Abu Dhabi Free Zone Signs MoU With Paris Financial Market Agency
by Lorys Charalambous, Lowtax.net, Cyprus
14 July, 2016
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) on July 5, 2016, signed a Memorandum of Understanding (MoU) with Paris EUROPLACE, the organization in charge of developing and promoting the financial marketplace in Paris.
The MoU is intended to enable closer collaboration on possible joint financial activities and common interests that support growth and development in the financial sectors of France and Abu Dhabi.
The MOU will allow Paris EUROPLACE and the FSRA provides a framework for the exchange of information on banking, financial services, securities legislation, and regulations in each market, the ADGM said.
As part of the MOU, the ADGM and Paris EUROPLACE will explore mutually beneficial projects and discussions to facilitate long term investment opportunities, infrastructure financing, and new innovations in the areas of financial technology (fintech) and green finance.
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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