Abu Dhabi Global Market makes senior appointments in regulatory authority

Abu Dhabi Global Market (ADGM) has announced two new appointments in its financial services regulatory authority.

The new financial free zone in the capital confirmed that Thomas Hirschi is to be the executive director of banking and insurance, and Philippe Richard the director of international affairs under the Financial Services Regulatory Authority.

“Thomas will oversee the admission, authorisation and supervision of a broad-range of banking and insurance firms and related services at ADGM,” it said in a statement.

“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 Hirschi was previously with the Swiss Financial Supervisory Authority from 2004.

Mr Richard, meanwhile, will head ADGM’s regulatory-related international activities and collaboration with key international organisations such as the IMF, the World Bank, the Financial Stability Board.

Prior to joining to ADGM, he was the director of the international affairs department at the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) overseeing all matters related to prudential and accounting regulations in the banking and insurance sectors.

He was a member of the advisory board of the UAE Securities and Commodities Authority between 2008 and 2009.

ADGM is preparing to admit its first members by the end of this year.

On Sunday it confirmed the appointment of David Hope of Craighead, a former British supreme court judge, as chief justice.


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