UAE: Global Market Launches Public Consultation on Proposed Company Service Providers’ Framework
Abu Dhabi Global Market’s Registration Authority has launched a public consultation on its proposed Company Service Providers’ framework. It will end on 24 November 2020. The proposed framework will make it mandatory for particular special purpose vehicles and foundations to appoint Company Service Providers. They will also have to impose regulatory requirements on those providers. The aim of the framework is to protect Global Market entities and adapt to the success and increasing demand for Global Market special purpose vehicles and foundations. These structures have introduced several challenges and risks, particularly for entities which do not have a direct connection to the UAE or the Global Market. Transition periods have been proposed for the affected entities and for existing Company Service Providers wanting to engage in these activities under the new framework.