Abu Dhabi Global Market Collaborates with Jordan Securities Commission

Abu Dhabi Global Market Collaborates with Jordan Securities Commission

27 September 2016, Abu Dhabi, UAE: The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and Jordan Securities Commission (JSC) signed an agreement (MoU) on 26 September 2016 to enhance regulatory cooperation and foster cross-border activities. The MoU establishes a framework for both Authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market. This agreement further complemented and strengthened the existing relationship between ADGM and JSC.

The MoU was signed by Mr. Mazen Wathaifi, Commissioner of the Jordan Securities Commission and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM at the ADGM Authorities Building on Al Maryah Island, Abu Dhabi.

The MoU establishes a framework for both Authorities to provide assistance, exchange regulatory information and co-operate in supervising and overseeing the compliance of financial institutions with their respective legislations. The agreement enables JSC and FSRA to promote the integrity, efficiency and financial soundness of their markets through effective regulation, robust supervision of cross-border transactions in both jurisdictions.

Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said, “It has been one of ADGM’s key priorities to establish closer cooperation among regional and global regulators to facilitate cross-border financial activities and uphold the integrity of capital markets. Our partnership with Jordan Securities Commission underlines the importance of regional efforts to bolster the growth of our financial sectors and greater economies. The FSRA will continue to achieve strategic partnerships to enable our financial institutions and companies to expand their global footprints through ADGM’s internationally recognised platform that is underpinned by global standards and best practices.”

Mr. Mazen Wathaifi, Commissioner of JSC said, “The signing the MOU between the JSC and the ADGM signifies an important step towards in a foundation and framework that enables constructive and fruitful cooperation between our institutions. The agreement signifies our common regulatory goals and reinforces our roles in enhancing investor protection and fortifying the regulation of our markets.”

Mr Wathaifi added, “The capital market institutions in the two brotherly countries have a long history of cooperation and we will continue to nurture and strengthen this relationship. Reflecting our country's positive and forward looking vision, Jordan securities Commission is committed to enhance the capital market through greater effective operations and robust regulations".

ADGM will continue to cultivate meaningful bilateral collaborations and partnerships with authorities and stakeholders locally and globally.

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About Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.

In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, the home of one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.

ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.

Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world- class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com

About Jordan Securities Commission

The Jordan Securities Commission (JSC) is the regulator of the securities market in Jordan. It assumed its duties on September 1, 1997. Its objectives are principally as stated by the Law; protecting investors in securities, developing and regulating the capital market to ensure efficiency, fairness and transparency and protecting the capital market from the risks that might face it.

Parties that are under the supervision of the JSC include the Amman Stock Exchange (ASE), the Securities Depository Center(SDC), issuers of securities, financial services and investment companies, mutual funds, and registered natural persons. These parties are subject to the JSC's inspection and to the auditing of their documents and records.

The JSC is an ordinary member of the International Organization of Securities Commissions (IOSCO). It has occupied the position of the Vice Chairman of the Emerging Markets Committee (EMC) and the membership of the Executive Committee (EXCOM) from 2002-2008.

For further enquiries, please contact:

Joan Lew, Senior Manager, Communications

Email: joan.lew@adgm.com, Telephone: +971 2 333 8858 Online: www.adgm.com 

 

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