The Abu Dhabi Global Market, Abu Dhabi’s new financial free zone, located on Al Maryah Island, recently 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 particular, the Global Market is proposing to apply English common law and certain English statutes in the Global Market. No draft financial services regulation was included in the first wave of regulation. The draft financial services regulation is expected to follow later this year.
In addition, 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.
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