On 29 June 2015, Abu Dhabi Global Markets (ADGM), the new financial free zone established in Abu Dhabi in 2013, issued its long-awaited financial services regulations and rules in draft form for public consultation.

From an initial review, the draft regulations are based on the UK’s Financial Services and Markets Act and the Dubai Financial Services Authority’s (DFSA) Rulebook. The draft regulations include regulations in relation to conduct rules, management and marketing of funds and investment products, prudential regulations for investment, insurance intermediation and banking and the ADGM Financial Services Regulatory Authority’s disciplinary and enforcement powers. Notably absent from the draft regulations are prudential regulations for re/insurers. We understand that in the coming weeks, the ADGM will publish further consultation papers, including in relation to draft rules regarding insurance.

ADGM has invited market participants and all interested parties to submit their comments on the draft regulations by 11 August 2015. HFW are currently considering the draft regulations and will issue a more detailed briefing in due course