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Abu Dhabi FTZ Signs MoU With Jersey Financial Regulator

by Lorys Charalambous, Tax-News.com, Cyprus

18 February 2016

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates (UAE), announced that it signed a Memorandum of Understanding (MoU) with the Jersey Financial Services Commission (JFSC) on February 17, 2016.

The MoU puts in place a formal mechanism to enable the regulatory authorities to co-operate on supervisory matters and exchange information to maintain the stability and well-being of the financial systems in each respective capital market.

John Harris, Director General of the JFSC, said: "A key element of the work that we undertake is facilitating market access, whilst at the same time working to protect and enhance Jersey's reputation. This MoU acknowledges our shared ambitions for a long-term partnership and collaboration. We have every expectation that the Abu Dhabi Global Market will grow into a world leading financial centre and we will work together to exchange ideas, develop and cooperate, whilst adhering to international regulatory standards."

Richard Teng, Chief Executive Officer of ADGM, added: "This MoU continues the FSRA's undertaking in establishing relevant cooperative arrangements and cross-border collaboration with our international counterparts. As globalization continues across the various markets, our partnerships with JFSC and other like-minded regulators are crucial in enabling us to monitor and supervise our respective jurisdictions. Such cooperative arrangements serve as cornerstones in continuing customer protection and financial market integrity. We look forward to working closely with JSFC to maintain an efficient, responsive, and well-regulated financial environment that address the needs of our businesses and stakeholders."

The MoU formally establishes a framework to facilitate long-term collaboration between JFSC and FSRA and underpins their commitment to foster and uphold the highest international regulatory standards and practice in both jurisdictions.

The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.

TAGS: United Arab Emirates | environment | tax | business | tax incentives | corporation tax | Jersey | tax breaks | standards | trade | individual income tax | free trade zone

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