Abu Dhabi’s new financial free zone, Abu Dhabi Global Market (ADGM) declared the foundation of its administrative council to bolster the independence, integrity and procedural decency of the Financial Services Regulatory Authority in practicing its powers. The council or committee has been set up in order to provide independent audit of an extensive variety of managerial choices made by the regulator.
The regulatory committee is led by the former chairman of the International Organisation of Securities Commissions, Jane Diplock with financial regulatory specialist who is recognised globally.
In an announcement, the ADGM said the council will try to secure predictable, straightforward and proportionate utilization of administrative powers and increment regulatory certainty and the convenient resolution of matters.
In order to advance legitimate administration and due procedure, this is one of the two independent bodies made under the ADGM Financial Services and Markets Regulations 2015.
For the Abu Dhabi financial free zone to show the highest level of international regulatory standards and governance practice, the regulatory committee will act as an expansion of ADGM’s dedication to push and maintain these practices and standards according to the chairman of ADGM, Ahmed Ali Al Sayegh. He also added that committee will help support local and international businesses by creating a financial environment in Abu Dhabi that will enable these businesses to flourish in. in order for free zone to be successful, it is important that there is a high level of commitment towards the regulatory frameworks and practises.
ADGM opened for business in October 21, 2015 and was established by the Federal Decree in 2013.Its three independent authorities (the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts) ADGM’s three independent authorities allow all of the companies registered do business in an environment that has zero percent tax with its own judicial system and based on the Common Law, the free zone has its own legislative infrastructure.
Freezone Business in AbuDhabi Global Market: http://www.pbsolutions.ae/business-in-adgm-abu-dhabi-global-market/