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UAE moves to build Abu Dhabi Global Market into key financial centre

Xinhua, February 17, 2016 Adjust font size:

The Jersey Financial Services Commission (JFSC) signed on Wednesday a Memorandum of Understanding (MoU) with the Financial Services Regulatory Authority (FSRA) of the United Arab Emirates' (UAE) second free zone Abu Dhabi Global Market (ADGM) as both authorities aim to cooperate on supervisory matters, UAE news agency WAM reported.

The MoU includes exchanging information "to maintain the stability and well-being of the financial systems in each respective capital market, the FSRA said.

It was inked by John Harris, director general of the JFSC, and Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority.

At the signing ceremony, Harris said "we have every expectation that the Abu Dhabi Global Market will grow into a world leading financial centre and we will work together to exchange ideas, develop and cooperate, whilst adhering to international regulatory standards."

For his part, Teng said as globalisation continues across the various markets, "our partnerships with JFSC and other like-minded regulators are crucial in enabling us to monitor and supervise our respective jurisdictions."

Abu Dhabi Global Market is the second international financial center in the UAE after the Dubai financial free zone. Both free zones abide by British common law and are not supervised by the UAE central banks. Endit