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  • ABU DHABI GLOBAL MARKET

    FEDERAL LAW NO (8) OF 2004

    FEDERAL DECREE NO (15) OF 2013

    CABINET RESOLUTION NO (4) OF 2013

    ABU DHABI LAW NO (4) OF 2013

    ADGM LEGAL FRAMEWORK

    •   FSRA LEGISLATION

    ADGM COURTS PROCEDURES

    GUIDANCE & POLICY STATEMENTS

    PUBLIC CONSULTATION PAPERS

    •    Open Papers
    •    Closed Papers

    NOTICES OF PUBLICATION

    • FEDERAL LAW NO (8) OF 2004

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    • FEDERAL DECREE NO (15) OF 2013

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    • CABINET RESOLUTION NO (4) OF 2013

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    • ABU DHABI LAW NO (4) OF 2013

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    • ADGM LEGAL FRAMEWORK

      COMMERCIAL LEGISLATION

      FSRA LEGISLATION

      ADGM COURTS LEGISLATION

      ARBITRATION LEGISLATION

      • COMMERCIAL LEGISLATION

        APPLICATION OF ENGLISH LAW (AMENDMENT) REGULATIONS 2016

        APPLICATION OF ENGLISH LAW REGULATIONS 2015

        BENEFICIAL OWNERSHIP AND CONTROL REGULATIONS 2018

        COMMERCIAL LICENSING (AMENDMENT) REGULATIONS 2015

        COMMERCIAL LICENSING (AMENDMENT No. 2) REGULATIONS 2018

        COMMERCIAL LICENSING REGULATIONS 2015

        COMMERCIAL LICENSING REGULATIONS RULES

        COMPANIES (AMENDMENT) REGULATIONS 2015

        COMPANIES (AMENDMENT) REGULATIONS 2017

        COMPANIES (AMENDMENT NO. 2) REGULATIONS 2016

        COMPANIES (AMENDMENT NO. 4) REGULATIONS 2018

        COMPANIES REGULATIONS 2015

        AN UNOFFICIAL CONSOLIDATED VERSION OF COMPANIES REGULATIONS 2015

        COMPANIES REGULATIONS RULES

        COMPANIES REGULATIONS (REDUCTION OF SHARE CAPTIAL) RULES 2017

        DATA PROTECTION REGULATIONS 2015

        DATA PROTECTION (AMENDMENT) REGULATIONS 2018

        AN UNOFFICAL CONSOLIDATED VERSION OF THE DATA PROTECTION REGULATIONS 2015

        EMPLOYMENT (AMENDMENT) REGULATIONS 2015

        EMPLOYMENT REGULATIONS 2015

        EMPLOYMENT REGULATIONS 2015 (COMPENSATION AWARDS AND LIMITS) RULES 2016

        ENGLISH LAW STATUTES [PDF VERSIONS]

        FOUNDATIONS REGULATIONS 2017

        FOUNDATIONS (AMENDMENT No.1) REGULATIONS 2018

        INSOLVENCY (AMENDMENT) REGULATIONS 2015

        INSOLVENCY (AMENDMENT NO. 2) REGULATIONS 2016

        INSOLVENCY REGULATIONS 2015

        INTERPRETATION (AMENDMENT) REGULATIONS 2017

        INTERPRETATION REGULATIONS 2015

        LIMITED LIABILITY PARTNERSHIPS REGULATIONS 2015

        LIMITED LIABILITY PARTNERSHIPS (AMENDMENT No.1) REGULATIONS 2018

        LIMITED LIABILITY PARTNERSHIPS RULES 2015

        REAL PROPERTY REGULATIONS 2015

        REGISTRAR MADE RULES 2015

        STRATA TITLE REGULATIONS 2015

        TAKEOVER REGULATIONS 2015

        TAKEOVER REGULATIONS (TAKEOVER CODE) RULES 2015

        TRUSTS (SPECIAL PROVISIONS) REGULATIONS 2016

        • Application of English Law (Amendment) Regulations 2016

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          • APPLICATION OF ENGLISH LAW (AMENDMENT) REGULATIONS 2016

            • APPLICATION OF ENGLISH LAW (AMENDMENT) REGULATIONS 2016

              Regulations to amend the Application of English Law Regulations 2015.

              Date of Enactment: 17 April 2016

              The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulation —

              • 1. Amendment to the Application of English Law Regulations 2015

                (1) Subsection (3) of section 4 of the Application of English Law Regulations 2015 is repealed.

              • 2. Short title, extent and commencement

                (1) These Regulations may be cited as the Application of English Law (Amendment) Regulations 2016.
                (2) These Regulations shall apply in the Abu Dhabi Global Market.
                (3) These Regulations come into force on the date of their publication.

        • Application of English Law Regulations 2015

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          • APPLICATION OF ENGLISH LAW REGULATIONS 2015

            Regulations to apply English common law (including equity) and certain statutes in the Abu Dhabi Global Market and to make provision for connected purposes.

            Date of Enactment: 3 March 2015

            The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations—

            • 1. Application of Common Law and Equity

              (1) The common law of England (including the principles and rules of equity), as it stands from time to time, shall apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market—
              (a) so far as it is applicable to the circumstances of the Abu Dhabi Global Market;
              (b) subject to such modifications as those circumstances require;
              (c) subject to any amendment thereof (whenever made) pursuant to any Abu Dhabi Global Market enactment; and
              (d) notwithstanding any amendment thereof as part of the law of England made pursuant to an Act or any legislative instrument adopted thereunder at any time after the date of enactment of these Regulations, which amendment shall not apply and have legal force in, or form part of the law of, the Abu Dhabi Global Market, unless and until an Abu Dhabi Global Market enactment expressly provides that it applies and has legal force in, and forms part of the law of, the Abu Dhabi Global Market.
              (2) Subsection (1) is subject to any contrary provision in any Applicable Abu Dhabi Law or Abu Dhabi Global Market enactment. In the event of any conflict or inconsistency between (a) a provision, rule or principle of the common law of England (including the principles and rules of equity) and (b) any provision, rule or principle of any Applicable Abu Dhabi Law or Abu Dhabi Global Market enactment, the latter shall prevail.
              (3) Where a particular rule or principle of the common law of England (including the principles and rules of equity) has been abolished by a provision of an Act or any legislative instrument adopted thereunder, which provision does not apply in, have legal force in, and form part of the law of, the Abu Dhabi Global Market pursuant to the Schedule, that rule or principle shall, notwithstanding such abolition but subject to subsection (1), apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market.
              (4) Where a particular rule or principle of the common law of England (including the principles and rules of equity) has been modified by a provision of an Act or any legislative instrument adopted thereunder, which provision does not apply in, have legal force in, and form part of the law of, the Abu Dhabi Global Market pursuant to the Schedule, that rule or principle shall, notwithstanding such modification but subject to subsection (1), apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market without giving effect to any such modification.

