2022-05-24
Added · Updated
The Board of Directors of the Abu Dhabi Global Market enacted regulations to amend the Employment Regulations 2019 by introducing a new section 61A. This new section empowers the Board to establish rules for fees payable to the Registrar for performing functions, providing services, and handling documents. The regulations also correct terminology regarding hourly rates and redefine the calculation of the hourly rate based on daily wages and normal working hours.
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Annex E
EMPLOYMENT REGULATIONS (AMENDMENT No. 1) 2022 Regulations to amend the Employment Regulations 2019 Date of Enactment: [⚫] 2022 The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by his Highness the Ruler of the Emirate of Abu Dhabi enacts the following Regulations:
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Annex E
(d) specify when and how fees are to be paid.
(4) Fees received by the Registrar are to be paid into such account as the Registrar may direct, from time to time.”. (4) In section 65, immediately after the words “Hourly Rate means” replace the words “the rate under section 52(2)” with the words “the Daily Wage divided by the number of normal working hours in a Business Day for that Employee under the Contract of Employment;”.
2. Short title, extent and commencement
(1) These Regulations may be cited as the Employment Regulations (Amendment No. 1) 2022. (2) These Regulations shall apply in the Abu Dhabi Global Market. (3) These Regulations come into force on the date of their publication.
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Source: Financial Services Regulatory Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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FSRA published 5 documents in the last 30 days. We email you each new one the day it's published.