79. Non-Abu Dhabi Global Market Persons

(1) A Non-Abu Dhabi Global Market Person does not carry on an activity of the kind specified by paragraph 4 by —
(a) entering into a transaction as principal with or through an Authorised Person, or an Exempt Person acting in the course of a business comprising a Regulated Activity in relation to which he is exempt; or
(b) entering into a transaction as principal with a person in the Abu Dhabi Global Market, if the transaction is the result of a legitimate approach.
(2) A Non-Abu Dhabi Global Market Person does not carry on an activity of the kind specified by paragraph 12 by —
(a) entering into a transaction as agent for any person with or through an Authorised Person or an Exempt Person acting in the course of a business comprising a Regulated Activity in relation to which he is exempt; or
(b) entering into a transaction with another party ("X") as agent for any person ("Y"), other than with or through an Authorised Person or such an Exempt Person, unless —
(i) either X or Y is in the Abu Dhabi Global Market; and
(ii) the transaction is the result of an approach (other than a legitimate approach) made by or on behalf of, or to, whichever of X or Y is in the Abu Dhabi Global Market.
(3) There are excluded from paragraph 16(1) arrangements made by a Non-Abu Dhabi Global Market Person with an Authorised Person, or an Exempt Person acting in the course of a business comprising a Regulated Activity in relation to which he is exempt.
(4) There are excluded from paragraph 16(2) arrangements made by a Non-Abu Dhabi Global Market Person with a view to transactions which are, as respects transactions in the Abu Dhabi Global Market, confined to —
(a) transactions entered into by Authorised Persons as principal or agent; and
(b) transactions entered into by Exempt Persons, as principal or agent, in the course of business comprising Regulated Activities in relation to which they are exempt.
(5) There is excluded from paragraph 28 the giving of advice by a Non-Abu Dhabi Global Market Person as a result of a legitimate approach.
(6) There is excluded from paragraph 70 any agreement made by a Non-Abu Dhabi Global Market Person to carry on an activity of the kind specified by paragraph 16(1) or (2), 33, 36, 43 or 56 if the agreement is the result of a legitimate approach.
(7) In this paragraph, "legitimate approach" means an approach made to the Non-Abu Dhabi Global Market Person which has not been solicited by such person in any way, unless the approach or solicitation made to the Non-Abu Dhabi Global Market Person has been made by an Authorised Person or Exempt Person.
(8) A Non Abu Dhabi Global Market Person does not carry on activities of the kind specified by paragraphs 12, 16, 28 or 64 by entering as agent into a transaction for the sale of Units of a Passported Fund, or arranging or providing advice in relation to the sale of Units of a Passported Fund if the Non Abu Dhabi Global Market Person is licensed and supervised by the financial services regulator in the U.A.E. responsible for the jurisdiction in which the Passported Fund is domiciled.
(9) There is excluded from paragraph 70 any agreement made by a Non Abu Dhabi Global Market Person to carry on an activity of the kind specified by paragraph 12, 16(1) or (2), 28 or 64 if the agreement is made in relation to the promotion of a Passported Fund and the Non Abu Dhabi Global Market Person is licensed and supervised by the financial services regulator in the U.A.E. responsible for the jurisdiction in which the Passported Fund is domiciled.
Amended on (11 March, 2019).