News

The Financial Services Regulatory Authority (FSRA) of ADGM has published enhancements to its framework for Funds and Fund Managers. The formalisation of this framework (the New Rules) follows industry engagement and consideration of the feedback received on Consultation Paper No. 12 of 2025.  

The amendments introduce streamlined regulatory frameworks for Fund Managers of smaller Funds and for Fund Managers of Funds targeting exclusively institutional investors. Certain asset managers providing investment management services to Funds targeting exclusively institutional investors may also avail of streamlined requirements.

The amendments also facilitate employee investment in private Funds managed by their employer, and include revisions to the framework applicable to Foreign Fund Managers.

Existing Authorised Persons should be aware of the following in relation to the New Rules:

• Fund Managers wishing to change their status to a Sub Threshold Fund Manager or Institutional Fund Manager may apply to do so by completing this form.
• Asset Managers wishing to change their status to an Institutional Fund Asset Manager may apply to do so by completing this form.
• A transition period will operate until 31 March 2027 in relation to the New Rules applying to Venture Capital Fund Managers (VCFMs) and Foreign Fund Managers (FFMs). The FSRA will be in contact with VCFMs and FFMs regarding transition arrangements.

Please refer to the link below to view the amendments and related Guidance:

• 16 September – FSRA Rules (Funds) | Rulebook
• Supplementary Guidance – Regulatory Framework for Specialised Fund Manager Categories [VER01.160926] | Rulebook