Abu Dhabi Global Market (ADGM) has announced lower capital requirements for managers of selected funds established in the free zone, bringing its regulations into line with other international jurisdictions.
The free zone’s regulator, the Financial Services Regulatory Authority (FRSA), unveiled new base capital requirement rules for authorised firms managing collective investment funds (CIF).
The FRSA said that it was adopting an enhanced tier structure for base capital requirements (BCR), previously set at US$250,000. Under the new structure, the BCR requirement for CIF managers of Public Funds will be revised down to $150,000. Managers of exempt funds and qualified investor funds will have a BCR of $50,000.
“This recognises that CIF managers of Public Funds present higher conduct risks, and should have a BCR to support the necessary risk management systems and controls in order to assure compliance with the relevant regulations and rules,” the FRSA said.
The new regulations came into effect yesterday. Regulations related to expenditure base capital minimums for authorised firms are unchanged.
“The revisions are introduced to more keenly address the needs of the market participants, as well as to provide enhanced alignment with capital-adequacy standards practised in established jurisdictions including the EU and the UK,” the regulator said.
ADGM announced a number of proposed changes to its rules and regulations last week, facilitating the establishment of private real estate investment trusts as an Exempt Fund or Qualified Investor Fund, and the alignment of the description of the regulated activity of managing a CIF in line with international practice.
jeverington@thenational.ae
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Fifa World Cup Qatar 2022
First match: November 20
Final 16 round: December 3 to 6
Quarter-finals: December 9 and 10
Semi-finals: December 13 and 14
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· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
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