The Abu Dhabi Global Market Financial Services Regulatory Authority has published an advisory document proposing amendments to its regulatory framework for capital markets, covering virtual assets, instant commodities, securities and financial derivatives, standards and emissions trading. .
The advisory document aims to continue the work of the Abu Dhabi Global Market to enhance its leadership and innovation capabilities.
The proposed amendments allow greater participation in the primary and secondary markets, and were formulated with the aim of strengthening and securing the vital system of ADGM in the Middle East and North Africa region, and ensuring that market participants operate in accordance with the highest regulatory standards. regulations that guarantee their protection.
The proposed changes respond to market interests and activities, including virtual assets, securities, derivatives, commodities and standards, and also include investment exchanges, recognized clearinghouses, multilateral trading platforms and approved trading platforms, companies, members, providers , issuers, listed entities, analysis and reporting companies, and sponsors.
Ahmed Jassim Al Zaabi, Chairman of the ADGM Board of Directors, said: “Since its inception, ADGM has succeeded in consolidating its position as a leading financial market, as it has succeeded in introducing an advanced model for regulatory procedures and many innovative initiatives. that established ADGM’s position as a preferred destination for traders and investors, and the improvements will work. The proposed capital markets regulatory framework will help unlock the next phase of investment and growth opportunities, including virtual assets, instant commodities and emissions trading. with the requirements of the future.
Emmanuel Jevanakis, CEO of the Financial Services Regulatory Authority in the Abu Dhabi Global Market, said: “The improvements that have been made in the regulatory framework of capital markets are part of the tasks of the Financial Services Regulatory Authority and are aimed at continuing to develop the comprehensive regulatory framework for the Abu Dhabi Global Market and in continuing efforts to improve its vital system. These amendments will contribute to supporting and enhancing the growth of the institutions which in turn will contribute to the growth and diversifying the economy of Abu Dhabi, the UAE and the region in general, while providing more participants and options for investors Our regulatory framework generally meets the financing needs of a wide range of companies at different stages of their growth and life cycle.
The amendments of the Financial Services Regulatory Authority apply to the Financial Services and Markets Regulations, Market Rules, Market Infrastructure Rules, General Rules, Code of Business Conduct, Islamic Finance Rules and Tariff Rules, and the amendments proposals will replace the existing Rules of Market Conduct with the Code of Market Conduct.
ADGM’s publication of its advisory document is a transition to the second edition of its regulatory framework for trading virtual assets and the inauguration of a new phase for this asset class.
The proposed changes include: “requirements for the use, exchange and reuse of public keys, as well as modifications to disclosure requirements and to allow regulation of the fiscal framework in the medium term (custodians of ADGM to trade non-fungible tokens).
Through its new regulatory framework, the Abu Dhabi Global Market aims to support the economic plans of the Emirate of Abu Dhabi to develop new markets for commodities such as carbon, hydrogen and ammonia.
The Abu Dhabi Global Market proposal would improve its regulatory framework to allow oil and mining companies to bid and list on the market, and to attract new companies in their growth stages, by providing more flexible capital structures and opportunities for obtain capital.
The ADGM proposal also comes to improve its requirements in line with the standards of the International Organization of Financial Market Supervisory Authorities (ISCO) and in comparison with its counterparts from other financial services authorities, with respect to continuous disclosure obligations. , preferred securities and weighted voting rights. .