The international financial center, Abu Dhabi Global Market (ADGM) Registration Authority (RA) has signed a Statement of Co-operation (SoC) with the British Virgin Islands (BVI) Financial Services Commission (FSC), to promote a global cross-border alliance between Abu Dhabi and the British Virgin Islands.
The SoC was signed by Dhaher bin Dhaher Al Mheiri, Chief Executive Officer of the ADGM RA and Jennifer Potter-Questelles, Acting Managing Director of the BVI Financial Services Commission.
Under the deal the ADGM RA and the FSC will partner on various activities in line with their joint registration functions and priority will be given to the provision of expertise on their technological and procedural frameworks, facilitation of applicable activities within their respective jurisdictions and support in the integration of international standards and best practice across their operations.
“Our agreement with the BVI FSC is further testament to our efforts to ensure effective and mutually beneficial relations are maintained between Abu Dhabi and international financial stakeholders. Through this agreement, we reinforce the ADGM RA’s longstanding commitment to develop its portfolio of partners and continuously enhance its offerings, in service of its overarching mandate as a leading registry function in the MENA region.”
The ADGM RA and the FSC will support each other by offering training and secondment opportunities and bring smooth communication that vests their best interests.
Under the agreement, both parties will share insights on various matters such as the development of international standards, exchange expertise on public events and assist in welcoming delegates of both the ADGM RA and the FSC that intend to conduct any registration activities in their respective jurisdictions.
BVI Financial Services Commission
Established in 2001, the BVI Financial Services Commission in the British Virgin Islands’ autonomous regulatory authority, responsible for supervising all financial services firms operating within the jurisdiction.
Abu Dhabi Global Market is an international financial center and free zone, established in 2013 and became fully operational in 2015. ADGM was started with an aim to enhance the emirate’s position as a global trade and business hub.