ADGM on Track for First Financial Services Licence Applications by Q4 2015.
Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, today announced that it has published its draft financial services legislation, which includes the Financial Services and Markets Regulations and its accompanying rules, in addition to the Limited Liability Partnership Regulations, for open market consultation. In the coming weeks, ADGM will also publish further consultation papers that will be supplementary to the draft financial services regulations and rules published today, 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.
Ahmed Ali Al Sayegh, Chairman of ADGM, said: “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.
Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority, said: “At ADGM, we believe that an enduring financial market is well-anchored by a fair, efficient, and transparent regulatory framework that is responsive to the needs of its market as well as the developments in the global regulatory environment. Our regulatory approach adopts a calibrated balance of maintaining rigour in regulation while nurturing financial competition and innovation. 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.”
Mr Al Sayegh concluded by saying: “Our priority at ADGM is to ensure that each step of our development is made after due consultation and with the consensus of our stakeholders. The latest round of Open Market Consultation for our financial regulations is a further example of our approach which ultimately will ensure that we grow in strength as we develop and expand.”
This announcement follows the publication of ADGM’s enacted Non-Financial Regulations on 15 June 2015 and the receipt of licence applications from commercial entities, particularly from organisations already operating on Al Maryah Island.
The Consultation Paper is now available at www.adgm.com. ADGM invites market participants and all interested parties to send their comments of the draft Financial Services and Markets Regulations and rules to its email at email@example.com