Abu Dhabi’s international finance centre, the Abu Dhabi Global Market, has announced that its Financial Services Regulatory Authority (FSRA) has become a member of both the International Association of Insurance Supervisors (IAIS) and the Basel Committee on Banking Supervision (BCBS). Membership of both groups will allow the FSRA to contribute to future debates on standards setting and global cooperation in supervision, enforcement and exchange of information.

The move represents Abu Dhabi’s latest effort to integrate its growing financial centre into the broader financial system. The financial centre opened for business on 21 October 2015, and is dedicated to providing a marketplace for Abu Dhabi’s three strategic strengths, private banking, wealth management and asset management. Capitalising on its success in achieving membership of the IAIS and BCBS, the FRSA is also applying for membership in the International Organization of Securities Commissions (IOSCO).

The FRSA is one of three independent authorities in the ADGM which, along with the Registration Authority and the ADGM Courts, are intended to provide a conducive zero-percent tax environment for business with an international regulatory framework and an independent judicial system based on Common Law.