Abu Dhabi Global Market-Consultation Paper No 1 of 2015: Application of English Law Regulations
Type
E-journal
Date
17 Feb 2015
Jurisdiction
Abu Dhabi
Taxonomy
Jurisdiction & Choice of Law
Copyright
LexisNexis
Relevant company
King & Spalding
Analysis
On 6 January 2015, the Abu Dhabi Global Market (“ADGM”), the newly created free-zone and international financial centre located on Al Maryah Islands, Abu Dhabi, issued six consultation papers proposing new legislation for ADGM. This Client Alert provides an analysis of the proposals set out in Consultation Paper No 1 of 2015 relating to the Application of English Law Regulations (the “Regulations”).
Application of English common law
Under the Regulations, English common law shall constitute the underlying legal framework of the ADGM. This will mean that matters such as contracts, tort, equitable remedies, unjust enrichment, damages, conflict of laws, security and personal property will be governed by English common law. This will be supplemented by various English statutes which adjust or replace the common law in England & Wales.