The latest compliance news: regulatory developments, punishments, guidance, permissions and authorisations for new product and service offerings.

Crown Agents Bank, Abu Dhabi Global Market 
Crown Agents Bank, a UK-based bank, has announced that its Middle Eastern subsidiary, CAB Global Markets, has secured a licence in Abu Dhabi. It obtained a Category 2 Financial Services Permission from the Financial Services Regulatory Authority of the Abu Dhabi Global Market.

The FSRA Category 2 licence enables CAB GM to provide credit, plus execute cross-border payments, foreign exchange transactions, and trade finance instruments for clients in these markets. 

CAB is regulated in the UK. 

“The UAE has rapidly established itself as one of the world’s leading global financial centres. Its geographic position between the world’s fastest-growing economic corridors, its sophisticated regulation, and strong capital markets, make it the ideal strategic location for CAB GM to connect emerging markets with the global economy,” Arif Khan, senior executive officer of CAB GM, said. 

CAB GM serves four client segments: banks, non-bank financial institutions, international development organisations, and corporates.

Besides its UK regulated operations, CAB also has a regulated footprint in the Netherlands and US.

United Arab Emirates, Scotland
The United Arab Emirates and Scotland have signed a pact to boost bilateral investment co-operation, they announced last week. 

The Ministry of Investment of the United Arab Emirates and the Scottish Government have signed a Memorandum of Understanding. It was signed by His Excellency Mohammad Abdulrahman Alhawi, Undersecretary of the Ministry of Investment of the United Arab Emirates and The Right Honourable Kate Forbes MSP, Deputy First Minister and Cabinet Secretary for Economy and Gaelic, on behalf of the Scottish Government.

Cooperation will focus on exchanging information on investment legislation, policies, regulations, and procedures; identifying and promoting investment opportunities across sectors of mutual interest; and facilitating partnerships between public and private sector entities. 

The agreement also supports closer cooperation between investment promotion agencies, exchanging best practices to enhance the investment climate, and promoting joint ventures and co-investment projects, including collaboration between small and medium-sized enterprises.