ADGM, Malta Strengthen Cross-Border Cooperation
by Lorys Charalambous, Lowtax.net, Cyprus
17 February, 2017
Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, and the Malta Financial Services Authority have strengthened their cross-border cooperation with the signing of a Memorandum of Understanding (MoU).
The MoU establishes a partnership framework for the exchange of views and expertise in the fields of banking, insurance, funds and capital markets regulation. It reinforces regulatory cooperation for the supervision of financial institutions and supports cross-border activities.
Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, commented: "Malta and Abu Dhabi have established years of great friendship, robust trade, and investment initiatives. We are pleased to further our partnership with the Malta Financial Services Authority through closer collaboration in efforts to uphold high regulatory practice and standards in our respective jurisdictions."
Teng added: "By harnessing joint efforts and regulatory co-operation, financial institutions and companies can further expand their global footprints through ADGM's internationally recognized platform. We look forward to working closely with the Malta Financial Services Authority to leverage each other's regulatory experience and insights and bolster the growth of financial services in both markets."
ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
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