20 December 2018, Abu Dhabi, UAE: The Registration Authority of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has today published two consultation papers inviting comments from ADGM registered entities, advisors and stakeholders on proposed guidance regarding its approach to the imposition of fines for, (a) late filings of annual accounts and (b) for late commercial licence renewals.
All entities registered in ADGM are required to hold a valid commercial licence issued by the ADGM Registration Authority, whilst certain legal entity types such as companies limited by shares and limited liability partnerships, are also required to file financial accounts annually with the Registrar.
Entities that fail to comply with these requirements are liable to fines under ADGM’s commercial legislation. Fines are a common administrative punishment for failure to comply with a requirement and act as a deterrent to encourage timely compliance.
The Registration Authority is committed to best practice regulation by being transparent and consultative in relation to its policy and procedures for taking disciplinary action under ADGM’s commercial legislation, including actions such as imposing fines.
The Registration Authority has prepared these guides setting out its approach to fines regarding commercial licence renewal and annual accounts requirements. The proposed approaches are designed to be proportionate and provide clarity and certainty to ADGM registered entities.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “ADGM’s commercial legislation provides a robust and internationally recognised legal platform for incorporating and maintaining companies. This proposed guidance, which sets out the Registration Authority’s proportionate approach to issuing fines, reinforces ADGM’s commitment regulatory best practice and provides certainty and clarity for the benefit of its entities”.
ADGM invites registered entities, advisors, interested parties and stakeholders to share their comments on the proposed Guides by 31 January 2019 to firstname.lastname@example.org
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.* For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Joan Lew, Associate Director, Communications
Email: email@example.com, Online: www.adgm.com