ADGM Recognized By International Securities Regulator
by Lorys Charalambous, Lowtax.net, Cyprus
16 February, 2017
Abu Dhabi Global Market (ADGM), the international financial center established in 2013, has been recognized as "fully compliant" with the international benchmark for effective cross-border cooperation between securities regulators.
The assessment was made by a team of experts from the International Organization of Securities Commissions (IOSCO), the global body that brings together the world's securities regulators.
It means that ADGM's Financial Services Regulatory Authority is now a full signatory of the IOSCO Multilateral Memorandum of Understanding (MMoU), which provides a global framework for enforcement co-operation between 112 financial market regulators.
Commenting on the signing of the MMoU, Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, said: "We are pleased with IOSCO's stamp of approval for ADGM's best-in-class regulatory standards. As an international financial center and financial services regulator, ADGM is committed to maintaining a robust and effective framework that enables the sharing of information and cooperation with fellow regulators on supervisory and enforcement matters. We look forward to working closely with international regulators to uphold market confidence, bolster cross-border activities and support the growth of financial services globally."
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