Joins International Regulatory Organisations and Financial Forums
25 January 2016, Abu Dhabi, UAE: Abu Dhabi Global Market ("ADGM"), the international financial centre in Abu Dhabi, is pleased that its Financial Services Regulatory Authority ("FSRA") has been accepted as members of the International Association of Insurance Supervisors (IAIS) and the Basel Consultative Group ("BCG") of the Basel Committee on Banking Supervision ("BCBS"). This initiative demonstrates FSRA's endeavour to work closely with global authorities and financial organisations to maintain global financial stability and advocate sound and robust financial regulations.
As an international financial centre, FSRA fosters and is responsible for maintaining a fair, efficient and responsive marketplace that caters to the needs of stakeholders, including financial institutions and market participants in the UAE and internationally. FSRA is committed to uphold a robust, well-regulated and enduring financial infrastructure that is aligned with international standards and best practices of global financial centres.
Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, said "The participation and memberships with IAIS and BCG are an extension of FSRA's undertaking in advocating international standards and practices and fostering close cooperation with global regulators. We aim to participate actively in multilateral institutions and international forums to position ADGM at the forefront of financial and regulatory developments. Through global memberships, we will keep abreast of international developments and financial innovations to develop a conducive ecosystem to foster sustainable growth. "
FSRA's memberships with IAIS in the insurance field and the Basel Committee community on banking practices will allow ADGM to contribute meaningfully to the global debates on standards setting and cooperation in areas of supervision, enforcement and exchange of information. In addition, FSRA is seeking to establish memberships at the International Organization of Securities Commissions (IOSCO) and other key finance fora. FSRA is committed in playing its part in the international regulatory community and workgroups to uphold high regulatory standards and safeguard the integrity of the global financial marketplace.
For more information, please contact:
Rashid AlShaali
Tel +971 2 3338 888
rashid.shaali@adgm.com
Joan Lew Kwan
Tel +971 2 3338 888
Joan.Lew@adgm.com
Background Note for Media :
The International Association of Insurance Supervisors (IAIS) was established in 1994. It represents insurance regulators and supervisors of more than 200 jurisdictions in nearly 140 countries, constituting 97% of the world's insurance premiums. Its objectives are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
The Basel Consultative Group (BCG) provides a forum for deepening the Basel Committee's engagement with supervisors around the world on banking supervisory issues. It facilitates broad supervisory dialogue with non-member countries on new Committee initiatives early in the process by gathering senior representatives from various countries, international institutions and regional groups of banking supervisors that are not members of the Committee.
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 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.
© Press Release 2016
