Abu Dhabi Global Market forms panel to develop regulatory framework

ADGM chairman Ahmed Al Sayegh says he expects centre to receive its first licence applications from financial institutions next year

The opening of Abu Dhabi Global Market (ADGM) has moved a step closer to fruition.

ADGM announced the launch of a consultation for the development of its long-awaited regulatory framework, supported by a panel of 16 local and international financial institutions, including NBAD, Goldman Sachs, Pimco and Mubadala Development.

The financial centre’s chairman, Ahmed Al Sayegh, said that he expected ADGM to receive its first licence applications from financial institutions next year, implying that the regulatory framework would be in place by then.

“When ADGM launches, it will offer a regulatory regime that provides maximum support and protection for business and is also completely compatible with the leading financial centres in the world,” he said.

ADGM in October appointed Richard Teng, formerly the chief regulatory officer of the Singapore Exchange, to head up the centre’s regulatory authority.

ADGM was established last year by federal decree and will centre around asset management, private banking and wealth management in its initial phase.

Both the Abu Dhabi centre and the Dubai International Financial Centre on Wednesday welcomed a high-profile delegation from Hong Kong, led by John Tsang, the Hong Kong financial secretary.