CCL has been operating in the UAE since 2006 and has a long and successful record of financial services licensing applications in the region. Our consultants are hands-on industry practitioners with a wealth of knowledge achieved through compliance roles, both in regulated firms and their regulators.
Our office in the Abu Dhabi Global Market (ADGM) is well positioned to assist your Firm with FSRA authorisation. Below is an overview of the ADGM regulatory environment, FSRA authorisation and how CCL can support you with the licensing process.
Abu Dhabi Global Market (ADGM)
The ADGM is a Financial Free Zone within the UAE with its own civil and commercial laws as well as its own financial services regulator, the Financial Services Regulatory Authority (FSRA).
Any firm establishing in the ADGM can have 100% foreign ownership and is subject to a civil, commercial and regulatory environment similar to that established in the United Kingdom.
Does your Firm need to be regulated by the FSRA?
Any firm providing a financial service from a permanent place of business in the ADGM must be regulated by the FSRA. This includes, but is not limited to, Banks, Brokers and Dealers, Asset Managers, Corporate Financiers, Wealth Managers, Insurers and Insurance Intermediaries. The type of business you wish to undertake will define the category of licence you will require and subsequently the amount of capital you will be required to hold.
How can CCL help?
We will partner with your Firm to advise you on, coordinate and project-manage the entire application from start to finish, giving you clear guidance on, and keeping you up to date with, each stage of the process.
We will provide you with all the Compliance policies, procedures, systems and controls that you need to meet the FSRA’s requirements. Our documentation will not only get you through the authorisation process but also provide you with a firm compliance foundation for your business to grow from.
We will also help manage your relationship with the FSRA and ADGM Registration Authority by attending all meetings and overseeing all correspondence.
Post-authorisation, our highly-experienced consultants can provide ongoing compliance advice, training on specific governance, risk and compliance issues, undertake independent monitoring reviews and even act as your Compliance Officer and/or Money Laundering Reporting Officer on an outsourced basis.