Regulatory Alerts2023-03-30
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Consultation Paper No. 2 of 2023 - Proposed Enhancements to Client Classification, Client Assets and Conduct Requirements
The Financial Services Regulatory Authority of the Abu Dhabi Global Market proposes amendments to client classification, client assets, and conduct rules to enhance investor protection and align with international standards. Key changes include raising the net asset threshold for assessed professional clients to US$1 million, reclassifying single-family offices, and introducing stricter disclosure requirements for marketing materials and fees. The regulator also simplifies client money and safe custody rules while clarifying obligations for firms handling virtual assets and custody services.
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