ADGM makes Rules under new Data Protection Regulations 2021
- New rules regarding Fees and Fines
25July 2021, Abu Dhabi, UAE:Abu Dhabi Global Market (ADGM), the International Financial Centre located in Abu Dhabi, announced today that it has issued new rules under the Data Protection Regulations 2021 (DPR 2021).
As such, and to supplement the DPR 2021, the new rules include:
- Data Protection Regulations (Fees) Rules 2021 (DPRFees Rules); and
- Data Protection Regulations (Fines) Rules 2021 (DPR Fines Rules).
To promote orderly integration and compliance, the transition periods for implementation of the DPR 2021, DPR Fees Rules and DPR Fines Rulesare as follows:
- For entities registered on or after 14 February 2021, the DPR 2021, DPR Fees Rules and DPR Fines Rules will apply to these entities 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 to these entities from 14 February 2022.
In addition to the rules, the independent ADGM Office of Data Protection, established earlier this year to monitor and enforce the implementation of and adherence to DPR 2021, will also be publishinga suite of guidance documents to assist ADGM entities in understanding and interpreting the DPR 2021. The guidance will be published on the ADGM Office of Data Protection webpage.
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