            • 2. Application of Certain Statutes

              (1) The Acts specified in the first column of the Schedule, as and to the extent in force in England at the date of enactment of these Regulations, shall apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market—
              (a) to the extent specified in the second column thereof and subject to any omissions, insertions and modifications set out in that column;
              (b) subject to any amendment thereof (whenever made) pursuant to any Applicable Abu Dhabi Law or an Abu Dhabi Global Market enactment; and
              (c) notwithstanding any amendment thereof as part of the law of England made pursuant to an Act or any legislative instrument adopted thereunder at any time after the date of enactment of these Regulations, which amendment shall not apply and have legal force in, or form part of the law of, the Abu Dhabi Global Market, unless and until an Abu Dhabi Global Market enactment expressly provides that it applies and has legal force in, and forms part of the law of, the Abu Dhabi Global Market.
              (2) Subsection (1) is subject to any contrary provision in any Applicable Abu Dhabi Law or Abu Dhabi Global Market enactment. In the event of any conflict or inconsistency between (a) a provision of any Act applicable in the Abu Dhabi Global Market by virtue of subsection (1), and (b) any provision, rule or principle of any Applicable Abu Dhabi Law or Abu Dhabi Global Market enactment, the latter shall prevail.
              (3) In relation to any Act specified in the Schedule, unless the context otherwise requires or unless specified otherwise in these Regulations—
              (a) any reference to England, England and Wales, Great Britain or the United Kingdom shall be read as a reference to the Abu Dhabi Global Market, and "English", "British" and related expressions shall be construed accordingly;
              (b) any reference in such Act to a provision of any other Act shall be read as a reference to such provision as applied and having legal force in, and forming part of the law of, the Abu Dhabi Global Market;
              (c) any reference in an Abu Dhabi Global Market enactment to such Act shall be read as a reference to such Act as applied and having legal force in, and forming part of the law of, the Abu Dhabi Global Market;
              (d) any references to the "High Court" or the "County Court" shall be read as references to the Court;
              (e) the words "statute" or "enactment" shall be read as referring to any of (i) an Applicable Abu Dhabi Law, (ii) an Abu Dhabi Global Market enactment, or (iii) any other Act applied and having legal force in, and forming part of the law of, the Abu Dhabi Global Market pursuant to these Regulations, and "statutory" and like expressions shall be construed accordingly;
              (f) where, as of the date of enactment of these Regulations, any provision of such Act stands repealed in relation to England, it shall not apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market, notwithstanding that (i) the repeal is, in England, subject to any savings or transitional provisions, (ii) the repealed provision is not specifically omitted in the Schedule, and (iii) the provision of the repealing Act (or of any legislative instrument adopted thereunder) that effects the repeal is omitted by the Schedule or does not, pursuant to the Schedule, apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market;
              (g) where, as of the date of enactment of these Regulations, any provision of such Act has been modified or inserted into such Act by a provision of another Act (or of any legislative instrument adopted thereunder) and the first provision is, pursuant to the Schedule, applied and has legal force in, and forms part of the law of, the Abu Dhabi Global Market, it shall do so (or do so with such modification, if applicable) even if the second provision does not, pursuant to the Schedule, apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market and even if the second provision is omitted pursuant to the Schedule;
              (h) any references to (i) Scotland or Northern Ireland, or (ii) any Act relating solely to Scotland or Northern Ireland (including to any legislative instrument which relates solely to Scotland or Northern Ireland), shall be disregarded;
              (i) any provisions relating only to Scotland or Northern Ireland shall be disregarded;
              (j) any references to "land" or "real property" shall be read as references to "real property", as defined in the Real Property Regulations 2015;
              (k) any reference to "mortgage" in relation to land shall be read as a reference to "mortgage", as defined in the Real Property Regulations 2015;
              (l) any reference to a "personal representative" shall be read as a reference to the legal heir or representative of a deceased person; and
              (m) any reference in such Act to any provision of such Act that is omitted pursuant to the Schedule shall also be omitted.
              (4) Except as provided in these Regulations, no Act shall apply and have legal force in, or form part of the law of, the Abu Dhabi Global Market.
              (5) The Board may in any manner it thinks fit publish copies of the Acts which apply and have legal force in, and form part of the law of, the Abu Dhabi Global Market reflecting such revisions as are made by these Regulations.
              (6) The copies of Acts published in accordance with subsection (5) shall, in the Court and for all purposes related to determining the law of the Abu Dhabi Global Market, be treated as authentic texts of those Acts as applicable and having legal force in, and forming part of the law of, the Abu Dhabi Global Market.

            • 3. Concurrent Administration of Law and Equity

              (1) The Court and all tribunals in the Abu Dhabi Global Market shall administer English common law and equity on the basis that, wherever there is any conflict or variance between the rules of equity and the rules of the common law with reference to the same matter, the rules of equity shall prevail.
              (2) The Court and all tribunals in the Abu Dhabi Global Market shall, when applying the law of the Abu Dhabi Global Market, give the same effect—
              (a) to all equitable estates, titles, rights, reliefs, defences and counterclaims, and to all equitable duties and liabilities; and
              (b) subject thereto, to all legal claims and demands and all estates, titles, rights, duties, obligations and liabilities existing by the common law or by any custom or created by any other law in force in the Abu Dhabi Global Market,
              and, subject to the provisions of these Regulations and any other law, shall so exercise their jurisdiction in every cause or matter before them as to secure that, as far as possible, all matters in dispute between the parties are completely and finally determined, and all multiplicity of legal proceedings with respect to any of those matters is avoided.
              (3) Nothing in these Regulations shall affect the power of the Court to stay any proceedings before it, where it thinks fit to do so, either of its own motion or on the application of any person, whether or not a party to the proceedings.

            • 4. Rule Against Perpetuities

              (1) The rule against perpetuities (or remoteness of vesting) is abolished.
              (2) A trust (whether created by an instrument or otherwise) may continue in existence for an unlimited period unless the terms of the trust provide to the contrary.
              (3) This section does not affect any rule of law that limits the duration of non-charitable purpose trusts.

            • 5. Power to Remove Difficulties

              The Board may, where it considers it necessary or expedient for the purpose of removing any difficulty arising from local conditions or circumstances in the application of any provision in any Act specified in the Schedule, make rules to modify or substitute that provision.

            • 6. Exclusion of Criminal Law

              Nothing in these Regulations creates a criminal offence.

