Abu Dhabi Global Market announces key senior appointments

10/7/2015 4:42:55 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 7th October 2015 (WAM) -- Abu Dhabi Global Market ADGM the International Financial Centre in Abu Dhabi today announced the appointments of Thomas Hirschi as Executive Director of Banking and Insurance and Philippe Richard as the Director of International Affairs under the Financial Services Regulatory Authority FSRA.

Mr. Hirschi will oversee the admission authorisation and supervision of a broad-range of banking and insurance firms and related services at ADGM. He will also be spearheading and formulating the tools and techniques for a risk-based approach in the supervision of the banking and insurance firms. In his new role Thomas will also advocate and align FSRA's banking and insurance regulatory framework and standards with global best practices.

Mr. Richard will head ADGM's regulatory-related international activities and collaboration with key international organisations such as the International Monetary Fund the World Bank the Financial Stability Board the Bank for International Settlements the Basel Committee of Banking Supervision International Association of Insurance Supervisors and the International Organisation of Securities Commissions as well as cooperation with national regulators. He will support the FSRA in maintaining an active communication and contribution to discussions on fostering global financial stability and shaping international financial regulatory reforms.

Commenting on the new appointments Richard Teng CEO of the Financial Services Regulatory Authority of ADGM said "We welcome Thomas and Philippe to Abu Dhabi Global Market and adding them to our bench strength reinforcing our regulatory and supervisory team. Both of them are well-respected and highly-recognised industry professionals for their extensive global experience. Together we play our part in fortifying ADGM's position as an international financial centre and fulfilling our mandate as a world-class financial services regulator."

WAM/Esraa/Moran

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