Regulatory Alerts2022-05-24
Foundations Regulations (Amendment No. 1) 2022
The Board of Directors of the Abu Dhabi Global Market enacted regulations to amend the Foundations Regulations 2017 by introducing new provisions for fees, fines, and late filing penalties. The amendments establish the Registrar's authority to charge fees for services and impose fines on foundations and defaulting councillors for failing to meet statutory filing deadlines. Additionally, the regulations update specific notice periods and reporting requirements for foundations while deleting outdated schedules and subsections.
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