            • 7. Interpretation

              In these Regulations, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings—

              "Abu Dhabi Global Market enactment" means any regulations adopted by the Board pursuant to Article 6(1) of the ADGM Founding Law, including any subordinate legislation adopted pursuant to any such regulations or pursuant to the ADGM Founding Law;

              "Act" means an Act of the Parliament of England, an Act of the Parliament of Great Britain, an Act of the Parliament of the United Kingdom of Great Britain and Ireland, or an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, as the context requires; and

              "Applicable Abu Dhabi Law" means any of the following: (i) the Constitution; (ii) the Financial Free Zones Law and any rules, orders, decrees, resolutions, by-laws, notifications or similar measures adopted pursuant to that law; (iii) any Federal Law which, pursuant to the Constitution and the Financial Free Zones Law, applies and has legal force in, and forms part of the law of, the Abu Dhabi Global Market; (iv) the ADGM Founding Law; and (v) a law issued after the date of enactment of these Regulations by His Highness the Ruler of the Emirate of Abu Dhabi which expressly provides for the law to have application in the Abu Dhabi Global Market and any rules, regulations, orders, resolutions or similar measures adopted pursuant to such law.

            • 8. Short Title, Extent and Commencement

              (1) These Regulations may be cited as the Application of English Law Regulations 2015.
              (2) These Regulations shall apply in the Abu Dhabi Global Market.
              (3) These Regulations come into force on the date of their publication. The Board may by rules make any transitional, transitory, consequential, saving, incidental or supplementary provision in relation to the commencement of these Regulations as the Board thinks fit.

              SCHEDULE: APPLICABLE STATUTES

              Section 2

              Act Extent of application and modifications
              Statute of Frauds 1677 (Chapter 3) The whole Act.
              Life Assurance Act 1774 (Chapter 48) The whole Act.
              Statute of Frauds Amendment Act 1828 (Chapter 14) The whole Act, other than section 9, which shall be omitted.
              Mercantile Law Amendment Act 1856 (Chapter 97) The whole Act, other than section 17, which shall be omitted, and subject to the following modification: in section 8, the words "United Kingdom of Great Britain and Ireland, the Islands of Man, Guernsey, Jersey, Alderney, and Sark, and the islands adjacent to any of them, being part of the dominions of Her Majesty" shall be substituted by the words "United Arab Emirates".
              Policies of Assurance Act 1867 (Chapter 144) The whole Act, other than section 8, which shall be omitted, and subject to the following modifications:

              (1) In section 3, the words "either in England or Scotland or Ireland" shall be omitted.
              (2) In section 4, the words "after the thirtieth day of September one thousand eight hundred and sixty seven" shall be omitted.
              (3) In section 6, the words "fee not exceeding 25p" shall be substituted by the words "reasonable fee".
              Apportionment Act 1870 (Chapter 35) The whole Act.
              Bankers' Books Evidence Act 1879 (Chapter 11) The whole Act, subject to the following modifications:

              (1) In sections 4 and 5, the words "commissioner or" shall be omitted.
              (2) In section 6, the words "or under the Civil Evidence (Scotland) Act 1988, or Schedule 3 to the Prisoners and Criminal Proceedings (Scotland) Act 1993 or Schedule 8 to the Criminal Procedure (Scotland) Act 1995" shall be omitted.
              (3) Subsections (1), (1A), (1B) and (1C) of section 9 shall be omitted.
              (4) In section 10: (i) in the definition of "legal proceeding" the words "or criminal" shall be omitted; (ii) paragraphs (b) and (c) of the definition of "legal proceeding" shall be omitted; (iii) the definition of "judge" shall be omitted; and (iv) the final sentence of the section shall be omitted.
              (5) In section 11, the words "Sunday, Christmas Day, Good Friday" shall be substituted by the words "Friday, Saturday".
              Bills of Exchange Act 1882 (Chapter 61) The whole Act, other than sections 98, 99 and 100, which shall be omitted, and subject to the following modifications:

              (1) Any references to the "British Islands" in the Act shall be read as references to the Abu Dhabi Global Market.
              (2) In section 2, the definition of "Postal operator" shall be substituted by the following definition: ""Postal operator" means a person who provides (a) the service of conveying postal packets from one place to another by post, or (b) any of the incidental services of receiving, collecting, sorting and delivering postal packets."
              (3) In subsection (1) of section 4, the definition o f "British Islands" shall be omitted.
              (4) In subsection (2) of section 13, the word "Sunday" shall be substituted by the words "Friday or Saturday".
              (5) Subsection (7A) of section 51 shall be omitted.
              (6) In subsection (1) of section 53, the words "This subsection shall not extend to Scotland" shall be omitted.
              (7) Subsection (2) of section 53 shall be omitted.
              (8) In section 74A, the words "the London, Edinburgh and Belfast Gazettes" shall be substituted by the words "at least two leading English language newspapers of the United Arab Emirates".
              (9) In section 92, the definition of "Non-business days" shall be substituted by the following: ""Non-business days" for the purposes of this Act mean any Friday, Saturday or any other day declared a public holiday in the United Arab Emirates.".
              (10) Subsection (2) of section 94 shall be omitted.
              (11) In subsection (3) of section 97: (i) the words "or in any repeal effected thereby" shall be omitted; (ii) paragraph (a) shall be omitted; (iii) in paragraph (b) the words "Companies Act 1862" shall be substituted by the words "Companies Regulations 2015" and the word "Acts" shall be substituted by the word "enactments"; and (iv) paragraph (c) shall be omitted.
              (12) In Schedule 1, the words "in the county of" and "188" shall be omitted.
              Factors Act 1889 (Chapter 45) The whole Act, other than section 16, which shall be omitted, and subject to the following modification: in section 9, the words in the second paragraph commencing with "for the purposes of this section" and ending with "in the agreement are fulfilled" shall be omitted.
              Partnership Act 1890 (Chapter 39) The whole Act, other than section 47, which shall be omitted, and subject to the following modifications:

              (1) In subsection (2) of section 1, the words "Companies Act 2006" shall be substituted by the words "Companies Regulations 2015" and the words "Act of Parliament or letters patent, or Royal Charter" shall be substituted by the word "enactment".
              (2) In paragraph (c) of subsection (3) of section 2, the words "surviving civil partner" shall be omitted.
              (3) In section 3, the words "100p in the pound" shall be substituted by the words "the full amount due".
              (4) Subsection (2) of section 4 shall be omitted.
              (5) In section 9, the words "and in Scotland severally also" and the words "in England or Ireland" shall be omitted.
              (6) In subsection (2) of section 20, the words "or in Scotland the title to and interest in any heritable estate" shall be omitted.
              (7) In subsection (3) of section 20, the words "or in Scotland of any heritable estate" shall be omitted.
              (8) In subsection (2) of section 23, the words "High Court or a judge thereof, or the county court in England and Wales or a county court in Northern Ireland" shall be substituted by the word "Court".
              (9) Subsection (5) of section 23 shall be omitted.
              (10) In subsection (1) of section 31, between the words "An assignment" and "by any partner" the words "of any nature" shall be inserted and between the words "by any partner of" and the words "his share in the partnership" the words "all or any part of" shall be inserted.
              (11) Subsection (2) of section 36 shall be substituted by the following subsection, namely: "(2) An advertisement shall be sufficient notice, to persons who had dealings with the firm before the date of the dissolution or change so advertised, of the change in constitution of the firm."
              (12) The following subsection shall be inserted after subsection (2) of section 36, namely: "(2A) The advertisement referred to in subsection (2) must be—(a) legible and clearly state the necessary details of a change of partner or dissolution o f the firm; and (b) placed in one or more newspapers or other publications best suited to bring the change or dissolution to the attention of any persons who may be affected by such change or dissolution."
              (13) In section 38, the words "and in relation to any prosecution of the partnership by virtue of section 1 of the Partnerships (Prosecution) (Scotland) Act 2013" shall be omitted.
              Bodies Corporate (Joint Tenancy) Act The whole Act.
              Marine Insurance Act 1906 (Chapter 41) The whole Act, subject to the following modifications:

