Abu Dhabi s financial hub sees licences grow by 43% in 2020 arabianbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabianbusiness.com Daily Mail and Mail on Sunday newspapers.
ADGM registers remarkable growth, partnerships in 2020
27 Dec 2020 Despite the impact of the COVID-19 pandemic, ADGM continued to post steady growth. ABU DHABI: Abu Dhabi Global Market (ADGM), the award-winning international financial centre, marked a record year of growth in 2020, with significant achievements across core areas of FinTech, regulation, sustainable finance and arbitration.
Despite the impact of the COVID-19 pandemic, ADGM continued to post steady growth across its three authorities, the ADGM Financial Services Regulatory Authority (FSRA), the ADGM Registration Authority (RA), and the ADGM Courts. As a result of these efforts, ADGM increased the number of registered licences by 43 per cent, totalling 3,211 by year-end 2020. Assets under management increased by 193 per cent throughout the year, to end the year totalling over $85 billion.
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With current market conditions and a low interest rate
environment creating sustainability-related concerns for sponsors
of defined benefit ( DB ) pension plans, the de-risking of pension plans has been top of mind for
many pension plan sponsors. For public sector pension plans
sponsored by a single employer (and other prescribed plans) in
Ontario, there is an opportunity to reduce cash flow and balance
sheet volatility in respect of DB pension liabilities through
converting into a jointly sponsored pension plan (a JSPP ).
This SEPP to JSPP conversion is the first of its kind in Canada,
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Lea Koiv and William C. Kennedy
The Ontario government has passed legislation that reduces the regulatory burden for certain individual pension plans (IPPs).
Certain IPPs and designated plans will be exempt from requirements under Ontario’s Pension Benefits Act (PBA) notably, minimum funding requirements.
The changes were introduced in the Progressive Conservative government’s 2019 fall fiscal update and passed earlier this month.
Reducing the regulatory burden will likely lead to more IPPs being implemented. Ontario’s changes are especially welcome in the Covid-19 environment, as many employers try to conserve cash. The new rules mean employers can defer their contributions to a later period.