Singapore, 16 August 2005...The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MOU) with the Emirates Securities and Commodities Authority (ESCA), the authority responsible for regulating the securities and commodities markets in United Arab Emirates (UAE).
2 The MOU paves the way for enhanced bilateral cooperation and communication between the two regulators. Under the MOU, MAS and ESCA agree to provide mutual assistance and exchange information and expertise relating to regulation and market conduct of the securities industries of Singapore and the UAE. In order to enhance the professional skills of staff, the MOU will facilitate staff training and exchanges between the two regulators. Through the MOU, MAS and ESCA seek to enhance bilateral ties and facilitate greater financial activity between the securities markets of the two countries.
3 The MOU was signed by Mr Shane Tregillis, Deputy Managing Director (Market Conduct), MAS, and Mr Abdullah Al-Turifi, Chief Executive, ESCA.