Do you have the right ADGM FSRA licence and permissions for your regulated business?

As your business in the Abu Dhabi Global Market (ADGM) grows, and the Financial Services Regulatory Authority’s (FSRA) regulations evolve, you may find that your current ADGM FSRA licence is no longer appropriate for your current business activities, your future business aspirations or your Firm’s regulatory obligations. If this is the case, then it is time to consider a Variation of Permission (VOP), such as an upgrade, to your ADGM FSRA licence.

We can help you before you choose to apply for a VOP to your ADGM FSRA Licence

The option that is right for your Firm depends on your current ADGM FSRA licence and the new business activity you want to perform or products you want to offer. CCL can help you to identify the right course of action for your Firm and then project manage the entire process for you, leaving you free to focus on growing your business.
 

What do you do now?

Our ADGM-based consultants have practical experience to assist you in:

  • Considering what type of products, services and activities you want to offer and select the appropriate licence to apply for.
  • Updating your Regulatory Business Plan (RBP) to account for the additional business that will be undertaken
  • Assessing your existing organisational controls including governance arrangements, staffing, technology, risk management and compliance.
  • Revising your financial projections to taking into account the revenues and costs associated with the new activity or a reduced range of activities. In addition, your capital requirements may change.
  • Developing your risk management framework including updates to your risk register.
  • Update your compliance framework to account for the variation of permission or licence upgrade.
  • Preparing new policies, procedures and controls to support your new regulatory permissions or adjust to a reduced range of activities.
  • Assessing whether Service Level Agreements and outsourcing arrangements need to be amended. You may need additional Compliance support or expertise if you upgrade your ADGM FSRA licence.
  • Completing the relevant ADGM FSRA application forms and preparing a sufficient case to present to the ADGM FSRA that documents the reasons for your variation of permission or licence upgrade.
  • Implementing changes to client agreements and account opening documentation.
  • Making related changes to your Articles of Association (AoA) and notifications to the ADGM, once your variation of permission or ADGM FRSA licence upgrade has been approved by the ADGM FSRA.
  • Carrying out training for your Employees to ensure they understand the regulatory requirements that apply to the new regulatory permissions or ADGM FSRA licence upgrade.

We can help you before you choose to apply for a VOP or upgrade to your ADGM FSRA Licence and project manage the entire process for you. Alternatively, depending on your needs, we can provide advice, guidance and support on specific elements of the application process, such as reviewing your systems and controls or developing your policies and procedures.

Contact our ADGM-based consultancy team to find the right way forward for your ADGM FSRA Regulated business

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.