On 15 June 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi’s financial free zone, published the following six new regulations concerning the regulation of non-financial services in the Global Market:
- Application of English Law Regulations;
- Companies Regulations;
- Operating Regulations;
- Insolvency Regulations;
- Employment Regulations; and
- Real Property Regulations.
As expected from the draft regulations issued by the Global Market earlier this year, the Global Market’s final approach in the regulations follows very closely the English law model. In particular, the Global Market applies English common law, as amended by certain English statutes, as its over-arching legal regime and a slightly modified version of the UK Companies Act (2006) as its company law regime.
On 30 June 2015, the Global Market issued draft regulations and a consultation paper covering the regulation of financial services in the Global Market. The Global Market has stated that these draft regulations are broadly modelled on the UK financial services framework and is seeking feedback on these draft regulations by 11 August 2015.