ADGM FSRA implements enhancements to its Financial Regulatory Framework on Client Classification, Client Assets and Conduct RequirementsADGM FSRA 15/08/2023
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has implemented amendments to its regulatory framework in relation to client classification, client assets and certain conduct requirements relating to Investment Business.
In response to Consultation Paper No. 2 of 2023, the FSRA received positive feedback on the proposed enhancements that support its ongoing commitment to align with international best practices and to provide a fair, well-regulated and internationally-recognised platform that meets the needs of its markets.
The FSRA expresses its appreciation to all respondents who submitted comments and observations in response to the proposed amendments which have now been made without change following the consultation exercise, particularly, in relation to the increase of the net asset requirement for existing Professional Clients, where the continuing eligibility of those clients must be assessed prior to providing new types of services or products. The amendments are effective immediately as of the current date and apply to the Financial Services and Markets Regulations (FSMR) and the FSRA’s Conduct of Business (COBS), General (GEN) and Glossary (GLO) Rulebooks.
For the newly implemented changes and enhancements, please refer to the below links: