ADGM COURTS REGULATIONS & RULES
Please click here to view ADGM Courts Regulations and Rules enacted on 11 December 2015.
ADGM COURTS PROCEDURES
Please click here to view ADGM Courts Procedure Rules, Practice Directions, Forms, Fees and Guides enacted on 30 May 2016.
ADGM enacted its Arbitration Regulations on 17 December 2015.
Please click here for the Arbitration Regulations 2015.
Please click here for more details on Commercial Regulations.
ADGM published its first set of commercial rules & regulations that were enacted by its Board of Directors on 3 March 2015. Pursuant to section 12(1) the Interpretation Regulations, regulations in ADGM shall come into force (a) where a particular day is specified by or under the regulations, on the expiration of the previous day; or (b) where the date of commencement is the date of publication, on the expiration of the day on which the regulations are published. Accordingly, the Commercial regulations came into force on the expiration of the day of their respective publication.
FSRA REGULATIONS & RULES
Please click here for more details on FSRA Regulations and Rules.
Financial Services and Markets Regulations ("FSMR")
- The FSMR establishes the legislative and regulatory framework for financial services in ADGM. In particular, FSMR has been broadly modelled on the UK’s Financial Services and Markets Act 2000 ("FSMA") and other related legislation.
- FSMR contains provisions including the Financial Services Regulatory Authority (“the Regulator”) structure and powers, authorisation, recognition, market infrastructure bodies, enforcement and information gathering powers, accounting/auditing, listing and prospectuses, collective investment funds, settlement finality, disclosure of information, financial services transfers etc. FSMR is supplemented by the FSMR Rulebook consisting of various modules as well as a Guidance and Policies Manual.
Anti-Money Laundering / Countering the Financing of Terrorism and Targeted Financial Sanctions
As an international financial centre, Abu Dhabi Global Market (ADGM) recognises its responsibility to support the global efforts to combat money laundering, terrorism financing and proliferation financing. Under section 7(6) of the Financial Services and Markets Regulations 2015 (FSMR), the ADGM Financial Services Regulatory Authority (FSRA) has jurisdiction for the detection, prevention and avoidance of these activities within the ADGM. The Anti-Money Laundering and Sanctions (AML) Rulebook sets out the requirements which are imposed by the FSRA under section 7(6) of the FSMR.
In developing the AML Rulebook, the FSRA has had regarded for the Financial Action Task Force (FATF) Recommendations and the Basel Committee on Banking Supervision guidelines, published in 2014 and are intended to supplement the FATF Recommendations for banks. The U.A.E. criminal law also applies in the ADGM and, therefore, Persons in the ADGM must be aware of their obligations in respect of the criminal law as well as the rules which apply in the ADGM. Relevant U.A.E. criminal laws include Federal Law No. 4 of 2002 regarding the Criminalisation of Money Laundering, Federal Law No. 1 of 2004 regarding Combatting Terrorism Offences, Federal Law No. 7 of 2014, and the Penal Code of the United Arab Emirates. Accordingly, Relevant Persons must ensure that procedures comply with the requirement for Suspicious Activity Reports (SARs), to be made in the required format to the Anti-Money Laundering Suspicious Cases Unit (AMLSCU), located in the Central Bank of the UAE.
The U.A.E., as a member of the United Nations, is required to comply with Sanctions issued and passed by the UNSC. These UNSC obligations apply in the ADGM and their importance is emphasised by specific obligations contained in the AML Rulebook requiring Relevant Persons to establish and maintain effective systems and controls to make appropriate use of UNSC Sanctions and resolutions. Relevant Persons are required to establish robust controls to monitor for, detect, and deter the flow of illicit funds through ADGM's financial system. The FSRA, in turn, plans to implement a responsive supervisory regime within the ADGM and to contribute to the global efforts by becoming actively engaged with other agencies, both domestic and international.
- Anti-Money Laundering and Sanctions Rules and Guidance (AML)
- Captive Insurance Business Rules (CIB)
- Conduct of Business Rulebook (COBS)
- Fees Rules (FEES)
- Fund Rules (FUNDS)
- General Module (GEN)
- Glossary (GLO)
- Islamic Finance Rules (IFR)
- Market Infrastructure Rulebook (MIR)
- Markets Rules (MKT)
- Prudential – Insurance Business (PIN)
- Prudential – Investment, Insurance Intermediation and Banking Rules (PRU)