ADGM Sets Up Data Protection Regulator
by Lorys Charalambous, Lowtax.net, Cyprus
21 December, 2017
Abu Dhabi Global Market, the low-tax financial center, has announced it has set up an Office of Data Protection to administer its data protection regime.
ADGM says the new Office aims to foster a secure and trusted environment for both companies and individuals, including safeguarding individual personal information, benchmarked against internationally recognized standards.
According to ADGM, its data protection regime, which applies to all companies operating in the free trade zone who collect and process personal data, creates a balance between the rights of individuals to privacy and the needs of organizations to utilize data for the purposes of conducting their business, including the sharing of personal data with third parties.
Coinciding with the establishment of the Office of Data Protection, ADGM has also announced the creation of a data protection "micro-website," which includes updated and new information, guidance, and tools on data protection to assist both ADGM companies and individuals.
ADGM is an international financial center established in 2013. It offers a range of 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.
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