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Abu Dhabi Global Market Begins Open Market ConsultationADGM 07/01/2015
Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, today announced that it has published its first set of draft legislation for open market consultation.
ADGM is seeking comment from the public on its draft legislation related to a number of diverse areas such Companies, Insolvency, Employment, Operating Regulations, Property and Strata regulations.
The legislation has undergone pre-open market consultation, where comment was sought from more than 16 major international financial institutions and industry bodies.
Ahmed Ali Al Sayegh, Chairman of ADGM, said: “A robust legal system based on a legislative framework that meets international financial services standards is at the core of Abu Dhabi Global Market’s value proposition. In order to ensure we provide this, the legislation has been drafted with advice and input from major international financial institutions and industry bodies in the UAE and major capital markets around the world. We look forward to receiving comments and input from the public before enacting this legislation and receiving our first licence applications later this year.”
The draft legislation is available on Abu Dhabi Global Market website www.adgm.com and is accompanied by Consultation Papers for each separate proposed regulation, to assist in understanding the rationale for the various regulations being considered. The legislation is available for public comment until Thursday 5th February.
Mr Al Sayegh added: “As we ramp up our preparations, we will continue our collaboration and consultation approach which we believe is crucial given the many changes the global financial services sector is experiencing. ADGM will provide a robust regulatory framework designed to support a dynamic and competitive international financial centre that is both risk-focused and responsive to changing market needs and requirements.”
This is the first of several phases of open market consultation by ADGM. Further draft legislation will be published in the coming months for public comment before being enacted.
Once completed, ADGM will offer a clear and fully transparent legal and regulatory framework that will adhere to the highest international standards and be compatible with the world’s leading financial centres.