ADGM makes changes to fund regulations


20/06/2017 01:44 AST

Abu Dhabi Global Market (ADGM) said it had implemented a number of changes to its legislative framework that include enhancements to fund rules and regulations in a bid to make it easier to do business at the emirate’s tax-free financial hub.

The changes that were made included the establishment of private real estate investment trusts as well as safeguarding the privacy of unit holders in ADGM-based funds. The financial free zone, located on Abu Dhabi’s Al Maryah Island, said that the new amendments are effective immediately.

ADGM added that it had received positive feedback from public and industry participants during the period of consultation for proposed enhancements to its legislative framework. "The board of directors of the ADGM have thus enacted and published changes to numerous ADGM regulations and rules, as more particularly described in the consultation paper," ADGM said.

"These changes are part of ADGM’s ongoing commitment to align with international best practice and to provide a fair, well-regulated and internationally recognised platform that meets the needs of its markets." ADGM said it will regularly review its rules and regulations.

The nascent financial centre has been particularly active in recent months in making it easier for financial services firms to do business there. In May, ADGM made it easier for venture capital funds to operate in the financial free zone on Al Maryah Islandby removing the need for them to put up cash to start these businesses.

The ADGM’s Financial Services Regulatory Authority, the zone’s regulator, said the move to simplify regulations for venture capital funds by not making them subject to capital base requirements or expenditure-based capital took effect from May 15.

The National
Market News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
MMG 0
DAMAC 3.04 4,480,836
EMIRATESNBD 8 953,900
MAADEN 48.95 8,961,398
Recent News

Maaden announces new Vice Chairman
The Saudi Arabian Mining Company (Maaden) announces the Board of Directors decision on June 21, 2017 of appointing H.E. Sulaiman Bin Abdulrahman Al-Gwaiz (non-executive member) as the Vice Chairman f

QNB sees minimal impact from standoff
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.

The Middle East’s largest le

Egypt seeks FDI boost as its economy struggles
Egypt’s investment ministry has finalised a much-anticipated set of regulations outlining incentives that it hopes will lure back badly needed foreign investors, Investment Minister Sahar Nasr told R

Qatar bourse says Gulf institutions dumped Qatari shares
The Qatar Stock Exchange on Wednesday said it believed some institutional investors from Saudi Arabia, the UAE and Bahrain dumped shares to drive down the Qatari stock market in the wake of the diplo

UAE banks clear $175bn cheques in 5 months
A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?