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Tue 26 Jan 2016 01:43 PM

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Abu Dhabi financial free zone sets up regulatory committee

Former chairman of the International Organisation of Securities Commissions appointed to head committee

Abu Dhabi financial free zone sets up regulatory committee

Abu Dhabi's new financial free zone has announced the establishment of its regulatory committee to support the independence, integrity and procedural fairness of the Financial Services Regulatory Authority in exercising its powers.

The committee of the Abu Dhabi Global Market (ADGM) has been set up to provide an independent review of a wide range of administrative decisions made by the regulator.

It is headed by Jane Diplock, former chairman of the International Organisation of Securities Commissions and an internationally-recognised financial regulatory expert.

In a statement, the ADGM said the committee will seek to "secure consistent, transparent and proportionate use of regulatory powers and increase regulatory certainty and the expedient resolution of matters".

It is one of two independent bodies created under the ADGM Financial Services & Markets Regulations 2015 to promote proper governance and due process.

Ahmed Ali Al Sayegh, chairman of ADGM, said: "The regulatory committee is an extension of ADGM's commitment to advocating and upholding the highest level of international regulatory standards and governance practice at ADGM.

"We look forward to the regulatory committee fostering a conducive financial environment for local and international businesses in Abu Dhabi to thrive."

Diplock added: "I look forward to assisting in the regulatory process. The commitment of the ADGM to world class regulatory frameworks and practises in this new international centre is an important element in its future success."

ADGM was established by Federal Decree in 2013 and opened for business on October 21, 2015.

Its 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 with its own independent judicial system and legislative infrastructure based on the Common Law.

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