Arab Today, arab today abu dhabi global market publishes draft regulations
Last Updated : GMT 06:03:44
Arab Today, arab today
Arab Today, arab today

Abu Dhabi Global Market publishes draft regulations

Arab Today, arab today

Arab Today, arab today Abu Dhabi Global Market publishes draft regulations

Abu Dhabi Global Market
Abu Dhabi - WAM

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, on Tuesday published its draft financial services legislation.

The new set to regulations includes the Financial Services and Markets Regulations and its accompanying rules, in addition to the Limited Liability Partnership Regulations. These regulations are now open for consultation from the public.

In the coming weeks, ADGM will also publish further consultation papers that will be supplementary to the draft financial services regulations and rules published, and will include specific rules regarding insurance.

The draft legislation is comprehensive in scope, spanning the categories of regulated financial services and market activities, approach to management and/or marketing of funds and investment offerings, mandatory disclosure requirements to safeguard the interests of the marketplace, market infrastructure system, market conduct rules, and ADGM's disciplinary actions and enforcement powers.

The regulations and rule books will provide a business-orientated, well-regulated and internationally-recognised platform that will support all financial services business transacted at ADGM.

Publication of this substantial draft legal framework for public consultation follows a detailed review by ADGM's Expert Panel, which includes representation from more than 25 global and local financial institutions. The 6-weeks public consultation period will end on Tuesday, 11 August.

"The publication of Abu Dhabi Global Market's draft financial services legislation is a major milestone on the road to establishing ADGM as an International Financial Centre. I would like thank our Expert Panel of local and global financial institutions for their active support and valuable input to the draft legislation,” said Ahmad Ali Al Sayegh, Chairman of ADGM.

This announcement follows the publication of ADGM's enacted Non-Financial Regulations on June 15 and the receipt of licence applications from commercial entities, particularly from organisations already operating on Al Maryah Island.

"Recognising the importance of market participants and stakeholders in cultivating a vibrant and sustainable marketplace, we welcome feedback to support ADGM in establishing a sound regulatory framework of clear and transparent rules, benchmarked against international standards and global best practices,” said Richard Teng, CEO of ADGM's Financial Services Regulatory Authority.

The Consultation Paper is now available at ADGM's website www.adgm.com.

ADGM was established by Federal Decree in 2013. The new financial centre in the UAE will enable registered companies to transact business within a zero-tax environment and operate within an international regulatory framework with its own independent judicial system and legislative infrastructure.

Located on Al Maryah Island, a 114 hectare mixed-use residential, retail, leisure, hotel and commercial development, the financial centre, in the initial stage centres around three anchor sectors — private banking, wealth management and asset management, but will retain the flexibility to expand its activities over time according to market demand.

 

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