Tag:

ADFW

ADGM FSRA Promotes ESG-Focused Investment Vehicle Guidance Initiatives at ADSFF 2024

by rachel 6 months ago

written by rachel

Marking a significant step in reinforcing ADGM’s commitment to fostering sustainable finances and combating greenwashing in the financial sector, the Financial Services Regulatory Authority (FSRA) of ADGM revealed its sustainability-related initiatives, including guidance for ESG-focused investment vehicles.

ADGM FSRA revealed these initiatives during the Abu Dhabi Sustainable Finance Forum (ADSFF), part of the Abu Dhabi Finance Week (ADFW).

Supporting the FSRA’s claim to be dedicated to aligning with global best practices, the latest guidance ensures transparency, accountability, and the integrity of ESG-focused investment products. It forms a key component of ADGM’s broader sustainable finance vision, aimed at supporting investors, issuers, and market participants in driving positive environmental, social, and governance outcomes.

“The issuance of our guidance for ESG-focused investment vehicles marks an important step in ADGM’s journey to establishing leading sustainable finance practices within its ecosystem. Through initiatives like this, we aim to strengthen the trust that the financial services sector and investors have placed in our robust regulatory framework, while also empowering stakeholders to contribute meaningfully to the global sustainability agenda.”

The FSRA has undertaken a number of initiatives to further ADGM’s leadership in sustainable finance. These include the implementation of a comprehensive Sustainable Finance regulatory framework and the release of the UAE Sustainable Finance Working Group’s Third Public Statement.

Besides guidance to address risks of greenwashing, ADGM’s robust regulatory framework for sustainable finance includes the region’s most comprehensive ESG disclosure requirements for appropriate entities within ADGM, a markets framework that includes Environmental Instruments and designations for green and climate transition funds and portfolios, and green and sustainability-linked bonds.

Through leveraging ADSFF’s platform, which facilitates dialogue by bringing together policymakers, industry leaders, and innovators to explore actionable strategies for addressing pressing environmental and social challenges, the FSRA has heightened ADGM’s collective efforts and proactive role in advancing the UAE’s sustainability agenda.

6 months ago 0 comments

ADGM FSRA Releases a Series of Regulatory Advancements at ADFW

by rachel 7 months ago

written by rachel

As part of Abu Dhabi Finance Week (ADFW) 2024, ADGM, the international financial centre of Abu Dhabi and its Financial Services Regulatory Authority (FSRA) showcased a series of recent regulatory advancements.

The developments include a comprehensive framework for the issuance of Fiat-Referenced Tokens (FRTs) within ADGM, broadening the range of digital assets available in a regulated environment, the release of detailed guidance addressing IT Risk Management and a consultation paper on proposed updates to the Virtual Asset framework, further strengthening ADGM’s position as a leading hub for digital innovation and financial regulation.

The regulatory framework introduced for FRTs supports their issuance, expanding the suite of digital assets offered within a secure and regulated environment. Developed following extensive industry consultations, the framework incorporates key components such as stringent reserve asset requirements, governance measures, transparency in disclosures, prudential safeguards, and clear redemption rights for token holders. By designating FRT issuance as a distinct regulated activity, the framework ensures high standards must be met by those issuing FRTs, reflecting global best practices.

The FSRA’s guidance on IT risk management enhances its regulatory approach by providing insights into what it considers to be critical aspects of sound and robust risk management in that area.

It also highlights the importance of IT risk in business operations, introducing measures such as comprehensive, rules on standardised incident reporting, and the introduction of RegTech solutions. These measures aim to further enhance IT resilience and ensure adaptability to evolving technological and regulatory needs.

“ADGM’s advancement as a progressive international financial centre is underpinned by the various and comprehensive initiatives it takes on the regulatory front”, said Emmanuel Givanakis, CEO of the FSRA of ADGM.

“As a forward-thinking jurisdiction, every new regulatory framework and amendment introduced reflects ADGM’s and the FSRA’s commitment to staying ahead of the curve. We continuously assess and address the evolving risks as well as the needs of the digital asset ecosystem, as we remain committed to fostering responsible innovation within the financial landscape.”