              (1) Subsection (6) of section 18 shall be omitted.
              (2) Subsection (2) of section 19 shall be omitted.
              (3) Subsection (8) of section 20 shall be omitted.
              (4) In subsection (1) of section 91: (i) the words "or in any repeal effected thereby" shall be omitted; (ii) paragraph (a) shall be omitted; (iii) in paragraph (b) the words "Companies Act 1862" shall be substituted by the words "Companies Regulations 2015"; and (iv) paragraph (c) shall be omitted.
              (5) In Schedule 1, in the form of policy set out in it, the words "And it is agreed by us, the insurers, that this writing or policy of assurance shall be of as much force and effect as the surest writing or policy of assurance heretofore made in Lombard Street, or in the Royal Exchange, or elsewhere in London" appearing in the eighth paragraph shall be omitted and the word "London" appearing in the ninth paragraph shall be substituted by ".........".
              Limited Partnerships Act 1907 (Chapter 24) The whole Act, other than section 10, which shall be omitted, and subject to the following modifications:

              (1) In subsection (2) of section 4, the words "shall at the time of entering into such partnership contribute thereto a sum or sums as capital or property valued at a stated amount" shall be substituted by the words "may make one or more capital contributions (whether in cash or in kind) to the firm at any time", and the words "so contributed" shall be substituted by the words "of that limited partner's capital contributions (if any) (and without recourse to the personal assets of that limited partner other than such capital contributions)".
              (2) The words of subsection (3) of section 4 shall be substituted by the following words: "Subject to any agreement to the contrary among the partners, where a limited partner has made one or more capital contributions to the firm, that limited partner is entitled to withdraw all or any portion of its capital in the firm at any time. Subject to any agreement to the contrary among the partners and subject to any enactment or rule of law relating to insolvency, a limited partner that withdraws all or a portion of its capital contribution shall have no liability to return the amount so withdrawn to satisfy the debts and obligations of the firm".
              (3) The words of subsection (3) of section 6 shall be substituted by the following words: "In the event of a dissolution of a limited partnership, and subject to any order made by the Court providing for a different arrangement or procedure—(a) subject to any agreement among the partners to the contrary, the general partners shall wind up the affairs of the limited partnership or shall appoint a suitably qualified person (which may be a third party) to do so; and (b) if there are no general partners then, subject to any agreement among the partners to the contrary, the limited partners shall wind up the affairs of the limited partnership or shall appoint a suitably qualified person (which may be a third party) to do so."
              (4) After subsection (5) of section 6, the following subsection shall be inserted, namely: "(6) A limited partner shall not be treated as taking part in the management of the partnership business merely by doing one or more of the following—(a) taking part in a decision about the variation of the partnership agreement; (b) taking part in a decision about whether to approve or veto: (i) a type of investment, (ii) a particular investment by the limited partnership, or (iii) the participation by the relevant limited partner in a particular investment by the limited partnership; (c) taking part in a decision about whether the general nature of the partnership business should change; (d) taking part in a decision about whether to dispose of the partnership business or to acquire another business; (e) taking part in a decision about whether a person should become or cease to be a partner; (f) taking part in a decision about whether the term of the limited partnership should end, and/or whether the limited partnership should be wound up; (g) taking part in a decision about how the limited partnership should be wound up; (h) enforcing his rights under the partnership agreement (unless those rights are to carry out management functions); (i) approving the accounts of a limited partnership; (j) approving the valuation of the limited partnership's assets; (k) being engaged under a contract by the limited partnership or by a general partner in the limited partnership (unless the contract is to carry out managerial functions); (l) acting in his capacity as a director, member or employee of, or a shareholder in, a general partner or any person appointed to manage or advise the limited partnership in relation to the affairs of the limited partnership; (m) taking part in a decision which involves actual or potential conflicts of interests that affect or relate to the limited partnership or its business or any partner in the limited partnership; (n) discussing the prospects of the partnership business; (o) consulting or advising a general partner, or the general partners, or any person appointed to manage the limited partnership in relation to the affairs of the limited partnership or advising in relation to the activities of the limited partnership or about its accounts (including doing so as a member of an advisory committee of the limited partnership); (p) taking part in any decision regarding any changes in the persons responsible for the day-today management of the limited partnership; (q) taking part in any decision authorising any action by or on behalf of the limited partnership that is not otherwise prohibited by the terms of the partnership agreement; and (r) inspecting the books of the limited partnership and examining into the state and prospects of the partnership business, and advising partners thereon. The fact that a limited partner undertakes, or engages in, any activity not expressly referred to above shall not necessarily constitute that limited partner as taking part in the management of the partnership business.".
              (5) The following words shall be inserted after the words of section 7: "Notwithstanding the preceding sentence, and subject to any agreement among the partners to the contrary, limited partners shall not be subject to the duties contained in sections 28 and 30 of the Partnership Act 1890, or subject to equitable and common law duties (if any) of similar effect.".
              (6) In paragraph (d) of subsection (1) of section 8 A, the words "for the part of the United Kingdom in which the principal place of business of the limited partnership is to be situated" shall be omitted.
              (7) Paragraphs (a), (c), (d) and (f) of subsection (2) of section 8A shall be omitted.
              (8) Paragraph (b) of subsection (2) of section 8A shall be re-numbered as paragraph (a), paragraph (e) of that subsection shall be re-numbered as paragraph (b) and after that paragraph, there shall be inserted the following paragraph, namely: "(c) an election as to whether the limited partnership is to have legal personality (such an election being irrevocable and not subject to change).".
              (9) Subsection (3) of section 8B shall be omitted.
              (10) After subsection (4) of section 8C, the following subsection shall be inserted, namely: "(5) Where the application for registration of a limited partnership includes, in accordance with Section 8A, an election that the limited partnership have legal personality, then the certificate of registration shall specify that the limited partnership has legal personality and the certificate shall be conclusive evidence of such legal personality.".
              (11) Paragraphs (b), (e), (f) and (g) of subsection (1) of section 9 shall be omitted.
              (12) The words of paragraph (d) of subsection (1) of section 9 shall be substituted by the words "the general partners or the name of any general partner".
              (13) The words of subsection (2) of section 9 shall be substituted by the following words: "if default is made in compliance with the requirements of this section, the registrar may impose a fine not exceeding level 2 on the standard fines scale on each of the general partners.".
              (14) In section 13, the words "send by post to" shall be substituted by the word "provide".
              (15) The existing provision of section 14 shall be numbered as subsection (1) and after that subsection the following subsections shall be inserted, namely: "(2) The Registrar shall be empowered to—(a) remove a limited partnership from the register and index, on receipt by the Registrar of an application from the general partners of the limited partnership (or from the former general partners of the limited partnership in the case of a dissolved limited partnership) confirming that the limited partnership is to be removed from the register and index (and where applicable that the limited partnership has been dissolved) by, and in accordance with, the agreement of the partners; (b) remove a limited partnership from the register and index on its own initiative upon or following the dissolution of the limited partnership; (c) make a correction to the register and index in respect of a limited partnership, on receipt by the Registrar of an application from the general partners of that limited partnership or as may be directed by the Court. (3) In relation to each registered limited partnership, the register and index shall specify whether or not that limited partnership has legal personality.".
              (16) In subsection (1) of section 15, the words "registrar of companies" shall be substituted by the word "Registrar".
              (17) The words of subsection (2) of section 15 shall be substituted by the words "In this Act, references to the registrar are to be read as references to the Registrar established under the ADGM Founding Law.".
              (18) In subsection (1) of section 16, the words "and there shall be paid for such certificate of registration, certified copy or extract such fees as the Board of Trade may appoint, not exceeding 10p for the certificate of registration, and not exceeding 21/2p for each folio of seventy-two words, or in Scotland for each sheet of two hundred words" shall be substituted by the words "in each case for such fee as the registrar may from time to time determine.".
              (19) In subsection (2) of section 16, the words "civil or criminal" shall be omitted.
              (20) In section 17, the words "Board of Trade" shall be substituted by the word "Board".
              Trustee Act 1925 (Chapter 19) Parts II, III, IV and V only, other than sections 34, 35, 54, 56, 63A, 64, 67, and 70, which shall be omitted, and subject to the following modifications:

