Abu Dhabi Global Market issues new rules on data protection

The new rules include those related to fees and fines

  
Abu Dhabi Global Market.

Abu Dhabi Global Market.

Abu Dhabi Global Market handout

Abu Dhabi Global Market (ADGM), the emirate’s international financial centre has issued new rules under the Data Protection Regulations 2021 (DPR 2021).

The new rules include those related to fees and fines, the financial centre said in a statement Sunday.

A data protection fee of $300 is set out in the schedule under Section 24(1) and a renewal fees of $300 is charged under Section 24(2).

A failure to pay data protection fee will invite fines of up to a maximum of $750 under Sections 56(1) and 56(2) with a similar amount of fine on failure to pay the renewal fees.

ADGM has set the transition periods for implementation of the DPR Fees Rules and DPR Fines Rules are as follows:

For entities registered on or after 14 February 2021, the DPR 2021, DPR Fees Rules and DPR Fines Rules will apply from 14 August 2021; and

For entities in existence before 14 February 2021, the DPR 2021, DPR Fees Rules and DPR Fines Rules will apply from 14 February 2022.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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