The Australian Securities and Investments Commission (ASIC) signed an agreement with the Registration Authority (RA) governing the Abu Dhabi Global Market (ADGM) to enhance co-operation between the two organizations. The partnership will streamline the registration of companies, enhance the sharing of information and expertise, while also providing secondment opportunities within both jurisdictions.
James Shipton, Chair of the ASIC and Dhaher bin Dhaher Almheiri, the CEO of the Registration Authority of ADGM signed the agreement on behalf of their respective organizations.
The terms of the agreement allow the ASIC and the ADGM Registration Authority to work together on improving their performance by sharing their best practices and thoughts on industry trends. The two organizations will work jointly to align the procedural, legislative and IT frameworks within each of their countries.
Dhaher bin Dhaher Almheiri, the Registration Authority's CEO commented:
We continuously aim to bolster our cross-border activity through strategic partnerships with leading international entities to position ADGM as a leading international financial center. Such partnerships help us to offer our companies and entrepreneurs a robust, innovative and global ecosystem.
To this end, we are very pleased to announce our latest agreement with ASIC which helps to create a mutual understanding of the legislative, procedural and information technology frameworks of both entities. We look forward to working closely with ASIC to improve operational efficiency and enhance our offerings as an international business hub.
ASIC Chair, James Shipton explained:
ASIC constantly works to improve efficiency and strengthen cooperation with our international counterparts. We are delighted to announce this agreement and look forward to our close cooperation with the Abu Dhabi Global Market Registration Authority in the future.
National regulators need to work together to respond to companies operating globally and to money flowing between countries. When we provide mutual assistance to each other and exchange views and information, this helps ASIC to achieve its vision for a fair, strong and efficient financial system for all Australians.