ADGM Registration Authority Publishes Consultation Paper on its Insolvency Practitioner Regime

ADGM Registration Authority Publishes Consultation Paper on its Insolvency Practitioner Regime

  • The RA published the consultation paper seeking views on proposed enhancements to the ADGM insolvency practitioner regime
  •  The consultation paper aims to align and strengthen the regime with international standards and best practices.

Abu Dhabi, UAE, 9th June 2022:  The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has recently published a consultation paper to seek views on proposed enhancements to its insolvency practitioner regime.

The consultation paper aims to enhance the existing framework to align and strengthen the regime with international standards and best practices. This will facilitate for an increased number of insolvency practitioners to practice within ADGM and built on the RA’s regulatory and monitoring processes currently in place for such practitioners.

The Consultation Paper should be of interest to all insolvency practitioners practicing within ADGM and to individuals and organisations operating within the ADGM, as well as their legal advisors and auditors.

ADGM invites public feedback and comments on the proposed enhancements, which can be addressed to: consultation@adgm.com. The deadline for providing comments on the proposed framework is 23rd June 2022.

Please CLICK HERE to read the Consultation Paper and to have access to the proposed legislative amendments.

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About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM), an International Financial Centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.

It enables registered financial and non-financial institutions, companies, and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region. *

For more details on ADGM, please visit http://www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

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