              (1) Subsection (3) of section 12 shall be omitted.
              (2) Subsection (4) of section 13 shall be omitted.
              (3) Subsection (2) of section 14 shall be omitted.
              (4) In section 15, the words "subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation", and the words "where by the instrument, if any, creating the trust, or by statute, a sole trustee is authorised to execute the trusts and powers reposed in him" shall be omitted.
              (5) In subsection (2) of section 16, the words "or to trustees of a settlement for the purposes of the Settled Land Act 1925, not being also the statutory owners" shall be omitted.
              (6) Subsections (3) and (4) of section 18 shall be omitted.
              (7) In subsection (1) of section 20, the words "or to a settlement within the meaning of the Settled Land Act 1925", the words "or by a tenant for life impeachable for waste" and the words "or settlement, as the case may be" shall be omitted.
              (8) In subsection (2) of section 20, the words "or settlement" shall be omitted.
              (9) Paragraphs (a) and (b) of subsection (3) of section 20 and subsection (6) of that section shall be omitted.
              (10) In subsection (4) of section 20, the words "and, in the case of money which is deemed to be capital money arising under the Settled Land Act 1925, be subject to the provisions of that Act with respect to the application of capital money by the trustees of the settlement" shall be omitted.
              (11) In paragraph (a) of subsection (2) of section 22, the words "place any distringas notice or" shall be omitted.
              (12) In subsection (10) of section 25: (i) the words "tenant for life and statutory owner" shall be omitted; (ii) in paragraph (a), the words "except any executor who has renounced probate" shall be omitted; and (iii) paragraphs (b) and (c) shall be omitted.
              (13) In subsection (1) of section 26: (i) paragraph (b) of that subsection shall be omitted; (ii) in paragraph (c) of that subsection the words "either of" shall be omitted and the words "foregoing paragraphs" shall be substituted by the words "foregoing paragraph"; and (iii) in the remainder of that subsection the words "or grant", the words "or grantee", and the words "or granted" shall be omitted.
              (14) Subsection (1A) of section 26 shall be omitted.
              (15) In subsection (2) of section 26, the words "or grantor" shall be omitted.
              (16) In subsection (3) of section 26: (i) the words ""grant" applies to a grant whether the rent is created by limitation, grant, reservation, or otherwise, and includes an agreement for a grant and any instrument giving any such indemnity as aforesaid or varying the liabilities under the grant", the words "and "grantee"" and the word "respectively" shall be omitted; and (ii) the word "include" shall be substituted by the word "includes" and the word "them" shall be substituted by the word "him".
              (17) In subsection (1) of section 27: (i) the words "the trustees of a settlement" shall be omitted; and (ii) the words "the Gazette" shall be substituted by the words "such manner as may be prescribed by the Board in rules made by the Board".
              (18) In subsection (2) of section 31, the words "or forms a civil partnership under that age", the words "or his formation of a civil partnership", the words "or formation of a civil partnership", the words "or for an entailed interest", the words "but without prejudice to any provision with respect thereto contained in any settlement by him made under any statutory powers during his infancy", and the words "and so that, if such property is settled land, such accumulations shall be held upon the same trusts as if the same were capital money arising therefrom" shall be omitted.
              (19) In subsection (3) of section 31, the words "pounds per centum" shall be substituted by the words "per cent".
              (20) Subsection (5) of section 31 shall be omitted.
              (21) Subsections (2) and (3) of section 32 shall be omitted.
              (22) In subsection (1) of section 33, the words "or civil partner" shall be omitted.
              (23) Subsections (2) and (4) of section 33 shall be omitted.
              (24) In subsection (1) of section 36, the words "subject to the restrictions imposed by this Act on the number of trustees" shall be omitted.
              (25) In subsection (2) of section 36, the words "but subject to the restrictions imposed by this Act on the number of trustees" shall be omitted.
              (26) In subsection (3) of section 36, the words "and of any enactment replaced thereby" shall be omitted.
              (27) Subsections (4), (5), (6A), (6B), (6C) and (6D) of section 36 shall be omitted.
              (28) In subsection (6) of section 36, the words "nor shall the number of trustees be increased beyond four by virtue of any such appointment" shall be omitted.
              (29) In subsection (9) of section 36, the words "of Protection" shall be omitted.
              (30) In subsection (1) of section 37, the words "subject to the restrictions imposed by this Act on the number of trustees", the words "not exceeding four", the words "save as hereinafter provided" and the words "but, except where only one trustee was originally appointed, and a sole trustee when appointed will be able to give valid receipts for all capital money, a trustee shall not be discharged from his trust unless there will be either a trust corporation or at least two persons to act as trustees to perform the trust" shall be omitted.
              (31) Subsection (2) of section 37 shall be omitted.
              (32) In subsection (1) of section 38, the words "coming into operation after the commencement of this Act" shall be omitted.
              (33) In subsection (1) of section 39, the words "two persons" shall be substituted by the words "one person", the first occurrence of the word "trustees" shall be substituted by the word "trustee" and any references to "co-trustees" and "continuing trustees" in section 39 or section 40 shall be construed accordingly.
              (34) In subsections (1) and (2) of section 40, the words "is made after the commencement of this Act and" shall be omitted.
              (35) In subsection (3) of section 40, the words "whether made before or after the commencement of this Act" shall be omitted.
              (36) In subsection (4) of section 40, the words "an Act of Parliament" shall be substituted by the words "any enactment".
              (37) Subsection (6) of section 40 shall be omitted.
              (38) Subsections (2) and (4) of section 41 shall be omitted.
              (39) In section 42, the words "other than the Public Trustee" shall be omitted.
              (40) The proviso to section 47 shall be omitted.
              (41) In subsections (3) and (4) of section 51, the words "Registrar of Government Stock" shall be substituted by the word "Registrar".
              (42) Subsection (6) of section 51 shall be omitted.
              (43) In section 55, the words "or under sections 15 to 20 of the Mental Capacity Act 2005 or any corresponding provision having effect in Northern Ireland" shall be omitted.
              (44) Subsection (4) of section 57 shall be omitted.
              (45) In section 59, the words "counsel and solicitor" shall be substituted by the word "lawyer".
              (46) In section 61, the words "whether the transaction alleged to be a breach of trust occurred before or after the commencement of this Act" shall be omitted.
              (47) Subsection (2) of section 62 shall be omitted.
              (48) In section 66, the words "Bank of England, the Registrar of Government Stock, any previous Registrar of Government Stock" shall be substituted by the word "Registrar".
              (49) In subsection (1) of section 68: (i) the definitions set out in paragraphs (4) (Gazette), (6) (Land), (9) (Personal representative), (15) (Tenant for life, statutory owner, settled land, settlement, trust instrument, trustees of the settlement, term of years absolute, and vesting instrument) and (20) (United Kingdom) shall be omitted; (ii) in the definition of "Instrument" the words "Act of Parliament" shall be substituted by the words "an enactment"; (iii) in the definition of "Mortgage" the words "by way of legal mortgage" shall be omitted; and (iv) in the definition of "Trust corporation" the words "the Public Trustee or", the word "either" and the words "or entitled by rules made under subsection (3) of section four of the Public Trustee Act 1906, to act as custodian trustee" shall be omitted.
              (50) Subsections (2) and (3) of section 68 shall be omitted.
              (51) Subsection (1) of section 69 shall be omitted.
              (52) Subsections (3) and (4) of section 71 shall be omitted.
              Law Reform (Miscellaneous Provisions) Act 1934 (Chapter 41) The whole Act, other than section 3, which shall be omitted, and subject to the following modification: subsection (2) of section 4 shall be omitted.
              Law Reform (Married Women and Tortfeasors) Act 1935 (Chapter 30) The whole Act, other than section 5, which shall be omitted, and subject to the following modifications:

