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The Abu Dhabi Global Market is expecting "substantial activity" this year. Set up in October last year, the capital's financial free zone has so far received interest from the full spectrum of the financial services industry, according Richard Teng, chief executive officer (CEO) of the ADGM.
Speaking to reporters on the sidelines of the 10th GCC Regulators Summit, he said signs are "robust and positive" for businesses to set up offices in the free zone.
The free zone offers a tax-free business regime to set up trusts, special purpose vehicles and family offices to serve domestic and regional businesses.
"Collective investment schemes, open-ended and closed ended companies within a one-stop-shop environment in Abu Dhabi" can also be set up at the free zone, said Ahmed Ali Al Sayegh, chairman of the ADGM, at the 10th GCC Regulators Summit.
For local entities in particular, this means doing business closer to home, he said. Before this, he said "financial institutions, companies and individuals had to work through different foreign jurisdictions to operate businesses."
The ADGM understands its responsibility in supporting and growing the economy and attracting new investment into local companies, Al Sayegh said.
As history has proven, the greater the breadth and depth of a financial centre, the greater is its ability to attract investment and support the growth of its market and neighbouring economies, he said. "We aim to build a critical mass of domestic and foreign financial institutions that will provide a wide range of financial services to meet the needs of our market and beyond. It is our goal to boost the financial sector and contribute meaningfully to Abu Dhabi's gross domestic product," the ADGM chairman said.
"We offer a conducive environment for financial institutions to hub their activities via our free zone to serve not only the UAE and GCC, but also fast-growing neighbouring economies such as India and Asia."
Al Sayegh said two regulatory themes for the financial services industry will weigh on GCC regulators' agenda in 2016. First is the ongoing dialogue relating to the interplay between technology and regulation. Technological innovation will continue to be a competitive factor for financial services in 2016 and beyond, he added.
"Already, we see a global debate concerning the appropriate regulatory response. Regulators will be concerned to facilitate innovation and how to regulate this space to meet the overarching objectives of stability, market integrity and investor protection," the chairman said.
FinTechs (financial technology firms) seek low regulatory costs to facilitate market entry, but ultimately, they require regulatory affirmation for legitimacy and trust.
Against the backdrop of financial technological innovation, regulatory concerns with how institutions manage technological risks, particularly with respect to cyber security and resilience, continue to feature on the agenda, Al Sayegh said.
Regulatory attention has also been directed at the behaviour of financial institutions and their staff with respect to consumer and investor protection, and more importantly, overall market integrity.
For instance, the Financial Stability Board has deemed "misconduct" as a systemic risk and policy reforms are being considered to address this risk.
Significant supervisory expectations concerning conduct and culture will weigh on financial institutions through 2016. Abu Dhabi is monitoring these developments closely and considering the appropriate response, he said.
"To stay relevant to the needs of both local and global markets, our legislative and regulatory framework is aligned with international standards and remain responsive to their evolving needs," Al Sayegh concluded.
- haseeb@khaleejtimes.com
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