A comprehensive plan outlining the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM)’s regulatory priorities for 2024 has been published.
This plan, called the Business Plan, encompasses all aspects of the FSRA’s operations. It ranges from authorisation and supervision to enforcement and highlights the development of its legislative agenda. Furthermore, it underscores the roles of the FSRA and ADGM in the UAE’s efforts to discourage, detect, and prevent financial crime.
Emmanuel Givanakis, chief executive officer of the FSRA, said: “The Business Plan outlines our strategy and priorities for 2024. We want to facilitate traditional and emerging activities in the financial services sector. We also want to focus on the development of our regulatory framework in the areas of sustainable finance and digital assets.”
An essential component of the Business Plan is the FSRA’s fostering of continuous engagement with stakeholders, locally and internationally. This commitment includes active collaboration with national and international organisations and promoting flagship events such as Abu Dhabi Finance Week. Additionally, the plan demonstrates the FSRA’s forward-looking approach to staff development and the promotion of financial literacy, in the UAE and the region.
Givanakis added: “Innovation is a cornerstone of our ongoing and plans. This is to enhance the regulation and supervision of financial services. In turn, this will make it more effective and efficient in terms of our own operations and for the benefit of firms operating in the sector and their customers.
This innovation is made possible through our positive engagement with stakeholders. This ensures we have a comprehensive, progressive regulatory framework. It also provides a strategic approach that is relevant to the financial services sector, both currently and in future. All the while, maintaining international standards”.