Registration Authority Commences Public Consultation on Proposed Changes to ADGM Commercial Legislation
- Introduction of a Late Filing Fees Framework
- Introduction of a Commercial Licence Renewal Obligation
Abu Dhabi, UAE, [30] May 2022: The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has issued a consultation paper to invite public feedback and comments on the proposed amendments to its commercial legislation.
As part of the ongoing enhancement of ADGM’s regulatory framework, the RA is proposing changes including:
- the introduction of a late filing fees framework:
- rather than attracting a penalty, certain late filings will attract a late filing fee of USD 150 per month, capped at three months.
- the introduction of a commercial licence renewal obligation:
- a licensed person will be allowed a grace period, such that no late renewal fee will be payable where an application is made to renew a licence within one month following its expiry (provided the renewal application is approved);
- a late renewal fee (USD 150 per month, capped at three months) will be payable where an application to renew a licence is submitted more than one month after its expiry; and
- a requirement on licensed persons, who do not intend to renew their commercial licence, to notify the Registrar of that intention and take steps to terminate their operations/registration in ADGM within a set timeline; failure of which will attract a penalty.
- various miscellaneous amendments, including but not limited to:
- providing for a simplified strike off process for companies and LLPs;
- amending the definition of ‘working day’ to align with the changes introduced by the UAE government;
- removing the obligation to have ‘RSC’ on the name of a company – making it optional.
ADGM invites public feedback and comments on the proposed CSP Framework, which can be addressed to: [email protected].
For more information and to review the consultation paper and legislative amendments, please visit the dedicated webpage on: https://adgmen.thomsonreuters.com/rulebook/consultation-paper-no-3-2022-proposed-changes-adgm-commercial-legislation
-END-
About Abu Dhabi Global Market (ADGM)
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 a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving 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 panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-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 four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit http://www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
