ADGM builds bridges with Luxembourg

The Abu Dhabi Global Market (ADGM) has agreed a cooperation deal with Luxembourg, the largest investment funds centre in Europe.

It is the latest agreement signed by the newly established Abu Dhabi free zone, which is trying to build relationships abroad.

The ADGM regulator, the Financial Services Regulatory Authority, signed the agreement with the Commission de Surveillance du Secteur Financier, which regulates financial activity in Luxembourg.

“By harnessing joint efforts and regulatory co-operation, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform,” said Richard Teng, chief executive of the authority.

Separately, ADGM signed an agreement with the Australian Prudential Regulation Authority to cooperate on joint initiatives, following on from a similar agreement signed with the Mauritius Financial Services Commission in December.

ADGM is a financial free zone in Abu Dhabi established on similar lines to the Dubai International Financial Centre. The Abu Dhabi zone began issuing licences to financial companies last year.

©2017 funds global mena

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