Abu Dhabi Global Market Releases More Laws
by Lorys Charalambous, Lowtax.net, Cyprus
14 July, 2015
The Abu Dhabi Global Market, a soon-to-launch free zone in the United Arab Emirates, on July 13, 2015, published draft legislation on insurance, takeovers, and data protection for feedback.
The draft legislation is supplementary to that which was published on June 30, 2015. These covered fund management, mandatory disclosure requirements, market conduct rules, and ADGM's disciplinary actions and enforcement powers, among other things.
ADGM said that the legislation is designed to support its efforts to create a business-oriented, well-regulated, and vibrant financial services sector.
The ADGM hopes to grow into a major financial services center, which will focus on asset management, private banking, and wealth management during the first phase of its establishment. It will provide firms with a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. It will allow 100 percent foreign ownership.
The public consultation period for the draft regulations and rules will end on August 11, 2015.
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