We wrote in May of last year regarding the new Abu Dhabi Global Market (‘ADGM’), which is an international finance centre in the United Arab Emirates and is independent of the existing legal regime in Abu Dhabi. This is governed under the same law under which the Dubai International Finance Centre was established and is based on English law.
In October 2015 the ‘ADGM’ announced commencement of its Financial Services Regulatory Authority (‘FSRA’). The function of this authority is to establish a strong, enduring financial market which is of a high standard and is able to compete with global markets such as London, Hong Kong and Singapore. It is not only a regulatory authority to ensure that international standards are adhered to, but also an institute to monitor and improve on competitiveness and efficiency. In order to facilitate this, the laws and regulations surrounding the establishment of this ‘FSRA’ are designed to be responsive to market conditions and regulatory development.
The ‘ADGM’ has started the year with productive meetings with key international countries and attending forum’s and summits reinforcing their commitment to international ties and development.
If you would like to learn more about the benefits of establishing an ‘ADGM’ company or how these compare to other company formations in the Emirates then please do not hesitate to contact us.