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ADGM signs Astana financial services deal

UAE Business

Abu Dhabi Global Market (ADGM) said it has signed a co-operation agreement with Astana Financial Services Authority (AFSA), a legal entity and statutory body of Kazakhstan through its registrars.

AFSA is a financial hub for Central Asia, the Caucasus, Eurasian Economic Union (EAEU), the Middle East, West China, Mongolia and Europe.

The agreement is aimed at working towards the attainment of the mutual understanding of the legislative, procedural and information technology frameworks in their respective jurisdictions in the area of registering companies and other legal entities, said a statement from ADGM.

The parties also agreed to provide mutual assistance and to share ‘best practice’ necessary to facilitate the performance of the functions of each authority, and mutual training and secondment opportunities for the staff of each authority, it added.

The agreement will help enhance the transfer of information on public events taking place in both jurisdictions with relevance to the operations of a registry, remarked Stephen Glynn, the chief executive of AFSA, after signing the  deal with Dhaher Bin Dhaher Al Mheiri, the chief executive of ADGM.

“This statement of cooperation confirms our mutual intension for effective and extensive collaboration,” noted Glynn.

"We are confident that it will bring benefits not only to us as financial centres, but also to businesses within both jurisdictions by constant improvement of our functions and services," he added.

Al Mheiri said one of AGDM's major strengths was to create a mutual partnership with registries of leading companies around the world in order to maintain and share best practices in international standards.

“This partnership presents a unique opportunity for our employees to develop their skills and share knowledge. We look forward to working closely with our partner to support the companies’ registries’ development in our organisation,” he added.-TradeArabia News Service

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