ADGM's Regulator Recognized By Int'l Bodies
by Lorys Charalambous, Lowtax.net, Cyprus
26 January, 2016
The Abu Dhabi Global Market (AFGM), a free zone in the United Arab Emirates (UAE), announced on January 25, 2016, that its Financial Services Regulatory Authority (FSRA) has been granted membership of the International Association of Insurance Supervisors (IAIS) and the Basel Consultative Group (BCG) of the Basel Committee on Banking Supervision (BCBS).
"This initiative demonstrates FSRA's endeavor to work closely with global authorities and financial organizations to maintain global financial stability and advocate sound and robust financial regulations," the ADGM said.
The FSRA's mandate is to maintain a fair, efficient, and responsive marketplace that caters to the needs of stakeholders, including financial institutions and market participants in the UAE and internationally. The ADGM said that the FSRA is committed to upholding a robust, well-regulated, and enduring financial infrastructure that is aligned with international standards and the best practices of global financial centers.
The FSRA's memberships with IAIS in the insurance field and the Basel Committee community on banking practices will allow ADGM to contribute to global debate on standards setting and cooperation in the areas of supervision, enforcement, and the exchange of information.
Richard Teng, CEO of the FSRA, said: "The participation and memberships with IAIS and BCG are an extension of FSRA's undertaking in advocating international standards and practices and fostering close cooperation with global regulators. We aim to participate actively in multilateral institutions and international forums to position ADGM at the forefront of financial and regulatory developments. Through global memberships, we will keep abreast of international developments and financial innovations to develop a conducive ecosystem to foster sustainable growth."
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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