Abu Dhabi Global Market launches electronic prudential reporting structure
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has engaged CoreFiling, one of the world’s most influential suppliers of financial reporting and XBRL compliance technologies, to implement its electronic prudential reporting system with effect on 17 September 2017.
The e-prudential reporting system is part of the ongoing initiatives by the Financial Services Regulatory Authority (FSRA) of ADGM to better address the needs of its stakeholders, as well as, to advocate international financial reporting practise and compliance in its marketplace.
ADGM has engaged CoreFiling based on its track-record and international expertise in the field of XBRL compliance to support financial regulations, create taxonomies and utilise the True North data processing and validation technology to provide the latest, efficient and comprehensive online reporting platform. The ADGM e-reporting system is also a flexible platform that allows different reporting formats (XL, CSV or XBRL) which firms can apply fittingly to submit their financial reports on time and easily.
Thomas Hirschi, Executive Director of Banking & Insurance, FSRA of ADGM, said: “The ADGM electronic financial reporting tool is set up to support our authorised firms in meeting their regulatory obligations and satisfying compliance standards. Local and international ADGM firms can file their prudential financial reports effectively and in a timely manner regardless of their locations. This e-prudential financial reporting system is one of the numerous initiatives that the FSRA will continuously put in place to enhance the framework. As the Financial Services Regulator of the International Financial Centre, the FSRA is committed to maintain an open, sustainable and well-regulated environment that adheres to the international financial and banking regulatory standards and best practises.”
Commenting on the new venture, Phillip Allen, Executive Chairman of CoreFiling said: “We are proud to be supporting the ADGM in its mission to introduce stringent financial regulations to the region. At CoreFiling, we have been involved with developing the world’s most heavily used taxonomies. Our tools offer a truly automated solution trusted by governmental bodies and regulators around the world, including the UK’s HMRC.”