Fri 18-11-2022 12:42 PM
ABU DHABI, 18th November, 2022 (WAM) — The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) hosted the first in-person ADGM EU-MENA Regulators Summit during Abu Dhabi Finance Week, bringing together representatives from the MENA region, the European Union, and the USA.
The closed session allowed regulators to discuss two themes that dominate Abu Dhabi Finance Week: the international agenda on sustainable finance and the regulation of digital assets.
The overarching objective of the event was to strengthen partnerships and increase cooperation in regulating financial services with countries across the MENA region and the European Union. Collaboration at a global level contributes to supporting consistent international standards and addressing regulatory gaps across jurisdictions that can lead to harm financial markets and investors.
The first session, which focused more specifically on new technologies and digitalisation, confirmed that cooperation and partnerships are paramount. The emergence of digital assets, in their multitude of use cases from payments to investment, can generate significant efficiencies and value but also confronts regulators with shared new risks and challenges.
The second session on sustainable finance at the COP27 Summit showed that financial regulators have a strategic role in providing internationally consistent regulatory frameworks, particularly on disclosure and taxonomy, facilitating the transition required to meet the 2050 Net Zero targets.
It was also discussed how regulators can support the journey to reach these targets, while potentially adopting different transition paths reflecting the specificities of the respective economies.
Rola AlGhoul/ Esraa Esmail