Hello, my name is Emmanuel Givanakis.
I am the Deputy CEO of the ADGM’s Financial Services Regulatory Authority, and I head up the Policy and Legal Function at the FSRA.
Innovation and the development of world class legislation are the cornerstone of our approach at the ADGM and FSRA. Since 2015 we have set about establishing an internationally recognisable legal system with the overarching feature being the direct application of the English common law for commercial and civil matters. This is then underpinned with best in class Commercial, Financial Services and Courts regulations and rules.
The Application of English common law into ADGM is a first in the region and provides ADGM stakeholders with access to the latest evolving commercial and civil case law from England and Wales. This approach gives flexibility and legal certainty which is responsive to the needs of international commerce.
It’s globally recognisable with international best practices in mind, with both Hong Kong and Singapore taking similar approaches in the past to develop their leading International Financial Centres. The Commercial Legislation of ADGM covers a myriad of different aspects of commercial law and in particular includes comprehensive Companies Regulations, Insolvency Regulations and Commercial Licencing regulations. They provide stakeholders with the ability to do business across the region and the globe.
The Financial Services framework of ADGM is best in class and competitive with any found internationally. It is appealing to financial services firms both regionally and internationally with its flexible structures and risk based approach. The legislation covers a wide variety of regulation from the role and function of the Regulator to the various asset management and funds business that can be operated to banking services and the establishment of capital markets.
Since 2015 we have continued to enhance and innovate our legal framework with a variety of firsts in the region for example:
- Aircraft Financing friendly regulations to facilitate the growing airline industry in the gulf;
- Introduction of the Foundations Regulations to give parties more variety in the structures they are able to utilise in estate planning to asset mananagement;
- The first regulatory Fintech framework (2016) – to encourage the development of financial services innovation in the tech space, which has led to the leading Regulatory sandbox in the region;