab countries to boost the safety of UAE financial system. He pointed out that the MoU signed between the two sides had added an official touch to the existing relations of cooperation between the two supervisory bodies in the area of sharing of information. He said the agreement will further sustain the existing strong ties between the two sides and lead them to launch more initiatives in the future, notwithstanding the two sides commitment to adopt stringent supervisory and monitoring measures to ensure financial stability, adding that he expected the agreement to reflect positively on the efforts to have Lebanese firms listed on UAE stock markets and vice versa.
Based on the MoU, the two sides shall boost cooperation in the areas of legislation on the activities of financial institutions operating on stock markets, licensing and supervision of institutions practicing these activities and sharing of supervisory information on those activities within the limits allowed by the rules and regulations of each of the signatories and within the framework that would facilitate this cooperation.
In addition to the above, the MoU also calls for cooperation between the two sides, within their supervisory role, in the course of investigations, but within the limits permitted by law and norms. Every side shall also exert maximum efforts to furnish the other side with information and documents in its possession on incidents that had been unraveled in the course of their supervisory and monitoring work or in the course investigations, the MoU stated.
The Emirates Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the Central Bank of Lebanon (Banking Control Commission of Lebanon). The agreement aims at boosting cooperation between the two sides in the area of joint supervision.
H.E. Abdullah Al-Turaifi, SCA Chief Executive Officer and H.E. Riyad Salama, Governor of the Central Bank of Lebanon, signed the MoU during the two-day annual Arab Banking Conference, which was recently held in Lebanon by the Union of Arab Banks. H.E. Rahma Hussein Al-Za’abi, UAE Ambassador in Lebanon and Waleed Alamudin, Chairman of the Banking Control Commission of Lebanon, were present at the signing ceremony.
The MoU calls for a framework that will boost joint assistance and sharing of information to enable the two sides discharge their duties in enforcing valid stock markets and financial institution laws.
In a statement after signing the agreement, Al-Turaifi underscored the need for cooperation and coordination with control and monetary authorities in Arab countries to boost the safety of UAE financial system. He pointed out that the MoU signed between the two sides had added an official touch to the existing relations of cooperation between the two supervisory bodies in the area of sharing of information. He said the agreement will further sustain the existing strong ties between the two sides and lead them to launch more initiatives in the future, notwithstanding the two sides commitment to adopt stringent supervisory and monitoring measures to ensure financial stability, adding that he expected the agreement to reflect positively on the efforts to have Lebanese firms listed on UAE stock markets and vice versa.
Based on the MoU, the two sides shall boost cooperation in the areas of legislation on the activities of financial institutions operating on stock markets, licensing and supervision of institutions practicing these activities and sharing of supervisory information on those activities within the limits allowed by the rules and regulations of each of the signatories and within the framework that would facilitate this cooperation.
In addition to the above, the MoU also calls for cooperation between the two sides, within their supervisory role, in the course of investigations, but within the limits permitted by law and norms. Every side shall also exert maximum efforts to furnish the other side with information and documents in its possession on incidents that had been unraveled in the course of their supervisory and monitoring work or in the course investigations, the MoU stated.