Regulators From Abu Dhabi, Guernsey Agree Cooperation
by Lorys Charalambous, Lowtax.net, Cyprus
09 September, 2016
The financial services regulators of Guernsey and the Abu Dhabi Global Market have agreed to exchange regulatory information and cooperate in the supervision of cross-border establishments.
The ADGM's Financial Services Regulatory Authority (FSRA) and the Guernsey Financial Services Commission (GFSC) signed a Memorandum of Understanding on September 6, 2016.
Richard Teng, Chief Executive Officer of the ADGM FSRA, said: "We are pleased to continue our efforts in establishing closer collaboration with global authorities to bolster the high regulatory practice and standards in our respective jurisdictions. The new partnership with Guernsey FSC allows both regulators to better understand the needs of our stakeholders, and facilitate future cross-border efforts."
ADGM, a relatively new tax-free zone in the United Arab Emirates, 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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