ADGM Launches New Electronic Reporting System
by Lorys Charalambous, Lowtax.net, Cyprus
21 September, 2017
Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, is rolling out a new electronic prudential reporting system to help firms meet their regulatory obligations and satisfy compliance standards.
The new reporting system is part of ongoing initiatives by ADGM's regulator, the Financial Services Regulatory Authority, to better address the needs of companies registered in ADGM, as well as to promote international financial reporting practice and compliance in its marketplace.
CoreFiling, a leading supplier of financial reporting and XBRL compliance technologies, has been engaged to implement the new e-reporting system, which allows firms to submit their financial reports using different reporting formats (XL, CSV, or XBRL).
Thomas Hirschi of ADGM's regulator commented: "The ADGM electronic financial reporting tool is set up to support our authorized firms in meeting their regulatory obligations and satisfying compliance standards. Local and international ADGM firms can file their prudential financial reports effectively and in a timely manner regardless of their locations. This e-prudential financial reporting system is one of the numerous initiatives the Authority will continuously put in place to enhance the framework. As the financial services regulator of [ADGM], the Authority is committed to maintaining an open, sustainable, and well-regulated environment that adheres to international financial and banking regulatory standards and best practices."
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