ADGM will update rules to accommodate Reits

05/04/2017 07:36 AST

The Abu Dhabi Global Market (ADGM) has announced plans to update its rule book to allow for the establishment of private real estate investment trusts (Reits).

ADGM, the financial free zone located on Abu Dhabi’s Maryah Island, yesterday unveiled a number of proposed changes to its rules and regulations, in conjunction with the free zone’s Financial Services Regulatory Authority (FSRA) and Registration Authority, a number of them pertaining to funds.

Among the proposed updates are an enhancement of the FSRA’s fund rules to facilitate the establishment of private Reits as an Exempt Fund or Qualified Investor Fund, and the alignment of the description of the regulated activity of managing a Collective Investment Fund in line with international practice.

Other proposed changes include enhancing the disclosure of investment company shareholdings to the free zone’s Registration Authority under the Companies Regulations of 2015, as well as minimising the public disclosure of unit holders information.

"These enhancements are part of ADGM’s ongoing commitment to continuously improve its framework, in a manner which balances risk based regulations with the needs of market participants," a representative for the free zone said yesterday.

Proposed changes to the relevant regulations are displayed on the public consultation section of the ADGM’s website. Interested parties have until May 11 to submit their comments.


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