Abu Dhabi Global Market-Update on the Draft Legal Framework
Type
E-journal
Date
27 Apr 2015
Jurisdiction
Abu Dhabi
Taxonomy
General Company Law & Business Entities
Copyright
LexisNexis
Relevant company
Clyde & Co
Analysis
In January this year the Board of Directors (Board) of the Abu Dhabi Global Market (ADGM) published initial drafts of various key regulations as part of a formal public consultation. Clyde & Co has engaged with ADGM to discuss these regulations and has submitted detailed comments on the regulations to the Board.
The draft regulations and consultation papers are available at http://www.adgm.com/setting-up-business/adgm-regulations/
In this article, we examine the draft companies regulations (the Regulations).
General
The Regulations are largely based on the UK Companies Act 2006 (UK Act) and replicate many of its provisions. There are, however, several significant departures from the UK Act, which aim to remove various historic peculiarities of the UK Act, better cater to local and regional markets and business objectives and enhance flexibility.