Regulatory Alerts2024-03-25
Beneficial Ownership and Control Regulations (Amendment No. 2) 2024
The Board of Directors of the Abu Dhabi Global Market enacted Amendment No. 2 to the Beneficial Ownership and Control Regulations 2022 to extend regulatory obligations to relevant trustees of express trusts. The amendments introduce new sections requiring trustees to maintain, update, and submit records of trust particulars and beneficial owners to the Registrar within specified timeframes. Additionally, the regulations update definitions, impose security and confidentiality duties on trustees, and adjust penalty structures to align with these expanded requirements.
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