ADGM appoints new CEO for its Financial Services Regulatory Authority

ADGM FSRA 28/09/2020
Abu Dhabi Global Market Appoints New CEO for its Financial Services Regulatory Authority

Head of FSRA Policy and Legal Division, Mr Emmanuel Givanakis, to assume role in April 2021 as CEO Richard Teng relinquishes post

Abu Dhabi Global Market (ADGM) today announced that Mr Emmanuel Givanakis, a key driver in the establishment of Abu Dhabi’s International Finance Centre (IFC), will take on the new position as Chief Executive Officer of ADGM’s Financial Services Regulatory Authority (FSRA) in April 2021.

Mr. Givanakis, currently the Senior Executive Director of Policy and Legal at the FSRA, will succeed Mr Richard Teng, who plans to step down at end March 2021 as the inaugural CEO of FSRA after six successful years in ADGM.

Mr. Givanakis joined ADGM in October 2014 as Director of Policy and Legal at FSRA and oversaw the establishment of ADGM’s legislative framework, which contributed greatly to ADGM’s successful launch in 2015. With close to 26 years of exceptional legal and regulatory expertise, Emmanuel had held senior legal and regulatory positions in Australia and the UAE. His numerous qualifications include Barrister-at-Law to the Supreme Courts of Queensland and New South Wales, and he is also a member of the Bar Association of Queensland and the Governance Institute of Australia. (Please refer to appendix in detailed bio of Mr Givanakis.)

Commenting on the appointment, His Excellency Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM, said:

“We are pleased to announce that Mr Emmanuel Givanakis will be the new CEO of FSRA in April 2021. Emmanuel has seen ADGM through its growth stages and played a pivotal role in building ADGM’s strong legal and regulatory framework centred on transparency and public engagement. We are confident that his deep knowledge and expertise in shaping a progressive, robust financial services environment give him the aptitude to stand at the helm of the FSRA during the next chapter of ADGM’s success story.”

Richard Teng expresses decision to step down

Speaking on Mr. Teng’s impending departure, H.E Ahmed Al Sayegh, Minister of State (UAE) and Chairman of ADGM, said: “On behalf of the ADGM Board Members and the ADGM team, we would like to sincerely thank Richard Teng for his vision, steadfast commitment and unrivalled contribution in establishing ADGM. Richard’s leadership and drive in propelling ADGM’s stature as a world-class regulatory framework and an innovative adopter of progressive technologies have contributed significantly to our leading position today. We wish him all the best in his future endeavours.”

Commenting on his impending departure, Mr Teng said: “I wish to extend my deepest gratitude and appreciation to the Board of Directors and Abu Dhabi leadership for their kind support, trust and valuable guidance through my years in Abu Dhabi and the region. ADGM’s achievements and FSRA’s milestones were only possible because of their strategic vision, stewardship and unlimited energy. It has been a privilege working for ADGM. I am confident that Emmanuel, with the support of an amazing team of talented staff, will help FSRA scale new heights in the years ahead.”

Mr. Teng, who joined ADGM in 2015, spearheaded the formation of the FSRA and overseen the exceptional trajectory of FSRA and ADGM. Under his leadership, FSRA has become well-recognised and accepted for its agile approach and progressive frameworks that support financial intermediation, innovation and digital economy.

As an IFC, ADGM serves its mandate as a vital enabler of finance and investments, and connects financial services among Abu Dhabi, the Middle East, Africa, South Asia and Asia economies with the rest of the international markets. ADGM’s ecosystem includes international business and financial institutions, treasury centres, professional services firms, global investors, SMEs and start-ups, among others. ADGM offers a modern business infrastructure and holistic ecosystem that support businesses to operate, innovate and grow seamlessly in the UAE and across the flourishing region.

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Mr Emmanuel Givanakis, bio: English - Arabic

Mr Richard Teng, bio: English - Arabic