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ADGM RA: 27 Oct 2020
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has issued a consultation paper to invite public feedback and comments on its proposed Company Service Providers’ (CSP) framework.
The success and increasing demand for ADGM’s special purpose vehicles (SPVs) and foundations structures have brought with it several challenges and risks, particularly for entities that do not have a direct connection to the UAE or to ADGM. To address these challenges and mitigate any risks to ADGM, the RA is proposing to introduce a proportionate and balanced CSP framework in ADGM.
The proposed CSP framework follows international best practice and aims to establish a robust regulatory framework for CSPs within ADGM. The CSP framework will introduce a requirement for certain SPVs and foundations to appoint an ADGM-based CSP and impose a set of regulatory obligations on those CSPs.
Dhaher bin Dhaher Al Mheiri, CEO of the ADGM RA, said: “One of our key objectives is to build trust in our regulatory framework. We continuously endeavour to ensure that our legal framework is in line with international standards and is suitable for our community. The proposed CSP framework follows international best practice and aims to establish a robust regulatory framework for CSPs within ADGM. We encourage the public to share their valuable feedback on this consultation as we look to continuously enhance our regulatory framework in service of our stakeholders and wider community.”
To promote orderly integration of and compliance with the proposed CSP framework, transition periods have been proposed for the affected SPVs and foundations, and for current ‘Corporate Service Providers’ wishing to engage in CSP activities under the new framework.
ADGM invites public feedback and comments on the proposed CSP framework, which can be addressed to: consultation@adgm.com.
For more information and to review the consultation paper and legislative amendments, please visit the dedicated webpage.
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