Abu Dhabi UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, today published a consultation paper setting out its proposed Bank Recovery and Resolution Regulations. The introduction of this regime underlines FSRA’s commitment to international standards and best practices and is consistent with the Financial Stability Board’s 2011 Key Attributes Model and national initiatives adopted in a number of G20 countries.
The FSRA is proposing a tailored, risk-proportionate approach that effectively addresses the risks posed by the failure of any significant financial institution or a member of its financial group. The proposed Bank Recovery and Resolution Regulations would empower the FSRA to act as the resolution authority for ADGM; this would apply to various institutions including those that accept deposits, provide clearing services or deal in investments as principal.
Features of the proposed regulations would include the following:
- Powers to require recovery and resolution planning for ADGM-based institutions of significant size and interconnectedness that are within the scope of these proposals; and
- Early intervention and direction powers to require management of in-scope firms to adopt measures to halt the deterioration in their firm’s financial position.
ADGM invites industry participants and the public to submit their comments on the proposed draft regulations and related consequential amendments to FSRA rules by 8 November 2018 to consultation@adgm.com .
For more details of the consultation, please click here.
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs Al Maryah Island, which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Joan Lew, Senior Manager, Communications
Email: joan.lew@adgm.com , Telephone: +971 2 333 8858
Online: www.adgm.com
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