ADGM Enhances Prudential Oversight Of Banks
by Lorys Charalambous, Lowtax.net, Cyprus
04 January, 2018
Abu Dhabi Global Market (ADGM), the low-tax international financial center, says planned enhancements to the liquidity requirements applying to banks and insurers are now live.
This follows a successful public consultation, which ended on December 7, 2017.
ADGM says the changes bring its 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 now apply, as well as miscellaneous amendments, which ADGM says will provide greater clarity for financial institutions operating in ADGM.
The enhancements to ADGM's prudential regime are contained in its "Prudential – Investment, Insurance Intermediation and Banking Rulebook", which is available on ADGM's website. Other consequential amendments have been made to rulebooks for insurance and captive insurance business.
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