The Abu Dhabi Global Market (ADGM) has announced plans to update its rule book to allow for the establishment of private real estate investment trusts (Reits).
ADGM, the financial free zone located on Abu Dhabi’s Maryah Island, yesterday unveiled a number of proposed changes to its rules and regulations, in conjunction with the free zone’s Financial Services Regulatory Authority (FSRA) and Registration Authority, a number of them pertaining to funds.
Among the proposed updates are an enhancement of the FSRA’s fund rules to facilitate the establishment of private Reits as an Exempt Fund or Qualified Investor Fund, and the alignment of the description of the regulated activity of managing a Collective Investment Fund in line with international practice.
Other proposed changes include enhancing the disclosure of investment company shareholdings to the free zone’s Registration Authority under the Companies Regulations of 2015, as well as minimising the public disclosure of unit holders information.
“These enhancements are part of ADGM’s ongoing commitment to continuously improve its framework, in a manner which balances risk based regulations with the needs of market participants,” a representative for the free zone said yesterday.
Proposed changes to the relevant regulations are displayed on the public consultation section of the ADGM’s website. Interested parties have until May 11 to submit their comments.
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
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2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
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2017
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