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ADGM FSRA: 29 Oct 2014
Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, today announced the appointment of Richard Teng as Chief Executive Officer of its Regulator. Richard Teng will be responsible for overseeing the development and administration of the regulatory framework to govern ADGM and its member institutions.
Commenting on the appointment, Ahmed Ali Al Sayegh, Chairman of ADGM, said: “We welcome Richard and are delighted that he has joined Abu Dhabi Global Market. Richard brings a wealth of expertise and experience in the financial sector and particularly in establishing robust regulatory frameworks. He will be instrumental in ensuring that ADGM becomes a financial centre that is truly compatible with the world’s best regulatory regimes.”
On his appointment, Richard Teng commented: “I am honoured to be given this opportunity to be part of Abu Dhabi Global Market’s ambition to become a leading global financial centre. I look forward to the exciting journey of establishing an open, efficient and integrated eco-system that meets the dynamic economic needs of the global market. There is no doubt that ADGM will play a pivotal role in shaping the future of the international financial landscape.”
Richard Teng, who has more than two decades of regulatory leadership and capital markets experience in the financial industry, joins ADGM from the Singapore Exchange (“SGX”), where he held various positions since 2007, leading up to his most recent post as Chief Regulatory Officer. During his time at the SGX, Richard Teng oversaw the development of policies, framework and rules across the areas of listing, trading, clearing and settlement. He is responsible for listing applicants and trading members admission as well as enforcement of rule compliance by listed companies and member participants. Prior to the SGX, Richard Teng worked with the Monetary Authority of Singapore (MAS) with wide-ranging exposure in banking, insurance and capital market supervision. His last appointment in the MAS was Director of the Corporate Finance Division, responsible for the formulation and administration of the Securities and Futures Act in relation to the offering of securities, business and real-estate investment trusts as well as collective investment schemes.
ADGM will provide local and international institutions with the regulatory framework, legal jurisdiction and business-friendly environment they need for sustainable business growth serving the Middle East, Africa and Asia.
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