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Abu Dhabi, UAE: Abu Dhabi Global Market ("ADGM"), the international financial centre in Abu Dhabi, today announced the appointments of Thomas Hirschi as Executive Director of Banking and Insurance and Philippe Richard as the Director of International Affairs under the Financial Services Regulatory Authority ("FSRA").
Thomas will oversee the admission, authorisation and supervision of a broad-range of banking and insurance firms and related services at ADGM. He will also be spearheading and formulating the tools and techniques for a risk-based approach in the supervision of the banking and insurance firms. In his new role, Thomas will also advocate and align FSRA's banking and insurance regulatory framework and standards with global best practices.
Philippe will head ADGM's regulatory-related international activities and collaboration with key international organisations such as the International Monetary Fund (IMF), the World Bank, the Financial Stability Board, the Bank for International Settlements (BIS), the Basel Committee of Banking Supervision, International Association of Insurance Supervisors and the International Organisation of Securities Commissions (IOSCO) as well as cooperation with national regulators. He will support the FSRA in maintaining an active communication and contribution to discussions on fostering global financial stability and shaping international financial regulatory reforms.
Commenting on both appointments, Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM said: "We welcome Thomas and Philippe to Abu Dhabi Global Market and adding them to our bench strength, reinforcing our regulatory and supervisory team. Both of them are well-respected and highly-recognised industry professionals for their extensive global experience. Together, we play our part in fortifying ADGM's position as an international financial centre and fulfilling our mandate as a world-class financial services regulator. "
Brief Biographies
Thomas Hirschi, Executive Director, Banking & Insurance, FSRA
Prior to joining ADGM's FSRA, Thomas was with the Swiss Financial Market Supervisory Authority FINMA holding several senior positions since 2004. From 2014, he was the Head of Risk Management (Department of Banks). In this role, he was also responsible for the continued implementation of Basel III in Switzerland. Prior to that, he was the Head of Supervision of retail and commercial banks (2011-2013), as well as the Key Account Manager for a large Swiss Bank (2009-2010). Thomas was seconded to the Federal Reserve Bank of New York for a period of 9 months in 2007/2008. Prior to joining FINMA, he was part of the Business Risk Management team at J.P Morgan Chase in Geneva. He holds Masters degrees in International Relations and European Studies from the universities of Geneva and Vienna, respectively.
Phillippe Richard, Director, International Affairs, FSRA
Prior to joining ADGM's FSRA, Philippe was the Director of the International Affairs Department at the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) overseeing all matters related to prudential and accounting regulations in the banking and insurance sectors. He was a member of the Advisory Board of the United Arab Emirates Securities and Commodities Authority between 2008 and 2009. From 2001 to 2008, he was the Secretary General of the International Organization of Securities Commissions (IOSCO). During his tenure at IOSCO, Philippe was actively involved in the development of the Multilateral Agreement for the exchange of information and in the implementation of the IOSCO Principles. In his earlier career, Philippe was also a Personal Assistant to Jacques de Larosière, the President of the European Bank for Reconstruction and Development (EBRD) from 1993 to 1997.
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About Abu Dhabi Global Market
Abu Dhabi Global Market ("ADGM"), an international financial centre in the capital city of the United Arab Emirates, was established by Federal Decree in 2013.
A natural next step in Abu Dhabi's role as a dependable and responsible participant in the global financial community and in line with the Abu Dhabi's Economic Vision, ADGM, a financial free zone, will play a pivotal role in positioning the city as a global centre for business and finance, connecting the economies of the Middle East, Africa and South Asia.
ADGM's three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, which will be fully operational in Q4 2015, will enable registered companies to transact business within a zero-tax environment and operate within an international regulatory framework with its own independent judicial system and legislative infrastructure based on English Common Law.
Established as a broad based financial centre, ADGM's foundation stage centres around three anchor sectors - private banking, wealth management and asset management, but will retain the flexibility to expand its activities over time according to market demand.
Abu Dhabi Global Market is located on Al Maryah Island, a 114 hectare mixed-use residential, retail, leisure, hotel and commercial development.
For more information, please contact:
Joan Lew Kwan
Tel +971 2 3338 888
Joan.Lew@adgm.com
Mirna Hijazi
Tel +971 2 3338 888
Mirna.hijazi@adgm.com
© Press Release 2015
