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October 21, 2015 | 14:30 | Abu Dhabi
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has announced that its Financial Services Regulatory Authority (FSRA) has commenced operations with the acceptance and approval of financial services licence application with effect from today. This follows the publication of the Financial Services and Markets Regulations and the FSRA Rules, which establish the legislative and regulatory framework for financial services in ADGM.
Firms and individuals can now apply for the appropriate financial services licences, under an internationally recognisable legislative and regulatory framework, that facilitates their local, regional and international expansion. The new financial regulations and rules framework is comprehensive in scope, spanning a variety of regulated financial services, including, asset management, banking and insurance businesses.
The regulations also include requirements to safeguard the interests of the marketplace, market infrastructure system, market conduct rules, and ADGM’s enforcement powers and disciplinary actions.