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ADGM FSRA: 03 January 2018
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is pleased to publish and 'go live' with a number of enhancements to its "Prudential - Investment, Insurance Intermediation and Banking" (PRU) Rulebook. This follows a successful public consultation which completed on 7 December 2017.
The new enhancements cover the prudential supervision of banks, insurance intermediaries and investment firms operating within ADGM's jurisdiction and support its internationally-recognised prudential regime, based on the best practices and standards developed by the Basel Committee on Banking Supervision (BCBS"). These improvements are part of the FSRA's ongoing commitment to foster a dynamic and well-regulated platform for institutions within the scope of PRU to operate their businesses prudently and efficiently.
The newly implemented changes include:
The amendments to PRU and other consequential amendments to the rulebooks for insurance and captive insurance business are also effective immediately. The updated PRU Rulebooks is available on adgm.com
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, commenced fully for operations on 21st October 2015.
In line with the Abu Dhabi's Economic Vision, ADGM is a natural extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM's foundation is anchored on three of Abu Dhabi's strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket, and LinkedIn: ADGM
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