ADGM Establishes Appeals Panel
by Lorys Charalambous, Lowtax.net, Cyprus
05 May, 2016
The Board of Directors of the Abu Dhabi Global Market (ADGM), a free trade zone in the United Arab Emirates, has announced the establishment of the Appeals Panel in accordance with ADGM Financial Services & Markets Regulations 2015.
"The Appeals Panel is set up to review and determine decisions made in the first instance by the Regulatory Committee to ensure proper observance of due process and the procedural fairness of the Financial Services Regulatory Authority (FSRA) in exercising its duties and powers in a consistent, transparent, and balanced manner," according to a statement from the ADGM.
The Panel has full independence and authority for determining the outcome of regulatory appeals and is independent of the ADGM Board of Directors, the FSRA, the Regulatory Committee, and the ADGM Courts to preserve its objectivity and impartiality.
Ahmed Ali Al Sayegh, Chairman of the ADGM, said: "This is an important step in reinforcing ADGM's commitment in strengthening its regulatory framework. An independent merits review by the Appeals Panel will provide a robust mechanism to safeguard due process of administrative decisions by the Regulatory Committee. As an International Financial Centre, ADGM will continuously align itself to international expectations and practice to ensure its framework is on par with international financial regulatory standards. We are committed to maintaining a fair, robust and transparent financial environment for our businesses to expand and grow in the UAE and globally."
The Appeals Panel comprises of four global legal professionals with expertise in commercial litigation, international arbitration, banking and finance, commercial dispute resolution, and other areas.
The Regulatory Committee was appointed on January 26, 2016.
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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