Jersey’s Financial Services Commission has signed a memorandum of understanding with Abu Dhabi Global Market’s Financial Services Regulatory Authority, which it says is aimed at enabling the two jurisdictions’ regulators to better cooperate on “supervisory matters”, and more easily exchange information.
The signing, pictured, took place on Wednesday during a signing ceremony in the ADGM building, according to a statement issued by the two regulators. The signatories were JFSC director general John Harris, left, and ADGM Financial Services Regulatory Authority CEO Richard Teng.
In the statement, JFSC director general John Harris noted that “facilitating market access”, while at the same time working to protect and enhance Jersey’s position in the marketplace, was “a key element of the work that we undertake”.
He added: “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, while adhering to international regulatory standards.”
Richard Teng, chief executive of the Abu Dhabi Global Market (ADGM), said partnerships with other “like-minded regulators”, like the JFSC, is crucial at a time of continuing globalisation across world markets.
Opened in October
The ADGM is Abu Dhabi’s answer to the highly-successful Dubai International Financial Centre (DIFC). It was formally established (by ‘Federal Decree’) in 2013, and opened for business in the oil-rich emirate – which is home to the Abu Dhabi Investment Authority (ADIA), one of the richest sovereign wealth funds in the world– in October.
ADIA manages a diversified global investment portfolio across more than two dozen asset classes, including Britain’s Gatwick airport and Thames Water, and had total assets of US$773bn at the end of December, according to an estimate by the Sovereign Wealth Fund Institute, which ranks it second in the world in terms of AUM.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare “business, leisure and entertainment hub”, which is also home to such hotels as the Rosewood and Four Seasons; what is said to be the “first ever specialty Cleveland Clinic Hospital outside of the US”; and up-market shopping facilities.