26 January 2016, Abu Dhabi, UAE: The Abu Dhabi Global Market (ADGM) Board of Directors is pleased to establish the Regulatory Committee (the Committee) to support the independence, integrity and procedural fairness of the Financial Services Regulatory Authority in exercising its powers.  This is established in accordance with ADGM Financial Services & Markets Regulations 2015. 

The Committee is established to provide an independent review of a wide range of administrative decisions made by the Regulator and to, in some cases, consider and determine executive decisions referred to it by the FSRA.  The Committee seeks to secure consistent, transparent and proportionate use of regulatory powers and increase regulatory certainty and the expedient resolution of matters.  It is one of two independent bodies created under the ADGM Financial Services & Markets Regulations 2015 to promote proper governance and due process.  

His Excellency Ahmed Ali Al Sayegh, Chairman of ADGM, said, "We are pleased to establish and welcome the Regulatory Committee and its distinguished members on board. The Regulatory Committee is an extension of ADGM's commitment to advocating and upholding the highest level of international regulatory standards and governance practice at ADGM. It supports FSRA's role in developing a sound, progressive and sustainable financial services sector in the UAE.  We look forward to the Regulatory Committee fostering a conducive financial environment for local and international businesses in Abu Dhabi to thrive."

The Committee currently comprise of four global independent industry leaders with an extensive spectrum of regulatory, financial and business expertise and it is chaired by Ms Jane Diplock AO, ex-Chairman of the International Organization of Securities Commissions and an internationally-recognised financial regulatory expert.   

Ms Diplock AO expressed her pleasure to chair the Regulatory Committee and said, "I look forward to assisting in the regulatory process. The commitment of the ADGM to world class regulatory frameworks and practises in this new international centre is an important element in its future success."

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ADGM Regulatory Committee Members
Chairperson
Ms Jane Diplock AO
Member

Mr Andrew Whittaker
Member

Mr Chandrashekhar Bhaskar Bhave
Member

Mr Xiaodong Tang  

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 and opened for business on 21st October 2015.   

In line with the Abu Dhabi's Economic Vision, ADGM is a natural extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in the heart of one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects with the growing 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, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established as a broad based financial centre, ADGM's foundation is anchored on three of Abu Dhabi's current strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace. 

Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, grade-A offices spaces to meet Abu Dhabi's long-term development and economic needs. All these complement ADGM's international financial centre position as a vibrant destination in the capital city in Abu Dhabi.   

For more details of ADGM, please visit www.adgm.com
For more information, please contact:
Rashid AlShaali                                                            Joan Lew Kwan
rashid.alshaali@adgm.com                                        Joan.Lew@adgm.com
Tel +971 2 3338 888                                                    

© Press Release 2016