Abu Dhabi: The Emirates Securities and Commodities Authority (ESCA) has signed a memorandum of understanding (MoU) with the International Centre for Financial Regulation (ICFR) of the United Kingdom. The agreement aims at laying a solid foundation and a framework for joint cooperation between the two sides.

Abdullah Salim Al Turaifi, ESCA Chief Executive Officer, signed the MoU for his side, while Barbara Ridpath, ICFR Chief Executive Officer, signed for her agency in a ceremony attended by officials from both sides.

The MoU seeks to boost coordination between the two sides and to make use of the professional education and research implemented by ICFR with the aim of developing the capital markets and financial services industry, in general and developing the professional career standards of practitioners, in particular.

In a statement after signing the agreement, Al Turaifi said ESCA committed itself to signing the agreement in view of the securities market supervisory and regulatory responsibilities entrusted to it. "By signing this agreement, the ESCA seeks to benefit from the services being offered by the ICFR in this regard," he added.

He pointed out that the agreement was the output of the recommendations of the second UAE-UK Joint Committee meeting held in Abu Dhabi last February, during which representatives of the two countries discussed ways to boost avenues of cooperation in the areas of economy, finance, capacity building, etc. and probed further for other areas of mutual interest.