ADGM wins international recognition

Business Bureau, Gulf Today

The Financial Services Regulatory Authority (FSRA) legal team of Abu Dhabi Global Market (ADGM) has three top awards at the prestigious annual In-House Community Counsels of the Year Awards 2019 held in Hong Kong.   The FSRA legal team was awarded the “Middle East In-House Legal Team of the year 2019”, “In-House Community Legal Team of the Year 2019 on Banking”, and “In-House Community Legal Team of the Year 2019 on Innovation”.

As part of the awards selection, the In-House Community judging panel has taken into consideration the FSRA’s transformational initiatives and bold regulatory milestones.  For example, the FSRA successfully introduced in 2018 several new legislative and regulatory developments including Bank Recovery & Resolution; launched a comprehensive framework to regulate crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries ; and launched a unique framework to regulate operators of Private Financing Platforms serving equity investment, debt financing and trade receivables funding needs of start-ups, private enterprises and SMEs.

Richard Teng, CEO of the FSRA of ADGM said: “We are heartened and humbled to receive this prestigious recognition from our highly acclaimed legal peers and fellow-leaders of the industry. This acknowledgement spurs us to raise the bar even higher, and continue to innovate and serve the marketplace and economy.   

As an International Financial Centre, we constantly evaluate the fast evolving needs of our industry and market participants to create a thriving and sustainable financial ecosystem.  We have an extremely high-performing legal team that enables us to achieve ground-breaking milestones and transformation, and we look to them to take us to greater heights and achievements.”