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ABU DHABI – The Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority (FSRA) today announced major improvements to its capital markets framework, covering spot commodities, securities, derivatives, benchmarks, environmental instruments and virtual assets, which will further Improve its innovative and progressive systems and leadership in financial markets.
Designed to strengthen and protect ADGM’s market-leading capital markets ecosystem in the Middle East and North Africa (MENA) region, these broad changes were first proposed in March 2022 and have received significant and broad support from industry and wider stakeholders. feedback.
These changes allow for greater participation in the primary and secondary markets, while ensuring that ADGM market participants continue to operate in accordance with and under the protection of the highest regulatory standards. These changes were implemented to significantly benefit market-related activities, affecting accredited investment exchanges, accredited clearinghouses, multilateral trading facilities (MTFs), organized trading facilities (OTFs), market intermediaries, remote institutions, Remote members, offerors/issuers, listed entities, reporting entities and sponsors.
In addition to its innovative approach to virtual assets, ADGM has now implemented a regulatory framework for spot commodity and environmental instrument activity, making it the first international financial centre in the MENA region to do so. Another regional priority in the framework highlights specially designed products and listing rules relevant to mining and oil companies. The FSRA has also strengthened its requirements under IOSCO and similar jurisdictions with regard to financing requirements, continuous disclosure obligations, preferred securities and weighted voting rights.
In addition to the changes implemented in traditional financial services activities, MTFs/custodians operating within ADGM are now able to seek approval from the FSRA to engage in non-fungible token (NFT) activities. This will continue to build on ADGM’s global leadership established in 2018 when it established the first comprehensive regulatory framework for virtual asset activity.
Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “ADGM would like to thank all those who responded to the consultation paper published earlier this year. The level of interest shown in the consultation, and the strong interest of participants in developing activities in these important new areas , is very positive. Overall, ADGM and its market players continue to provide regulatory and industry leadership, positioning ADGM and Abu Dhabi as jurisdictions of choice. These improvements to our capital markets framework will unlock the next phase investment and growth opportunities across commodities, environmental instruments, virtual asset activity and broader financial markets.”
FSRA Chief Executive Officer Emmanuel Givanakis said: “These important and significant improvements to our capital markets regulatory framework are an important part of FSRA’s goal of continuing to develop ADGM’s overall comprehensive and progressive regulatory framework. It will help support and strengthen our dynamic The growth of the ecosystem will in turn promote the growth and diversification of the economies of Abu Dhabi, the UAE and the wider MENA region.”
The amendments cover the FSRA’s Financial Services and Markets Regulations (FSMR), Market Rules (MKT), Market Infrastructure Rulebook (MIR), General Rulebook (GEN), Business Conduct Rulebook (COBS), Islamic Finance Rules (IFR) and Fee Rules (FEES). The amendments also replace the existing Rules of Market Conduct (RMC) with the Code of Market Conduct (CMC).
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