Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre located in Abu Dhabi, announced today that it has enacted the Electronic Transactions Regulations 2021. The objective of these Regulations is to confirm that electronic signatures, contracts, records and documents are legally enforceable in ADGM as the traditional non-electronic (that is, physical) versions.
The need for the Regulations arises because legal concepts relating to signatures, contracts, records and documents have traditionally been based on the existence of a physical medium. However, these concepts need to be reconsidered in today’s ever-changing digital environment, particularly when taking into consideration the significant growth of the digital economy as well as the impact of COVID-19.
The Regulations are based on the United Nations Commission on International Trade Law (UNCITRAL) Model Laws on Electronic Commerce. ADGM is only the third jurisdiction in the world to enact legislation to allow the use of transferable documents and instruments, such as promissory notes and cheques, in electronic form.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “ADGM is proud to introduce such innovative legislation that will facilitate a strong framework for e-Commerce and electronic dealings within the ADGM community, in line with the highest global standards and best practice. The new Electronic Transactions Regulations 2021 demonstrate ADGM’s continued commitment to building a strong and sustainable International Financial Centre that promotes business growth of, and certainty for, our stakeholders in today’s digital economy.”
For more information on the Regulation, please visit the dedicated webpage for the new Electronic Transactions Regulations 2021. [LINK]
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Hajer Al Tenaiji
Senior Manager - Media & Communications
© Press Release 2021