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ADGM FSRA: 26 Sep 2022
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is undertaking a public consultation to seek views on proposed amendments to the Conduct of Business Rules (“COBS”), the Prudential – Investment, Insurance Intermediation and Banking Rules (“PRU”) and those relating to fees (“FEES”) for Authorised Persons. The proposed amendments to the COBS, PRU and FEES Rulebooks include a formalisation, through Rulebook provisions, of existing conditions placed on the licences of Authorised Persons currently offering over-the-counter leveraged products (“OTC Leveraged Products”) to Retail Clients, alongside further proposed regulatory enhancements that have been benchmarked against standards established by peer regulators and international standard-setting bodies. In addition to the amendments proposed for the Rulebooks, which will also apply to Authorised Persons that start offering OTC Leveraged Products in the future, the FSRA is proposing to issue supplementary, non-Rulebook guidance that will aid existing Authorised Persons and potential applicants in understanding our minimum expectations in relation to the experience and qualifications of individuals proposed for senior positions and further operational considerations. The consultation period will close on 28 October 2022.
The consultation paper and proposed legislative amendments are available here:
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