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Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, today published a consultation paper setting out its proposed fund passporting rules and regime, following the joint agreement with the Securities and Commodities Authority (SCA), and the Dubai Financial Services Authority (DFSA) to facilitate the licensing and promotion of domestic across the U.A.E.
The introduction of the fund passporting regime underlines the ADGM Financial Services Regulatory Authority’s (FSRA) ongoing efforts and commitment to foster the development of the domestic investment funds market and encourage greater facilitation of business across the UAE. Such a regime will enable Collective Investment Funds established within ADGM to be promoted across the whole of the U.A.E including the Financial Free Zones.
ADGM invites industry participants and the public to submit their comments on the proposed rules and regulations by 3 January 2019 to consultation@adgm.com.
For more details of the consultation, please click here.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs Al Maryah Island, which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
* Source : The Global Investor Middle East and North Africa (MENA) Awards
