22 February 2016, Abu Dhabi, UAE: Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, is pleased to announce that its Financial Services Regulatory Authority (“FSRA”) is now a recognised member of the International Organisation of Securities Commissions (“IOSCO") as of February 2016. As an associate member, ADGM-FSRA is committed to comply with the international regulatory standards on financial markets and to contribute to the standard setting activity of the IOSCO and its international work.
This new membership confirms FSRA’s steadfastness to align its regulatory practice with international financial centres as well as to contribute to financial stability and robust financial regulations in the Abu Dhabi and the region.
Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority, said “ADGM-FSRA is pleased to become a member of the IOSCO and we are committed to efficient exchange of information and render mutual assistance in order to promote financial integrity of the markets through rigorous surveillance and effective enforcement.
Our stakeholders and industry participants can be assured that ADGM will play an active role in the international regulatory community and workgroups to introduce initiatives that foster a sustainable financial ecosystem.
As a member of the Presidents Committee and of the Africa Middle-East Regional Committee (AMERC) of IOSCO, we will play our part to cooperate and promote high standards of regulation to maintain fair, efficient and responsible markets in Abu Dhabi and beyond.”
ADGM-FSRA’s membership with the IOSCO comes closely after being accepted as members of the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision in January 2016.