6. Joint arrangements

Past version: effective from 09/03/2020 - 08/03/2020
To view other versions open the versions tab on the right

(1) If shares or rights in an ADGM Person or other legal entity held by a person and shares or rights in the same person or other entity held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined shares or rights of both of them.
(2) A “joint arrangement” is an arrangement between the holders of shares (or rights) in an ADGM Person or other legal entity that they will exercise all or substantially all the rights conferred by their respective shares (or rights) jointly in a way that is predetermined by the arrangement.
(3) “arrangement” includes:
(a) any scheme, agreement or understanding, whether or not it is legally enforceable; and
(b) any convention, custom or practice of any kind.
(4) A natural person, his or her spouse, his or her children under the age of 18 and any other person living with him or her shall automatically be deemed to be operating under a joint arrangement, and must therefore aggregate their respective holdings of any shares or rights for the purposes of these Regulations.