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Announcement
Proposed Changes to the ADGM Company Service Provider Framework
ADGM RA 28/11/2022
- Enhancements to ADGM’s Company Service Provider (CSP) Regulatory Framework
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has issued a consultation paper to invite public feedback and comments on the proposed enhancement to its Company Service Provider (CSP) regulatory framework.
The ADGM’s CSP framework was introduced on 12 April 2021 and contains two key features - strengthening the regulatory requirements for the provision of company services in ADGM and requiring certain Special Purpose Vehicles (SPVs) and foundations to appoint and maintain a licensed CSP to provide formation and filing services, as well as a point of contact for the RA. To further improve the existing CSP framework and to strengthen the CSPs’ compliance with its regulatory requirements, the RA is proposing to introduce an enhanced CSP framework in ADGM.
This key enhancement under the proposed amendments will include (but is not limited to) mandatory certification for CSP staff, the introduction of staffing requirements (i.e., a certain number of CSP staff must be present in ADGM), the introduction of annual CSP business activity fee and mandatory filing of audited accounts, amendments to the requirements of a CSP’s anti-money laundering officer and compliance officer, required minimum regulatory capital and professional indemnity insurance.
Commenting on the release of the Consultation Paper, Dhaher bin Dhaher Al Mheiri, CEO of ADGM Registration Authority said: “We are committed to enhancing our legislative infrastructure to provide our business community with the assurance and access they need to seize the opportunities in the region. Trust is one of our key assets in our regulatory framework and we strive to ensure that our legal framework meets international standards and is suitable for our community. We are looking forward to receiving valuable feedback on this consultation paper to continuously address and enhance our regulatory framework in service of our stakeholders and the wider community.”
The proposed CSP framework follows international best practices, aims to tackle the current challenges and establishes a solidified regulatory framework for CSPs operating within ADGM, while also maintaining a business-friendly environment.
ADGM invites public feedback and comments on the proposed CSP Framework, which can be addressed to: consultation@adgm.com.
For more information and to review the consultation paper and legislative amendments, please visit the dedicated webpage here