ADGM Regulations and Rules
ADGM published its first set of commercial rules and 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.
Financial Services and Markets Regulations (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.
These modules detail the requirements that firms must meet following their authorisation by the FSRA.
ADGM Courts Regulations and Rules enacted on 11 December 2015.
ADGM Courts Procedure Rules, Practice Directions, Forms, Fees, and Guides enacted on 30 May 2016.