Abu Dhabi Global Market Establishes its Regulatory CommitteeADGM FSRA 26/01/2016
26 January 2016, Abu Dhabi, UAE: The Abu Dhabi Global Market (ADGM) Board of Directors is pleased to establish the Regulatory Committee (the Committee) to support the independence, integrity and procedural fairness of the Financial Services Regulatory Authority in exercising its powers. This is established in accordance with ADGM Financial Services & Markets Regulations 2015.
The Committee is established to provide an independent review of a wide range of administrative decisions made by the Regulator and to, in some cases, consider and determine executive decisions referred to it by the FSRA. The Committee seeks to secure consistent, transparent and proportionate use of regulatory powers and increase regulatory certainty and the expedient resolution of matters. It is one of two independent bodies created under the ADGM Financial Services & Markets Regulations 2015 to promote proper governance and due process.
His Excellency Ahmed Ali Al Sayegh, Chairman of ADGM, said, “We are pleased to establish and welcome the Regulatory Committee and its distinguished members on board. The Regulatory Committee is an extension of ADGM’s commitment to advocating and upholding the highest level of international regulatory standards and governance practice at ADGM. It supports FSRA’s role in developing a sound, progressive and sustainable financial services sector in the UAE. We look forward to the Regulatory Committee fostering a conducive financial environment for local and international businesses in Abu Dhabi to thrive.”
The Committee currently comprise of four global independent industry leaders with an extensive spectrum of regulatory, financial and business expertise and it is chaired by Ms Jane Diplock AO, ex-Chairman of the International Organization of Securities Commissions and an internationally-recognised financial regulatory expert.
Ms Diplock AO expressed her pleasure to chair the Regulatory Committee and said, “I look forward to assisting in the regulatory process. The commitment of the ADGM to world class regulatory frameworks and practices in this new international centre is an important element in its future success."