On October 21, 2015, the Abu Dhabi Global Market announced that it was officially open for business and that the Financial Services Regulatory Authority was ready to accept applications for a license from financial institutions. The ADGM is the newest international financial center and it has adopted English common law by applying it in its jurisdiction for civil and commercial law. The application of English common law will govern matters such as contracts, tort, trusts, equitable remedies, unjust enrichment, damages, conflicts of laws, security and personal property.
Shearman & Sterling helped develop ADGM’s world-class legal and regulatory regime to be in line with international standards to provide the sophistication and certainty found in the world’s top financial centers. The firm drafted all the Financial Services and Markets Regulations and Financial Services Regulatory Authority Rules as well as legislation governing matters such as companies, insolvency, interpretation, commercial licensing, arbitration, courts, employment, limited liability partnerships, real property and strata title.
The ADGM press release is available at: http://www.adgm.com/mediacentre/press-releases/abu-dhabi-global-market,- world%E2%80%99s-newest-financial-centre,-officially-open-for-business/.