              (1) Subsection (1) of section 4 shall be omitted.
              (2) In subsection (1) of section 2: (i) paragraph (a) shall be omitted; (ii) in paragraph (b) the words "married after the passing of this Act" shall be omitted; and (iii) in paragraph (c) the words "after the passing of this Act" shall be omitted.
              (3) Subsections (2) and (3) of section 8 shall be omitted.
              Law Reform (Frustrated Contracts) Act 1943 (Chapter 40) The whole Act, subject to the following modification: subsections (1) and (2) of section 2 shall be omitted.
              Law Reform (Contributory Negligence) Act 1945 (Chapter 28) The whole Act, other than sections 3, 5 and 6, which shall be omitted, and subject to the following modification: in subsection (5) of section 1, the words "the Limitation Act 1939, or any other enactment" shall be substituted by the words "any enactment".
              Law Reform (Personal Injuries) Act 1948 (Chapter 41) The whole Act, other than sections 2, 4 and 5, which shall be omitted, and subject to the following modifications:

              (1) Subsection (2) of section 1 shall be omitted.
              (2) Subsection (2) of section 6 shall be omitted.
              Occupiers' Liability Act 1957 (Chapter 31) The whole Act, other than sections 6 and 7, which shall be omitted, and subject to the following modifications:

              (1) Subsection (4) of section 1 shall be omitted.
              (2) In subsection (4) of section 3, the words "(including a statutory tenancy which does not in law amount to a tenancy)" shall be omitted.
              (3) Subsection (5) of section 3 shall be omitted.
              (4) Subsection (4) of section 5 shall be omitted.
              (5) Subsections (2) and (3) of section 8 shall be omitted.
              Cheques Act 1957 (Chapter 36) The whole Act, other than section 7, which shall be omitted, and subject to the following modifications:

              (1) Paragraph (c) of subsection (2) of section 4 shall be omitted.
              (2) Subsection (2) of section 8 shall be omitted.
              Variation of Trusts Act 1958 (Chapter 53) The whole Act, other than section 2, which shall be omitted, and subject to the following modifications:

              (1) In subsection (1) of section 1, the words "arising, whether before or after the passing of this Act, under any will, settlement or other disposition" shall be omitted.
              (2) Subsections (3), (5) and (6) of section 1 shall be omitted.
              Corporate Bodies' Contracts Act 1960 (Chapter 46) The whole Act, subject to the following modifications:

              (1) Subsection (5) of section 1 shall be omitted.
              (2) In section 2, the reference to the "Companies Act 2006" shall be read as a reference to the Companies Regulations 2015.
              (3) Paragraph (c) of section 2 shall be omitted.
              (4) Subsection (3) of section 4 shall be omitted.
              Law Reform (Husband and Wife) Act 1962 (Chapter 48) The whole Act, other than section 2, which shall be omitted, and subject to the following modifications:

              (1) Paragraph (b) of subsection (2) of section 1, and the words appearing after that paragraph shall be omitted.
              (2) Subsection (4) of section 1 shall be omitted.
              (3) In subsection (3) of section 3, the words "and subsection (1) of section two" shall be omitted.
              (4) Subsections (4) and (5) of section 3 shall be omitted.
              Hire-Purchase Act 1964 (Chapter 53) The whole Act, subject to the following modifications:

              (1) In subsection (1) of section 27, the words "or (in Scotland) hired" shall be omitted.
              (2) In subsection (1) of section 28, the words "(whether criminal or civil)" and the words "or (in Scotland) hired" shall be omitted.
              (3) In section 29, the words "or (in Scotland) hired", the words "or (in Scotland) hiring" and the words "or hired" shall be omitted.
              (4) In paragraph (b) of subsection (4) of section 29, the words "including a person who at the time is, by virtue of section 130(4) of the Consumer Credit Act 1974 treated as a bailee or (in Scotland) a custodier of the vehicle" shall be omitted.
              (5) Subsection (5) of section 37 shall be omitted.
              Misrepresentation Act 1967 (Chapter 7) The whole Act, other than section 5, which shall be omitted, and subject to the following modifications:

