Regulatory Alerts2021-01-01
Consultation Paper No. 6 of 2021 – Proposal to amend ADGM Beneficial Ownership and Control Regulations 2018
The Registration Authority of the Abu Dhabi Global Market proposes amendments to the Beneficial Ownership and Control Regulations 2018 to align with FATF and OECD international standards. The changes introduce a cascade approach for identifying beneficial owners, impose duties on entities to maintain records of nominee directors, and empower the Registrar to remove persons from beneficial ownership registers or cancel licenses for non-compliance. Comments on these proposals are invited until 23 December 2021, with a delayed effective date provided for the new record-keeping requirements.
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