The Statement of Cooperation has been recently signed by the Chief Executive Officer of the Astana Financial Services Authority (AFSA) Mr. Stephen Glynn and Chief Executive of the Registration Authority of Abu Dhabi Global Market (ADGM) Mr. Dhaher Bin Dhaher Al Mheiri.
The objective of the Statement of Cooperation is to work towards the attainment of the mutual understanding of the legislative, procedural and information technology frameworks in their respective jurisdictions in the area of registering companies and other legal entities.
Parties have also agreed to provide mutual assistance and to share ‘best practice’ necessary to facilitate the performance of the functions of each Authority, and mutual training and secondment opportunities for the staff of each Authority. Agreement will enhance the exchange of information on public events taking place in both jurisdictions with relevance to the operations of a registry, and to exchange of views between the Authorities about matters of common interest, such as the development of international standards impacting on registries and trends in the development of registries’ services and operations.
“This Statement of Cooperation confirms our mutual intension for effective and extensive collaboration. We are confident that it will bring benefits not only to us as financial centres, but also to businesses within both jurisdictions by constant improvement of our functions and services”, - said Mr. Glynn.
Dhaher AL Muhairi, Chief Executive Officer of the Registration Authority of ADGM stated: “One of ADGM’s major strengths is to create a mutual partnership with registries of leading companies around the world in order to maintain and share best practices in international standards. This partnership presents a unique opportunity for our employees to develop their skills and share knowledge. We look forward to working closely with our partner to support the companies registries’ development in ADGM.”
About the Astana International Financial Centre (AIFC)
The AIFC was established by the initiative of the President of Kazakhstan Nursultan Nazarbayev and operates as per the Constitutional Law “On the Astana International Financial Centre” dated December 2015. The AIFC aims at attracting investment into the Kazakh economy through the establishment of an attractive and business friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance the Republic of Kazakhstan. www.aifc.kz
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre, a legal entity and statutory body of the Republic of Kazakhstan, which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating activities related to financial services in the Astana International Financial Centre (the ‘AIFC’). As such the AFSA administers the
AIFC Regulations and Rules, which provides, among other things, for the authorization, registration, recognition and supervision of financial firms and market institutions. www.afsa.kz
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law. ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years, since its inception, for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
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