A consultation paper, proposing amendments to the FSRA’s regulatory framework for Virtual Assets (VA) was also announced at ADFW. These changes aim to refine processes for accepting VA within ADGM, further refine capital requirements and fees, and address emerging business models like staking.

The FSRA is seeking stakeholder feedback to ensure the framework aligns with industry developments while maintaining robust regulatory standards. The published paper also invites input on criteria for accepting non-ADGM-issued Fiat-Referenced Tokens and proposes expanding investment opportunities for Venture Capital Funds.

The FSRA, through its regulatory approach, has aimed to balance innovation with strong regulatory oversight. The announcements at Fintech Abu Dhabi during ADFW were well received by the delegates which included financial leaders, experts and executives, investors, entrepreneurs, and start-ups from the global and regional financial services industry.

7 months ago 0 comments

Finance Latest News Social

RESOLVE 2024 Concludes with Impactful Sessions on Issues Shaping Global Dispute Resolution

by rachel 7 months ago

written by rachel

To conduct meaningful conversations amongst the global dispute resolution community, and leaders from industry and government, the second day of Abu Dhabi Finance Week (ADFW) conducted RESOLVE 2024, which was hosted by ADGM Courts and the ADGM Dispute Resolution Hearing Centre.

The event was organised by ADGM in collaboration with the UAE Ministry of Justice, Abu Dhabi Judicial Department and arbitrateAD, along with LexisNexis as Knowledge Partner.

The third edition of RESOLVE, held under the theme of ‘Resilience’, provided guests with an opportunity to listen to global leaders’ stories, theories and ideas highlighting their and their clients’ resilience.

Esteemed keynote speaker, H.E. Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice – UAE, headlined the event, noting that RESOLVE reflects the UAE’s commitment to a vibrant and sustainable economy, inspired by visionary leadership to ensure justice, equity, and opportunity through robust legal frameworks. His Excellency also noted that RESOLVE showcases Abu Dhabi’s position as a global leader in innovation, resilience, and progress in financial and legal systems.

The panel on ‘Class Actions for Societal Harm – The Silicon Valley Backlash’ was one of the event’s most popular sessions. With class action frameworks expanding globally, “Big Tech”, including social media platforms and other cutting-edge companies, faces mounting legal pressure from class action litigants for alleged societal harm.

Leading experts explored the disputes landscape in this sector and the tension between profit-driven innovation and consumer protection. Another insightful panel on ‘Navigating the AI Legal Frontier‘, led by Amir Ghavi, Partner at Fried, Frank, Harris, Shriver & Jacobson LLP delved into the evolution of AI and the regulatory guardrails being developed in the UAE and globally to enable AI to catalyse economic growth.

Guests also enjoyed a series of panel discussions with leading legal and industry experts covering Restructuring and Insolvency in Complex Times, and The Climate Conundrum – The Uncertain Road Ahead. Speakers such as Tim L’Estrange FCIA – Independent Arbitrator, Mediator & Facilitator; Katrina Buckley, Partner at A&O Shearman; Nicky Reader – Partner at Clifford Chance; Troy Brown, Partner at Morgan Lewis; Jamie Levy – Senior Advisor at ADIO; and Duncan Miller – Senior Counsel at 7 Wentworth Selborne Chambers shared their insights during these thought-provoking panels. The event concluded with closing remarks from Essam Al Tamimi, Chairman of Al Tamimi & Company.

“RESOLVE 2024 has always focused on addressing the most complex issues that are at the fore of the minds of titans of industry and are predicted to require a shift in lawyers’ thinking and the development of circuit breaker ideas for dispute resolution”, said Linda Fitz-Alan, Registrar and CEO of ADGM Courts.

“In today’s world, where resilience and adaptability are vital for international trade and investment, effective and creative dispute resolution has become a strategic priority. RESOLVE provides a platform for leaders to push boundaries, share bold concepts and advance progressive ideas to meet the challenges of the new wave of disputes. By fostering enduring relationships, collaboration and thought leadership, RESOLVE reinforces Abu Dhabi’s position as a global trailblazer in international dispute resolution.”

7 months ago 0 comments