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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.
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