ADGM FSRA Introduces New Fund Reporting Framework

The Riffle

On 25 September 2025, the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) finalized key amendments to its regulatory framework, introducing mandatory periodic reporting for all Domestic and Foreign Funds managed within ADGM. At the heart of this update is the new “Periodic Fund Return”, which aims to enhance transparency, strengthen oversight, and align reporting practices with global standards. With phased implementation and detailed guidance forthcoming, these changes mark a significant step in reinforcing ADGM’s fund management ecosystem.

Overview of the Changes

The amendments impact two major rulebooks:

• Fund Rulebook (FUNDS_VER11.250925)

• Glossary Rulebook (GLO_VER24.250925)

Together, they establish a comprehensive framework for regulatory reporting, requiring Fund Managers to submit a Periodic Fund Return for every fund they manage. The FSRA has confirmed that additional guidance will follow via a “Dear SEO” letter to support implementation .

The Periodic Fund Return Requirement

Applicability:

• Applies to Fund Managers of each Domestic Fund.

• Applies to Authorised Fund Managers of each Foreign Fund.

Filing Frequency and Deadlines:

• Public Funds & Open-ended Exempt Funds → Quarterly reporting (due within 1 month).

• Closed-ended Exempt Funds & Qualified Investor Funds → Semi-annual reporting (due within 6 months).

• Foreign Funds → Semi-annual reporting (due within 6 months).

The FSRA retains discretion to adjust reporting dates or require supplemental information .

Strengthened Oversight & Rulebook Amendments

To ensure accountability, the FSRA has linked reporting obligations to fund governance and oversight functions:

• Oversight Function (Rule 13.3.5): Oversight officers must now provide assurance on the accuracy and completeness of Periodic Fund Returns.

• Foreign Funds (Rule 7.2.1): Guidance confirms that Authorised Fund Managers must comply with the new reporting obligations.

• Property Fund Valuation (Appendix 4): Requirements around valuers remain in place, including independence, professional standards, detailed valuation reports, and mandatory five-year rotation .

Glossary Rulebook Amendments

• New Term Added: Periodic Fund Return — defined as the mandatory filing under FUNDS Rule 16.6.

• Regulatory Filings Expanded: Now includes Periodic Fund Returns, classifying them as an official required submission .

Key Takeaways

The new reporting framework reinforces transparency, governance, and investor protection within ADGM’s fund management sector. By mandating Periodic Fund Returns, strengthening oversight duties, and clarifying obligations for both Domestic and Foreign Funds, the FSRA is aligning ADGM with global best practices while ensuring robust regulatory control.

Read our detailed document presented by 10 Leaves here -