The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM), and the Australian Securities and Investments Commission (ASIC) are pleased to announce a partnership to strengthen collaboration between the two entities. The agreement is set to streamline company registration and facilitate the exchange of information, expertise and secondment opportunities in both jurisdictions.
The agreement was signed by Dhaher bin Dhaher Almheiri, Chief Executive Officer of the Registration Authority of ADGM, and James Shipton, Chair of the Australian Securities and Investment Commission.
As part of the agreement, the ADGM Registration Authority and ASIC will collaborate towards enhancing performance through the sharing of best practices and views on industry trends. Both entities will also work on aligning the legislative, procedural and information technology frameworks in their respective jurisdictions.
Commenting on the statement of co-operation, Dhaher bin Dhaher Almheiri, CEO of the Registration Authority, said: “we continuously aim to bolster our cross-border activity through strategic partnerships with leading international entities to position ADGM as a leading international financial centre. Such partnerships help us to offer our companies and entrepreneurs a robust, innovative and global ecosystem.
To this end, we are very pleased to announce our latest agreement with ASIC which helps to create a mutual understanding of the legislative, procedural and information technology frameworks of both entities. We look forward to working closely with ASIC to improve operational efficiency and enhance our offerings as an international business hub.”
James Shipton, ASIC’s Chair, said: “ASIC constantly works to improve efficiency and strengthen cooperation with our international counterparts. We are delighted to announce this agreement and look forward to our close cooperation with the Abu Dhabi Global Market Registration Authority in the future.
National regulators need to work together to respond to companies operating globally and to money flowing between countries. When we provide mutual assistance to each other and exchange views and information, this helps ASIC to achieve its vision for a fair, strong and efficient financial system for all Australians”.
ASIC is an independent Australian government body that acts as Australia’s corporate regulator. ASIC’s key function is to enforce and regulate company and financial services laws to protect Australian consumers and investors.
Background:
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM visit www.adgm.com
Source: The Global Investor Middle East and North Africa (MENA) Awards
