Regulatory Alerts2021-11-03
Financial Services and Markets (Amendment No. X) Regulations 2021
The Board of Directors of the Abu Dhabi Global Market enacted the Financial Services and Markets (Amendment No. X) Regulations 2021 to revise the 2015 regulatory framework. The amendments impose strict procedural safeguards on regulatory enforcement by requiring detailed notices for permission variations, suspensions, stop orders, and trading halts, while guaranteeing affected parties the right to make representations and appeal to the Appeals Panel Regulatory Committee. The regulations also formally establish the structure, independence, and full merits review jurisdiction of the Appeals Panel and Regulatory Committee, empowering them to stay decisions, appoint independent experts, issue binding determinations, and facilitate judicial review by the ADGM Court of First Instance.