ADGM Establishes Regulatory Committee
by Lorys Charalambous, Lowtax.net, Cyprus
27 January, 2016
The Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates (UAE), announced on January 26, 2016, that it has established a Regulatory Committee to support the independence, integrity, and procedural fairness of the Financial Services Regulatory Authority (FSRA) in exercising its powers.
The Committee was established to provide an independent review of a wide range of administrative decisions made by the FSRA and, in some cases, to consider and make determinations about executive decisions referred to it by the FSRA.
Ahmed Ali Al Sayegh, the Chairman of ADGM, said, "The Regulatory Committee is an extension of ADGM's commitment to advocating and upholding the highest level of international regulatory standards and governance practice at ADGM. It supports FSRA's role in developing a sound, progressive, and sustainable financial services sector in the UAE. We look forward to the Regulatory Committee fostering a conducive financial environment for local and international businesses in Abu Dhabi to thrive."
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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