Regulatory Alerts2022-05-24
Commercial Licensing Regulations 2015 (Fines) Rules 2022
The Board of Directors of the Abu Dhabi Global Market issued the Commercial Licensing Regulations 2015 (Fines) Rules 2022 to establish a standardized scale of monetary penalties for regulatory breaches. The rules prescribe eight specific fine levels ranging from 1,000 to 50,000 US dollars, mandating that statutory references to maximum fines correspond to these fixed amounts unless a lesser sum is justified. This instrument simultaneously repeals the previous Commercial Licensing Regulations 2015 (Fines) Rules 2015 and 2020 to consolidate the penalty framework.
Appendix 5 COMMERCIAL LICENSING REGULATIONS 2015 (FINES) RULES 20202022 Date of Adoption: 2 June 2020 [ ] 2022 The Board of Directors of the Abu Dhabi Global Market, in implementation of section 80 of the Commercial Licensing Regulations 2015, hereby makes the following rules:-
- Citation These Rules may be cited as the Commercial Licensing Regulations 2015 (Fines) Rules
- The standard fines scale (1) The following scale of fines is prescribed as the standard fines scale for the purposes of section 80 of the Commercial Licensing Regulations 2015: Level on the scale Amount of Fine (in US Dollars) 1 1501,000 2 3002,000 3 5,000 4 10,000 5 15,000 6 20,000 7 25,000 8 50,000 (2) Where a provision of any enactment or subordinate legislation provides that a fine imposed may be 'up to' or 'not exceeding' a level specified on the standard fines scale, the amount of a fine imposed pursuant to that provision shall be the amount corresponding to that level in the standard fines scale, unless the body administering that fine decides that a fine of a lesser amount is justified in the circumstances.
- Commercial Licensing Regulations 2015 (Fines) Rules 20152020 The Commercial Licensing Regulations 2015 (Fines) Rules 2015 2020 are repealed.