Regulatory Alerts2020-01-01
Law No. 12 of 2020 Amending Law No. 4 of 2013 Concerning the Abu Dhabi Global Market
Ruler Khalifa Bin Zayed Al Nahyan issued Law No. 12 of 2020 to amend the Abu Dhabi Global Market framework by introducing a definition for netting agreements and restructuring the governance and operational powers of the Global Market Authorities. The legislation significantly expands the jurisdiction and enforcement mechanisms of the Global Market Courts, establishing reciprocal enforcement procedures with Emirate courts and clarifying the appointment and duties of the Chief Justice. Additionally, the law increases administrative penalties for regulatory contraventions to 200 million Dirhams or 10% of the transaction value and mandates that existing operators obtain proper licensing from Global Market Authorities.
Share