Regulatory Alerts2024-01-01
Consultation Paper No. 3 of 2024 - Proposal concerning Registration of certain Trusts Particulars
The Abu Dhabi Global Market Registration Authority proposes amendments to the Beneficial Ownership and Control Regulations 2022 to introduce a register of particulars for express trusts managed by professional trustees. This Trust Regime requires relevant trustees to submit confidential information, including beneficial ownership details, to the Registrar while removing the general classification of trustees as ADGM Persons and eliminating the exemption for investment trusts. Additionally, the Authority seeks feedback on increasing maximum penalties for regulatory breaches and amending Limited Liability Partnership Regulations to mandate the appointment of at least one natural person as a designated member.
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