Abu Dhabi Global Market begins License processing for Financial Service applications
Starting from October 21, 2015, the International Financial centre (IFC) in Abu Dhabi, known as the Abu Dhabi Global Market (ADGM) declared that it’s Financial Services Regulatory Authority (FRSA) will now begin to give their consent and approval to certain applications for financial services licence.
It was said on a press statement that this announcement from the Abu Dhabi Global Market came after the publication of Financial Services and Markets Regulations (FSMR) and the FSRA Rules. These regulations and rules make up the legislative and regulatory structure for the financial services at the IFC.
These rules and regulations consist of many possibilities that offer a variety of regulated services in finance. Some of the services include asset management, banking and insurance businesses. The regulations also consist of requirements to help maintain the overall interests of the market’s infrastructure system, conduct rules and the marketplace itself. It also has requirements that protect ADGM’s power to enforce its law and commit disciplinary actions.
ADGM believes that under the FSMR and the FSRA rules, firms and individuals will be able apply for the appropriate licence for financial services that will help them facilitate their local, regional or international expansion.
The Chairman of ADGM, Ahmed Ali Sayegh said that the FRSA’s operations with giving their approval on financial services licence applications has now become an important achievement that accelerates the progress of ADGM. He also mentioned that they have been extremely committed in the ADGM development strategy which is based on an approach that consists collaborating with different institutions (local, regional and international) and gathering their input to make sure that the international financial centre offers jurisdiction in order to allow firms to grow and succeed by providing them with what they need and want.
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