Abu Dhabi Global Market Issues First Wave of Draft Regulations and Related Consultation Papers
Type
E-journal
Date
14 Jan 2015
Jurisdiction
Abu Dhabi
Taxonomy
General Banking & Finance Law, Regulation & Offences, General Commercial Law, Companies & Corporate Bodies
Copyright
LexisNexis
Relevant company
Latham & Watkins LLP
Analysis
On 8 January 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi's new financial free zone, located on Al Maryah Island, issued a first wave of draft regulations and related consultation papers. The Global Market's general approach in the draft regulations follows very closely the English law model. In addition, at the same time the Global Market flagged that its initial key anchor sectors will be private banking, wealth management and asset management, which represents a much narrower focus than contemplated in the Global Market's earlier press releases.
What draft regulations has the Global Market issued?
The Global Market has issued six draft regulations:
(i) Application of English Law Regulations: This is the most significant and most over-arching regulation for the Global Market. It provides:
• English common law, including the rules and principles of equity, shall apply in the Global Market, subject to any Global Market regulation or UAE law applicable to the Global Market, and subject to any modifications which may be required by the circumstances of the Global Market as the Global Market courts determine.