Regulatory Alerts2017-01-01
ADGM Consultation Paper No. 3 of 2017: Foundations Regime
The Board of Directors of the Abu Dhabi Global Market (ADGM) issued this consultation paper to invite public comment on proposed regulations governing the establishment and operation of foundations within the jurisdiction. The framework models existing regimes in Guernsey and Jersey, introducing a distinct legal entity that balances client confidentiality with regulatory transparency through a split public and private disclosure system. Key governance features include mandatory guardian appointments upon the founder's death, statutory duties for the foundation council, and robust asset protection mechanisms such as firewall provisions to shield assets from foreign legal claims.
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