ADGM Signs MoU With Central Bank Of UAE
by Lorys Charalambous, Lowtax.net, Cyprus
09 February, 2016
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates (UAE), announced that it signed a Memorandum of Understanding with the Central Bank of the UAE on February 4, 2016.
The MoU seeks to formalize a framework on the supervision of banks and other financial institutions and provides for information exchange.
Saeed Abdulla Al Hamiz, Assistant Governor for Banking Supervision of the Central Bank of the UAE, emphasized in a statement the need for cooperation and coordination with supervisory authorities to ensure the stability of the financial system in the UAE.
In 2015, the ADGM entered into similar comprehensive cooperation agreements with the Emirates Securities and Commodities Authority and the Insurance Authority, with the aim of growing Abu Dhabi as an international financial center.
The ADGM said it will continue to cultivate meaningful collaborations and partnerships with authorities and stakeholders locally and globally.
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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