Overview Jurisdiction Al Reem Expansion Authorities Initiatives ADGM Academy Arbitration Centre Overview Business areas Setting up Operating in Public registers Legal framework Regulation Awareness Collaboration Ecosystem ADGM Sustainable Media News Events Spotlight Podcasts Publications Support Make an enquiry Whistleblowing FAQs
A platform that offers limitless opportunities and paves the way for a brighter future

Abu Dhabi boasts first-class infrastructure and unparalleled global connectivity, making it a premier international destination. Its exceptional qualities make it an ideal location to live, work, and conduct business.

Read about Abu Dhabi's lifestyle
Latest initiatives ADGM Announces Incentive Initiative for Existing Al Reem Island Businesses Transitioning to ADGM ADGM Marks Its Presence on Al Reem by Hosting its First Community Event on the Island
Providing an environment that empowers the future

A financial centre that provides transparency, efficiency, and integrity, through its progressive frameworks, future focused infrastructure, all within a familiar independent legal jurisdiction – ADGM is the perfect platform for success.

Find out how to set up in ADGM
Latest news 24 French Asset Management Firms With $1.6 Trillion AUM Convene for Second UAE – France Investor Meetup ADGM's Financial Regulator fines Sarwa Digital Wealth (Capital) Limited USD 122,500 for making an Offer of Securities in ADGM without Approved Prospectus
Preserve our economies and environment for future generations

ADGM, the centre for a transparent and thriving sustainable finance ecosystem.

More about our Sustainability vision
Highlights ADGM, the Region's Leading Climate Finance Hub, Announces its Role as Principal Partner at COP28 ADGM Implements its Sustainable Finance Regulatory Framework
Stay up-to-date with our wide range of available resources

Our community of business professionals, entrepreneurs, and investors can depend on ADGM to provide timely news and reliable insights.

Read our latest news articles
Upcoming events FSRA Supervision Outreach Session ADGM's 4th Annual FATCA and CRS Awareness Session LINK Networking Series
We are here to help

At ADGM, we offer various support options, including contact details, FAQs, enquiry forms, and a whistleblowing form.

View available support options
Some of our FAQ topics
  • Getting started
  • Foundations regime
  • Resolution for incorporation
  • Existing auditors
  • New auditors
  • ACCESSADGM
  • Announcement

    service

    Elmar Capital SPV Limited Fined USD 5000 for Purporting to Exceed the Scope of Licence

    ADGM RA 23/03/2021
    Elmar Capital SPV Limited Fined USD 5000

    The Registration Authority (RA) of Abu Dhabi Global Market has taken regulatory action against Elmar Capital SPV Limited (ECSL), fining it USD 5,000 for purporting to conduct controlled activities beyond the scope of its ADGM commercial licence.

    ECSL was incorporated and licensed by the RA in December of 2019 to conduct the non-financial activities of a special purpose vehicle.

    However, in 2020, a website, www.elmarcapital.ae, controlled by ECSL claimed that “Elmar Capital is a financial company Licensed by the Abu Dhabi Global Market authority under license number 3366” and that it was “a leading company in finance, managing and investing money, brokerage services between financial companies and international and local banks”.

    These and further statements on the website suggested that ECSL was licensed in ADGM to conduct financial services, when in fact, it is not.

    By improperly offering financial services in or from ADGM via its website, ECSL was purporting to carry on a controlled activity outside of the scope of its ADGM commercial licence issued by the Registration Authority.

    In mitigation, ECSL promptly took down and then amended and republished its website after being contacted by RA staff about its misrepresentation.

    Based on the above, the Registration Authority made a decision to fine the firm USD 5,000, which has been imposed by way of a Final Notice.

    A copy of the Registration Authority’s Final Notice can be found on the ADGM website: