25 January 2016, Abu Dhabi, UAE: Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, is pleased that its Financial Services Regulatory Authority (“FSRA”) has been accepted as members of the International Association of Insurance Supervisors (IAIS) and the Basel Consultative Group (“BCG”) of the Basel Committee on Banking Supervision (“BCBS”). This initiative demonstrates FSRA’s endeavour to work closely with global authorities and financial organisations to maintain global financial stability and advocate sound and robust financial regulations.
As an international financial centre, FSRA fosters and is responsible for maintaining a fair, efficient and responsive marketplace that caters to the needs of stakeholders, including financial institutions and market participants in the UAE and internationally. FSRA is committed to uphold a robust, well-regulated and enduring financial infrastructure that is aligned with international standards and best practices of global financial centres.
Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority, said “The participation and memberships with IAIS and BCG are an extension of FSRA’s undertaking in advocating international standards and practices and fostering close cooperation with global regulators. We aim to participate actively in multilateral institutions and international forums to position ADGM at the forefront of financial and regulatory developments. Through global memberships, we will keep abreast of international developments and financial innovations to develop a conducive ecosystem to foster sustainable growth. ”
FSRA’s memberships with IAIS in the insurance field and the Basel Committee community on banking practices will allow ADGM to contribute meaningfully to the global debates on standards setting and cooperation in areas of supervision, enforcement and exchange of information. In addition, FSRA is seeking to establish memberships at the International Organization of Securities Commissions (IOSCO) and other key finance fora. FSRA is committed in playing its part in the international regulatory community and workgroups to uphold high regulatory standards and safeguard the integrity of the global financial marketplace.