20 December 2017, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM) Registration Authority has established an Office of Data Protection to carry out the administration of ADGM’s data protection regime. The Office of Data Protection aims to foster a secure and trusted environment for both companies and individuals, in line with ADGM’s strategy to be a leading international financial centre that provides the most reliable services that are benchmarked against internationally recognized standards.
Data protection is the process of safe guarding an individual’s personal information. ADGM’s data protection regime, which is based on current international standards, applies to all companies operating in the free zone that collect and process personal data.
The regime creates a balance between the rights of individuals to privacy and the needs of organizations to utilize data for the purposes of conducting their business, including the sharing of personal data with third parties.
The Office of Data Protection, as the Data Protection Regulator for the ADGM, is responsible for providing guidance on data protection, administering the register of Data Controllers, monitoring and enforcing compliance, as well as assisting individuals with enquiries and/or complaints.
Data Protection Support to ADGM Companies and Individuals
Coinciding with the establishment of the Office of Data Protection, the ADGM Registration Authority is pleased to announce the release a data protection microsite which includes a package of updated and new information, guidance and tools on data protection that will assist both ADGM companies and individuals.
The microsite (available at www.adgm.com > Doing Business > Registration Authority), contains an updated and consolidated data protection guidance note, a new self-assessment questionnaire, FAQs and information on your data protection rights as an individual.
“Having strong data protection credentials is critical for an IFC, and plays an important role in developing recognition and the trust of companies, their clients, international counterparts and stakeholders, as well as contributing to ADGM’s mandate to operate transparent and innovative platform that is aligned to international best practice. These initiatives demonstrate ADGM’s commitment to data protection and follow the Registration Authority being granted Observer Status by the International Conference of Data Protection and Privacy Commissioners (ICDPPC) in August. It also positions ADGM to consider significant upcoming changes in the European Union under the General Data Protection Regulation, taking effect in 2018” said Mr Dhaher bin Dhaher Al Mheiri , Chief Executive Officer, Registration Authority of ADGM.
The Office of Data Protection intends to provide further guidance and tools in 2018 in addition to planned amendments to enhance the ADGM Data Protection Regulations 2015 to offer more clarity and enhance the effectiveness of the regime.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM
For further enquiries, please contact:
-Afra ALRasdhi, Senior Manager, Corporate Communications
Telephone: +971 2 6663573