CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Abu Dhabi FTZ Signs MoU With Jersey Financial Regulator

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

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »