Abu Dhabi Tax-Free Zone Regulator Joins IOSCO
by Lorys Charalambous, Lowtax.net, Cyprus
23 February, 2016
The Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates (UAE), announced that its Financial Services Regulatory Authority (FSRA) is now a recognized member of the International Organisation of Securities Commissions (IOSCO).
IOSCO, an international association, develops, implements, and promotes adherence to internationally recognized standards for securities regulation. As an associate member, the FSRA commits to comply with the international regulatory standards on financial markets and to contribute to the standard setting activity of the IOSCO and its international work.
Richard Teng, CEO of the FSRA, said that the regulator is committed to exchanging information and providing mutual assistance in order to "promote financial integrity of the markets through rigorous surveillance and effective enforcement."
The FSRA's membership of IOSCO comes after the regulator joined the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision in January 2016.
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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