ADGM will focus initially on private banking and asset management.
Abu Dhabi - Arab Today
Abu Dhabi Global Market, the capital’s new financial free zone, has put in place another layer of the legal infrastructure essential for its independent courts system.
ADGM announced it has enacted regulations on civil evidence, judgments, enforcement and judicial appointments, supporting its existing rules and arbitration regulations.
The chief justice, David Hope, also enacted rules covering judicial conduct and complaints against judicial officers.
“These significant developments for the courts added another important milestone for ADGM, namely, the establishment of a judiciary and system of law that is founded upon long standing, recognised and accepted principles of law at the heart of which is the impartiality, independence and integrity of the judges of the courts,” ADGM said. “With the establishment of this system of law and the appointment of the judges, the global business community can be assured that ADGM is committed to providing clear, transparent and robust regulations and rules of the standard of an international financial centre.”
Early next year, ADGM will be issuing court procedure rules and practice directions. These will provide details of courts’ practices and procedures, including streamlined and simplified processes, particularly for parties involved in claims before the small claims division and the employment division.
The new regulations were drawn up after consultation with leading law firms in the UAE, which have helped finalise the legislative framework for the courts.
The chairman of ADGM, Ahmed Al Sayegh, declared the financial free zone open last month after the final appointments were made to its three-pillar structure: registrar, regulator and courts.
It is believed to be studying applications from the first batch of financial institutions seeking to do business on the ADGM’s site at Al Maryah Island in Abu Dhabi.
The new financial centre will focus initially on private banking, wealth and asset management but it has been designed to retain the flexibility to expand its activities, acceding to market demand, to cover the full spectrum of financial services business.
Source :The National