Registration Authority Publishes Amendments to the Company Service Provider Regulatory FrameworkADGM RA 23/02/2023
Abu Dhabi Global Market (ADGM), the leading international financial centre in Abu Dhabi, has announced ADGM Registration Authority’s (RA’s) introduction of the amendments to ADGM’s CSP framework, which aims to enhance the current regulatory framework in line with international best practices.
The enhanced CSP regulatory framework is now enacted and published following a three-week period of public consultation conducted by the ADGM RA in December 2022, where the proposed amendments received supportive feedback and business considerations from the ADGM community.
Several key amendments are introduced, which include but are not limited to,
- Mandatory certification for CSP staff;
- The introduction of staffing requirements;
- The introduction of annual CSP business activity fee and mandatory filing of audited accounts and CSP returns;
- Additional requirements on a CSP’s anti-money laundering officer and compliance officer;
- Required minimum regulatory capital and professional indemnity insurance.
With these new regulatory measures, the enhanced framework will further strengthen the CSPs’ compliance with its regulatory requirements and simultaneously improve the role of ADGM RA in monitoring and regulating such CSPs while also ensuring that it maintains and boosts a business-friendly environment.
The newly amended regulations issued by ADGM are publicly available and can be viewed here: Commercial Regulations & Rules (Amendments to the ADGM’s Company Service Provider Regulatory Framework).