ADGM Strengthens Data Protection Regime
by Lorys Charalambous, Lowtax.net, Cyprus
19 January, 2018
Abu Dhabi Global Market (ADGM), the low-tax financial center, has announced enhancements to its data protection regulations and the launch of an annual data protection forum.
The announcement follows the creation of the ADGM Office of Data Protection in December 2017, which aims to foster a secure and trusted environment for both companies and individuals, including safeguarding individual personal information, benchmarked against internationally recognized standards.
The enhancements to ADGM's data protection regulations include changes to data breach notification timeframes, new deadlines for notifications to the Registrar of Office of Data Protection, and expanded enforcement provisions.
The list of jurisdictions designated as providing an adequate level of protection of personal data has been been expanded to include Andorra, the Dubai International Financial Centre, and the Faroe Islands. Designation facilitates the free flow of personal data from ADGM to those jurisdictions and improves ease of doing business for ADGM firms.
A new annual data protection forum will be launched with the inaugural event taking place on January 28, 2018, marking the occasion of International Data Protection Day. The forum will feature several speakers including a keynote address from Lahoussine Aniss, Secretary General of the National Commission for the Control of the Protection of Personal Data, Morocco.
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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