ADGM publishes additional draft consultation papers

Abu Dhabi Global Market (ADGM) has published additional draft consultation papers and draft legislation on insurance, takeovers and data protection.

It is also accepting feedback from market participants.

The financial free zone on Monday said the legislation underscored its aim to provide a "well-regulated and internationally-recognised platform to develop and support a vibrant financial services industry”.

The consultation papers and legislation, which are supplementary to those released last month, will be available at ADGM's website (www.adgm.com).

The public consultation period will end on August 11.

The new regulations issued last month cover a wide range of issues such as the management and marketing of funds and investment offerings, mandatory disclosure requirements, market infrastructure systems, market conduct rules and the free zone's disciplinary actions and enforcement powers.

The financial free zone began issuing licences to non-financial services entities in May and aims to begin processing its first financial services licence applications in the final quarter of the year.

ADGM said last month that existing tenants with private limited or branch office legal status could apply for a licence. This includes businesses such as retailers, food and beverage outlets, and office services suppliers. Lawyers and accountants with branch operation legal status can also apply.

In May, ADGM and the Abu Dhabi Department of Economic Development (DED) signed an initial agreement that covers many aspects of the free zone's activities.

They include the registration and protection of company names and licences – both onshore and within ADGM, developing the process for transferring and renewing the trade licences of those companies already operating on Al Maryah Island, establishing a mechanism for ADGM and DED to cooperate wherever they may need to in the future; cooperating in the exchange of information regarding regulations, standards and business classifications to ensure consistency between them.
Source: The National