25 February 2016, Abu Dhabi, UAE: On Monday, February 22nd, Abu Dhabi Global Market (ADGM) hosted the U.S.-U.A.E. Business Council’s latest Financial Services Policy Group Meeting. As one of the Business Council’s newest members, ADGM welcomed the Policy Group’s members and featured guest speaker, Dr. Peter M. Werner, Senior Director of the International Swaps & Derivatives Association (ISDA). The meeting was led by U.S.-U.A.E. Business Council Senior Advisor and former U.S. Ambassador to the U.A.E. Michael Corbin.
Following introductions, Dr. Werner led the group in an in-depth discussion on Netting in the U.A.E. and in the Gulf region at-large, and discussed effective ways in which the U.S.-U.A.E. Business Council and its members can address the issue. The importance of ADGM’s role in this matter was also discussed – by incorporating the ISDA model law in its insolvency regulations and though the adoption of Common Law as the basis of its legal system, would render ADGM an effective netting jurisdiction.
Following the committee’s discussion on Netting, ADGM’s Financial Center Development Director, Steve Barnett and ADGM’s Director for Policy & Legal, Mr. Emmanuel Givanakis, provided attendees with a comprehensive presentation of ADGM’s aims for Abu Dhabi and how U.S. businesses can benefit from the Free Zone.
Ambassador Corbin concluded the meeting by thanking Dr. Werner and policy group members for their active participation.
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