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Announcement
ADGM publishes Public Consultation on Proposed Amendments to a various ADGM commercial legislation
ADGM RA 05/12/2019
Abu Dhabi Global Market (ADGM) published a public consultation paper on its proposed amendments to the following: Companies Regulations 2015, Foundations Regulations 2017, Limited Liability Partnership Regulations 2015, Limited Liability Partnership Rules 2015 and Beneficial Ownership Regulations 2018.
ADGM is proposing various changes to its legislation including, but not limited to:
- Abolishing the requirement to issue paper certificates & licenses
- Amending the definition of ‘members of the same family’ in the Companies Regulations
- Changing the name of “Annual Returns” to be “Confirmation Statements”
- Aligning the Beneficial Ownership Regulations with the federal cabinet resolution concerning Anti-Money Laundering, Counter Terrorism Financing and Financing of Illegal Organizations.
The objectives of the amendments are to improve efficiency in serving ADGM clients and to allow more flexibility to family offices wishing to utilize restricted scope companies in ADGM. These changes will also ensure that the ADGM commercial legislation is up to date with the international best practices as well as the mandatory onshore anti-money laundry legislation.
ADGM would like to invite public feedback and comments on the proposed amendments above to the following email: consultation@adgm.com
For more information, please visit the dedicated webpage for the Proposed Amendments to ADGM commercial legislation.
For further enquiries, please contact:
Rawand AlQadi
Email: rawand.alqadi@adgm.com
Telephone: +971 2 333 8858
