ADGM Announces Banking Sector Regulatory Changes
by Lorys Charalambous, Lowtax.net, Cyprus
02 November, 2017
Abu Dhabi Global Market, the low-tax international financial center, is consulting on changes to the liquidity requirements applying to banks and insurers.
The proposed changes are intended to bring ADGM's prudential requirements into line with those developed by the Basel Committee on Banking Supervision, the global standard setter for the prudential regulation of banks.
In addition to these changes, new reporting requirements will be introduced, and further miscellaneous amendments are proposed to provide greater clarity for financial institutions operating in ADGM.
This proposed revision is said to be part of the ADGM's commitment and ongoing efforts to maintain an internationally recognized, transparent, and robust prudential regime.
ADGM has invited public and industry participants to submit their comments on the proposed changes by December 7, 2017.
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.
See all of today's news