              (1) Subsections (4) and (5) of section 2 shall be omitted.
              (2) Subsections (2), (3) and (4) of section 6 shall be omitted.
              Law Reform (Miscellaneous Provisions) Act 1970 (Chapter 33) The whole Act, other than the Schedule, which shall be omitted, and subject to the following modifications:

              (1) Subsection (2) of section 1 shall be omitted.
              (2) In subsection (1) of section 2, the words "including any such rule as explained by section 37 of the Matrimonial Proceedings and Property Act 1970" shall be omitted.
              (3) Subsection (2) of section 2 shall be omitted.
              (4) In section 5, the words "except in the case of a cause of action accruing before this Act comes into force if an action in respect thereof has been begun before this Act comes into force" shall be omitted.
              (5) Subsections (2), (3) and (4) of section 7 shall be omitted.
              Powers of Attorney Act 1971 (Chapter 27) The whole Act, other than Schedule 2, which shall be omitted, and subject to the following modifications:

              (1) In paragraph (b) of subsection (1) of section 3, the words "solicitor, authorised person or stockbroker" shall be substituted by the word "lawyer".
              (2) Subsections (3) and (5) of section 3 shall be omitted.
              (3) In subsection (4) of section 3, the words "section 4 of the Evidence and Powers of Attorney Act 1940 (proof of deposited instruments by office copy) and to" shall be omitted.
              (4) Subsection (3) of section 4 shall be omitted.
              (5) In paragraph (b) of subsection (4) of section 5, the words "statutory declaration" shall be substituted by the words "a declaration in a form prescribed by the Board in rules made by the Board".
              (6) The words of subsection (6) of section 5 shall be substituted by the following words: "In this section—(a) "purchaser" means a purchaser in good faith for money or money's worth and includes a lessee, mortgagee or other person who for money or money's worth acquires an interest in property; (b) where the context so requires "purchaser" includes an intending purchaser; and (c) "purchase" has a meaning corresponding with that of "purchaser".".
              (7) Subsection (7) of section 5 shall be omitted.
              (8) The words of subsection (2) of section 6 shall be substituted by the following words: "In this section—
              (a) "registered securities" means transferable securities the holders of which are entered in a register (whether maintained in the Abu Dhabi Global Market or not); and
              (b) "stock exchange transaction" means a sale and purchase of securities in which each of the parties is a member of a stock exchange acting in the ordinary course of his business as such or is acting through the agency of such a member; and for the purposes of this definition "stock exchange" means any stock exchange which is declared to be a recognised stock exchange in rules made by the Board.".
              (9) Subsections (1A), (2) and (4) of section 7 shall be omitted.
              (10) In subsection (2) of section 10, the words "or as a tenant for life or statutory owner within the meaning of the Settled Land Act 1925" shall be omitted.
              (11) Subsections (2), (3) and (5) of section 11 shall be omitted.
              Supply of Goods (Implied Terms) Act 1973 (Chapter 13) The whole Act, other than sections 12A and 17, which shall be omitted, and subject to the following modifications:

              (1) In subsection (1) of section 8, the words "or (in Scotland) hired" shall be omitted.
              (2) In subsection (2) of section 8, the words "or hired" shall be omitted.
              (3) In subsection (3) of section 8, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (4) In subsection (1) of section 9, the words "or (in Scotland) hired" and the words "or hired" shall be omitted.
              (5) In subsection (1A) of section 9, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (6) In subsection (2) of section 9, the words "or hired" and the words "or hire" shall be omitted.
              (7) In subsection (1) of section 10, the words "including any enactment of the Parliament of Northern Ireland, or the Northern Ireland Assembly" and the words "or (in Scotland) hired" shall be omitted.
              (8) In subsection (2) of section 10, the words "or hires" shall be omitted.
              (9) In subsection (2C) of section 10, the words "or hired" shall be omitted.
              (10) In subsection (2D) of section 10, the words "or hired" and the words "or, in Scotland, if the goods are hired to a person under a consumer contract" shall be omitted.
              (11) In subsection (2F) of section 10, the words "or hired" and the words "or, in Scotland, whether or not the goods are hired to a person under a consumer contract" shall be omitted.
              (12) In subsection (3) of section 10, the words "or hires" and the words "or hired" shall be omitted.
              (13) In subsection (5) of section 10, the words "or hiring" and the words "or hired" shall be omitted.
              (14) In subsection (7) of section 10, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (15) Subsection (8) of section 10 shall be omitted.
              (16) In subsection (1) of section 11, the words "or (in Scotland) hired" and the words "or hired" shall be omitted.
              (17) In subsection (2) of section 11, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (18) Subsection (5) of section 11A shall be omitted.
              (19) In subsection (2) of section 14, the words "in England and Wales and Northern Ireland" shall be omitted.
              (20) In subsection (1) of section 15: (i) in the definition of "business", the words "(including a Northern Ireland department)" shall be omitted; (ii) in the definition of "creditor", the words "or (in Scotland) hired" shall be omitted; (iii) in the definition of "hire-purchase agreement" the words "or (in Scotland) hired" and the words "or hired" shall be omitted; and (iv) in the definition of "producer" the words "into the European Economic Area" shall be omitted.
              (21) In subsection (4) of section 15, the words "including any enactment of the Parliament of Northern Ireland or the Northern Ireland Assembly" shall be omitted.
              (22) Subsections (3), (4) and (5) of section 18 shall be omitted.
              Insurance Companies Amendment Act 1973 (Chapter 58) The whole Act, subject to the following modification: subsection (2) of section 50 shall be omitted.
              Fatal Accidents Act 1976 (Chapter 30) The whole Act, other than section 6 and Schedules 1 and 2, which shall be omitted, and subject to following modifications:

              (1) In subsection (3) of section 1, paragraphs (aa), (b) and (fa) shall be omitted.
              (2) Subsection (4A) of section 1 shall be omitted.
              (3) In paragraph (a) of subsection (5) of section 1, the words "or civil partnership" shall be omitted.
              (4) Paragraph (b) of subsection (5) of section 1 shall be omitted.
              (5) In paragraphs (a) and (b) of subsection (2) of section 1A, the words "or civil partner" and the words "or a civil partner" shall be omitted.
              (6) In paragraph (b) of subsection (2) of section 1A, the words "if he was legitimate; and" and the words "of his mother, if he was illegitimate" shall be omitted.
              (7) In subsection (3) of section 1A, the figure "£12,980" shall be substituted by the figure "20,000 United States Dollars".
              (8) In subsection (5) of section 1A, the words "The Lord Chancellor may by order made by statutory instrument, subject to annulment in pursuance of a resolution of either House of Parliament" shall be substituted by the words "The Board may make rules to".
              (9) In subsection (4) of section 2, the word "solicitor" shall be substituted by the word "lawyer".
              (10) Subsection (4) of section 3 shall be omitted.
              (11) Subsections (2) and (3) of section 7 shall be omitted.
              Torts (Interference with Goods) Act 1977 (Chapter 32) The whole Act, other than sections 15 and 16 and Schedule 2, which shall be omitted, and subject to the following modifications:

