Abu Dhabi’s finance zone in tie-up with Guernsey

Contract handshakeThe Abu Dhabi Global Market has signed a deal to cooperate on cross-border supervision with the financial services commission of Guernsey.

The deal is aimed at improving regulatory standards in each jurisdiction, says Richard Teng, chief executive of the body that regulates the Abu Dhabi zone.

The partnership, “allows both regulators to better understand the needs of our stakeholders and facilitate future cross-border efforts”, said Teng in a statement.

Established by federal decree in 2013, the Abu Dhabi Global Market is a financial free zone which allows companies to set up wholly foreign-owned entities. The zone has its own regulatory regime overseen by its own regulatory authority, of which Teng, formerly of the Singapore Exchange, is chief.

Aberdeen Asset Management has said it will open an office in the Abu Dhabi zone by the end of this year.

Zoe Cousens, who represents Guernsey Finance in the Middle East, said the agreement would “greatly improve the flow of business between our two jurisdictions”.

©2016 funds global mena

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