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ADGM Consults Open Market on Its Draft ADGM Courts Regulations, Rules and Arbitration RegulationsADGM Courts 14/10/2015
Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, today announced that it has published its draft ADGM Courts legislation that will establish the framework and environment of ADGM Courts and judicial system for open market consolation. The draft legislation covers Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations, as well as a number of its Rules and its Arbitration Regulations.
The core principle at the heart of the ADGM Courts’ Regulations and the Rules is the desire to establish a judiciary and system of law, which is founded upon well-established, recognised and accepted principles of law, and recognises the importance of the impartiality, independence and integrity of its Judges. The Arbitration Regulations have been designed with the overarching objectives that they be modern, reflect best international arbitration practice, be fit for the intended purposes of ADGM registered entities and their employees and encourage the wide use of ADGM Courts as a seat of arbitration in the region.
Lord David Hope of Craighead, Chief Justice of ADGM Courts, said: “I attach great importance, on behalf of ADGM Courts, to open and constructive engagement with all those who may wish to make use of our Courts. Open market consultation about the design and content of our proposed Regulations and Rules, including the Arbitration Regulations to which I draw particular attention, is an important part of that process and will help us to ensure that we have a sound basis for the services which we will be providing in support of ADGM, a business friendly and well regulated international financial centre. ”
The 30 day public consultation period will end on Friday 13 November. The Consultation Papers are now available at www.adgm.com. ADGM invites market participants and all interested parties to send their comments on the draft ADGM Courts Regulations and Rules and Arbitration Regulations to its email at firstname.lastname@example.org