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You need to be a bit more richer...

An award-winning full body photograph with color correction, and post-processing of an anantramorphic wolf in an opulent royal chamber wearing a daring plunging neckline outfit made of exquisite silk, regal patterns, and intricate textures, with a luxurious cut and sensual fit, sharing a secret with an ally. The color palette includes rich burgundy and gold, with a medium depth of field. His face is cunning and charismatic, with gilded mirrors and lavish furnishings in the background.

ADGM proposes to enhance their client classification, client assets and conduct requirements.

Aha. List the big ones.

Here goes.

The verifiable Net Assets Requirement for individuals and undertakings increases from the current US$ 500,000 to US$ 1 million.

Wow. That changes a lot!

Yes, and no. The calculation allows for a broader range of assets than cash and securities-type investments, and the other UAE regulators anyway apply a US$ 1 mil threshold, so, just bringing the FSRA in line with them.

Ok. Go on.

  • Single Family Offices (SFOs) may need to be Assessed, and not Deemed, should they have a balance sheet of sub US$ 20 mil.

  • Elimination of the ‘Service-based’ Professional Client classification

  • Additional client protection measures for Investment businesses

  • Client Asset and Client Money rule amendments

  • Safe custody rules amendments

The Riffle

The ADGM proposes changes, the biggest of them being the increase in the Net Asset test from US$ 500,000 to US$ 1 million.

 If you want to get in on the action and learn more about these proposed revisions, check out the Consultation Paper here. Start commenting!