• PART 1 PART 1 INFORMATION DUTIES OF ADGM PERSONS

    • 1. Duty of ADGM Person to obtain information in respect of beneficial owners

      (1) Each ADGM Person must take reasonable steps to ascertain the true, accurate and complete identity of its beneficial owners.
      (2) Subject to subsection (3), if an ADGM Person has reasonable grounds for believing that a person is or may be its beneficial owner, the ADGM Person must send a request in writing to such person requiring him:
      (a) to state whether he is a beneficial owner in relation to the ADGM Person; and
      (b) if so, to confirm or correct any required particulars of such person that are included in the request in writing, and to supply any that are missing.
      (3) An ADGM Person is not under a duty to send a request in writing under subsection (2) if:
      (a) the ADGM Person has already been informed that the person is a beneficial owner in relation to that ADGM Person; and
      (b) that information was provided either by the person himself or with his knowledge.
      (4) The “required particulars” has the meaning prescribed to it in section 2(5).

    • 2. Record of beneficial owners

      (1) Each ADGM Person must keep a record of the required particulars of its beneficial owners in a record referred to in these Regulations as the “record of beneficial owners”.
      (2) Where the ADGM Person is existing at the time of the enactment of these Regulations, the ADGM Person must ensure that its record of beneficial owners is established no later than ninety (90) days after the date of enactment of these Regulations.
      (3) Where the ADGM Person comes into existence after the date of enactment of these Regulations, the ADGM Person must ensure that a record of beneficial owners is established in accordance with that ADGM Person’s rules of formation.
      (4) Section 363 of the Companies Regulations shall apply in respect of the record of beneficial owners and the manner in which it is kept and made available for inspection. Such section shall apply irrespective of whether the beneficial owner is a company subject to the Companies Regulations.
      (5) The “required particulars” means,
      (a) in respect of a natural person:
      (i) full name, including any former names;
      (ii) country of residence;
      (iii) date of birth;
      (iv) nationality;
      (v) occupation;
      (vi) the date on which that person became a beneficial owner; and
      (vii) the grounds on which that person is considered to be a beneficial owner; and
      (b) in respect of an ADGM Person who is not a natural person:
      (i) registered name;
      (ii) registered address;
      (iii) registration number (or equivalent);
      (iv) country of registration; and
      (v) the date on which that person became a beneficial owner.
      (6) If an ADGM Person has ascertained that there are no persons who meet the criteria for beneficial owners in relation to that ADGM Person, he must:
      (a) record that fact in the record of beneficial owners; and
      (b) deliver to the Registrar:
      (i) a true, accurate, complete and up-to-date copy of its register of members; and
      (ii) such further information as the Registrar reasonably considers necessary to confirm that there are no persons who meet the criteria for beneficial owners in relation to that ADGM Person

    • 3. Duty of ADGM Person to keep record of beneficial owners up-to-date

      (1) An ADGM Person must take reasonable steps to ensure that the particulars recorded in its record of beneficial owners are true, accurate, complete and up to date.
      (2) If an ADGM Person knows or has reasonable cause to believe that a relevant change has occurred to the required particulars recorded in its record of beneficial owners then, subject to subsection (3), the ADGM Person must request in writing details of the relevant change from each person whose required particulars are recorded in its record of beneficial owners and may be affected by the relevant change.
      (3) A “relevant change” in relation to a person occurs if:
      (a) the person ceases to be a beneficial owner in relation to an ADGM Person; or
      (b) any other change occurs, as result of which the required particulars stated for the person on the record of beneficial owners are incorrect or incomplete.
      (4) An ADGM Person is not required to send a request in writing under subsection (2) if:
      (a) the ADGM Person has already been informed of the relevant change and of the information referred to in subsection (6)(b); and
      (b) that information was provided either by the person concerned or with their knowledge.
      (5) The ADGM Person must send a request in writing under subsection (2) as soon as reasonably practicable after learning of the change or first having reasonable cause to believe that the change has occurred.
      (6) The request in writing must require the addressee, within the period of one (1) month beginning with the date of the request:
      (a) to confirm whether or not the change has occurred; and
      (b) if so:
      (i) to state the date of the change; and
      (ii) to confirm or correct the required particulars included in the request, and supply any that are missing from the request.
      (7) On receipt of information received pursuant to the request in writing under this section, or otherwise being satisfied that a relevant change has occurred, an ADGM Person must within one (1) month amend the record of beneficial owners accordingly.

    • 4. Duty of ADGM Person to submit record of beneficial owners to Registrar

      Within one (1) month of the establishment of its own record of beneficial owners, each ADGM Person must submit a true, accurate, complete and up-to-date copy of its record of beneficial owners to the Registrar who may use the contents of such record when establishing the Register under Parts 2 (Role of the Registrar) and 3 (Register of Beneficial Owners of Legal Persons) of these Regulations.

    • 5. Duty of ADGM Person to notify Registrar of changes

      When there has been an amendment or change in the particulars contained in the record of beneficial owners an ADGM Person, within one (1) month of the date of an amendment or change of such record of beneficial owners, the ADGM Person must submit a notice to the Registrar of the amendment or change and the date on which it occurred, to the best of its knowledge.

    • 6. Duty of ADGM Person to ensure security of information

      An ADGM Person must take all reasonable steps to ensure the security and confidentiality of information disclosed to him under these Regulations and must not disclose such information other than in compliance with a duty imposed, or in exercise of a power conferred, under these Regulations or any other law or regulation applicable in the Abu Dhabi Global Market.

    • 7. Duty to retain documents following dissolution, termination and striking off

      (1) Where an ADGM Person is dissolved, terminated or struck off, the liquidator, if appointed, must retain the record of beneficial ownership relating to the ADGM Person as at the date of dissolution, termination or striking off for the minimum retention period and must comply with the requirements of the Registrar issued under these Regulations in that period.
      (2)The Registrar shall be entitled to retain any record of beneficial ownership referred to in subsection (1) for the same period.