Companies and individuals can now apply for the appropriate financial services licences, under a new internationally recognisable legislative and regulatory framework that is designed to facilitate their local, regional and international expansion.
“Today marks an important achievement in our journey to develop ADGM, an international financial centre in the heart of the capital of the United Arab Emirates, a centre of wealth and a gateway to the growing economies of the region and beyond, said Ahmed Ali Al Sayegh, chairman of ADGM.
The new financial regulations and rules framework of the centre span a variety of regulated financial services, including, asset management, banking and insurance businesses.
The regulations also include requirements to safeguard the interests of the marketplace, market infrastructure system, market conduct rules, and ADGM’s enforcement powers and disciplinary actions.
New courts
The ADGM also has plans to develop its own court system with the proposed regulations currently in a consultation phase and also plans to announce the appointment of new judges shortly.
It has recently has hired experts from other financial centres to help in developing the project, including Hector Sants, the former head of Britain’s financial services regulator, and Richard Teng, the former chief regulatory officer at the Singapore Exchange, who is chief executive of the ADGM’s new regulator.
Teng said : “In our increasingly borderless business environment, companies and investors can be assured that FSRA is committed to maintaining the fairness and robustness of the ADGM financial system, which fosters business innovation and sustainable growth.
“Over the next few weeks and months, we will continue to closely engage financial institutions to help them understand our regulations and assist them with the application process,” he said.
