ADGM Consults On Data Protection Changes
by Lorys Charalambous, Lowtax.net, Cyprus
09 May, 2017
Abu Dhabi Global Market, the low-tax international financial center, is consulting on amendments to its data protection regime.
The amendments to the Data Protection Regulations 2015 would anble ADGM's Registration Authority, which handles all aspects of incorporation, registration, and licensing of legal entities in ADGM, to designate jurisdictions as having an adequate level of protection for personal data, and to also withdraw such status from a jurisdiction. The amendments also allow the Registration Authority to make additional rules relating to the imposition of financial penalties.
Amendments are proposed to clarify terms such as "Sensitive Personal Data" and "Personal Data." The changes would also clarify notification deadlines.
The Registration Authority said the changes are part of ADGM's ongoing commitment to continuously enhance its legislative framework to maintain a fair, well-regulated, and internationally recognized platform that meets the needs of zone participants.
Interested parties are invited to comment on "Consultation Paper No. 2 of 2017" by May 30, 2017.
ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
See all of today's news