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  • Announcement

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    Proposed enhancements to financial regulatory framework on client classification, client assets and conduct requirements

    ADGM FSRA 30/03/2023
    ADGM

    Building on its progressive leadership in the financial markets, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued a public consultation paper seeking views concerning proposed enhancements to its regulatory framework in relation to client classification, client asset and certain conduct requirements relating to the investment business. The specific areas of focus within these suggested enhancements include

    • Client classification – simplifying the assessment standards for Professional Clients;
    • Client assets – providing clarity on the requirements in relation to holding or controlling client assets, and other client protection measures; and
    • Conduct requirements in relation to investment business – additional client protection measures in terms of the duties owed by authorised firms to their clients.

    The proposed amendments affecting the Regulated Activity of Providing Custody are also a part of this consultation paper.

    The proposed amendments fall into the Financial Services and Markets Regulations (“FSMR”), the Conduct of Business Rules (“COBS”), the General Rules (“GEN”) and the Glossary Rules (“GLO”) of the FSRA. The consultation period will close on 25th May 2023.

    For more information on the proposed revisions, please visit the dedicated webpage: Consultation Paper No. 2 of 2023 - Proposed Enhancements to Client Classification, Client Assets and Conduct Requirements.