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The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has proposed wide-ranging changes to its capital market regulations.
The amendments, included in a new consultation paper, will cover virtual assets, spot commodities, securities, derivatives, benchmarks and emissions allowance, and are aimed at reinforcing ADGM's capital market ecosystem, the FSRA said on Monday.
Proposed changes include the requirements on the use, sharing and reuse of public keys and amendments to the risk disclosure requirements, among others.
The changes are also designed to generate greater participation within the primary and secondary markets, and will affect recognised investment exchanges and clearing houses, MTFs, OTFs, remote bodies and members, offerors, issuers, listed entities, reporting entities and sponsors.
Unlock investments
"The proposed enhancements to our capital markets framework will serve to unlock the next stage of investment and growth opportunities, including virtual assets, spot commodities and emission allowances," said Ahmed Jasim Al Zaabi, chairman of ADGM.
"These amendments will strengthen our innovative leadership in virtual assets and commodities trading regionally and internationally, and drive advancements to position ADGM and Abu Dhabi well for the future," he added.
According to Emmanuel Givanakis, CEO of FSRA, the changes could further enhance ADGM's financial ecosystem.
"It will help support and bolster the growth of enterprises that will in turn contribute to the growth and diversification of the economy of Abu Dhabi and the broader UAE as [as well as the region], while providing greater participant and investor choice," Givanakis said.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