              (1) In section 1, the words "and references in this Act (however worded) to proceedings for wrongful interference or to a claim or right to claim for wrongful interference shall include references to proceedings by virtue of Part I of the Consumer Protection Act 1987 or Part II of the Consumer Protection (Northern Ireland) Order 1987 (product liability) in respect of any damage to goods or to an interest in goods or, as the case may be, to a claim or right to claim by virtue of that Part in respect of any such damage" shall be omitted.
              (2) Paragraphs (a) and (b) of subsection (8) of section 3 shall be omitted.
              (3) Subsections (4), (5) and (6) of section 4 shall be omitted.
              (4) Subsections (3) and (4) of section 9 shall be omitted.
              (5) Subsection (9) of section 12 shall be omitted.
              (6) Subsection (3) of section 13 shall be omitted.
              (7) In subsection (1) of section 14, the definitions of "enactment" and "High Court" shall be omitted.
              (8) Subsections (2) and (3) of section 17 shall be omitted.
              (9) In paragraph 6 of Schedule 1, the words "in a registered letter, or by the recorded delivery service" shall be omitted.
              (10) In paragraph 8 of Schedule 1, the words "and of section 2 6 of the Interpretation Act 1889 in its application to this Schedule" shall be omitted.
              Unfair Contract Terms Act 1977 (Chapter 50) Parts I and III and the Schedules only, other than sections 8, 28 and 31 and Schedules 3 and 4, which shall be omitted, and subject to the following modifications:

              (1) In paragraph (c) of subsection (1) of section 1, the words "or the Occupiers' Liability Act (Northern Ireland) 1957" shall be omitted.
              (2) In subsection (1) of section 11, the words "and section 3 of the Misrepresentation Act (Northern Ireland) 1967" shall be omitted.
              (3) In section 14, the definition of "hire purchase agreement" shall be substituted by the following definition: ""hire-purchase agreement" means an agreement, other than a conditional sale agreement, under which—
              (a) goods are bailed in return for periodical payments by the person to whom they are bailed, and
              (b) the property in the goods will pass to that person if the terms of the agreement are complied with and one or more of the following occurs—(i) the exercise of an option to purchase by that person, (ii) the doing of any other specified act by any party to the agreement, or (iii) the happening of any other specified event; and for the purposes of this definition "conditional sale agreement" means an agreement for the sale of goods or land under which the purchase price or part of it is payable by installments, and the property in the goods or land is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods or land) until such conditions as to the payment of installments or otherwise as may be specified in the agreement are fulfilled.".
              (4) In paragraph (b) of subsection (3) of section 2 6, the words "(the Channel Islands and the Isle of Man being treated for this purpose as different States from the United Kingdom)" shall be omitted.
              (5) In subsection (1) of section 27, the words "any part of" shall be omitted.
              (6) Subsection (3) of section 27 shall be omitted.
              (7) Paragraph (b) of subsection (1) of section 29 shall be omitted.
              (8) In subsection (3) of section 29, the definitions of "enactment" and "statutory" shall be omitted.
              (9) Subsections (2), (3) and (4) of section 32 shall be omitted.
              (10) Sub-paragraph (f) of paragraph 1 of Schedule 1 shall be omitted.
              (11) Paragraph 5 of Schedule 1 shall be omitted.
              Civil Liability (Contribution) Act 1978 (Chapter 47) The whole Act, other than sections 5, 8 and 9 and Schedules 1 and 2, which shall be omitted, and subject to the following modifications:

              (1) In subsection (5) of section 1, the words "any part of" shall be omitted.
              (2) Subsections (1) and (2) of section 7 shall be omitted.
              (3) Subsections (2) and (3) of section 10 shall be omitted.
              Sale of Goods Act 1979 (Chapter 54) The whole Act, other than sections 1, 15B, 22, 53A, 56, 58, and 63, and Schedules 1, 2, 3 and 4, which shall be omitted, and subject to the following modifications:

              (1) All references in the Act to "custodier" shall be omitted.
              (2) All references in the Act to "the Factors Acts" shall be substituted by references to the Factors Act 1889.
              (3) Subsections (1) and (7) of section 11 shall be omitted.
              (4) In subsection (5A) of section 12, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (5) Subsection (6) of section 12 shall be omitted.
              (6) In subsection (1A) of section 13, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (7) Subsection (4) of section 13 shall be omitted.
              (8) In subsection (2D) of section 14, the words "or, in Scotland, if a contract of sale is a consumer contract" shall be omitted.
              (9) In subsection (2F) of section 14, the words "or, in Scotland, whether or not the contract of sale is a consumer contract" shall be omitted.
              (10) In subsection (6) of section 14, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (11) Subsections (7) and (8) of section 14 shall be omitted.
              (12) In subsection (3) of section 15, the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (13) Subsection (4) of section 15 shall be omitted.
              (14) Subsection (4) of section 15A shall be omitted.
              (15) In subsection (4) of section 20, the words "or, in Scotland, where there is a consumer contract in which the buyer is a consumer" shall be omitted.
              (16) Subsections (2), (3) and (4) of section 25 shall be omitted.
              (17) Subsection (2C) of section 30 shall be omitted.
              (18) In subsection (4) of section 32, the words "or, in Scotland, where there is a consumer contract in which the buyer is a consumer" shall be omitted.
              (19) In subsection (3) of section 35, the words "or (in Scotland) the contract of sale is a consumer contract" shall be omitted.
              (20) Subsection (8) of section 35 shall be omitted.
              (21) In subsection (1) of section 48A, the words "or, in Scotland, there is a consumer contract in which the buyer is a consumer" shall be omitted.
              (22) In subsection (2) of section 48D, the words "in England and Wales or Northern Ireland" and the words "in Scotland he rejects any goods delivered under the contract and treats it as repudiated" shall be omitted.
              (23) In subsection (2) of section 48E, the words "or, in Scotland, specific implement" shall be omitted.
              (24) Subsection (3) of section 49 shall be omitted.
              (25) Subsection (4) of section 52 shall be omitted.
              (26) Subsection (5) of section 53 shall be omitted.
              (27) Subsection (3) of section 55 shall be omitted.
              (28) In subsection (1) of section 61: (i) in the definition of "action", the words "and in Scotland condescendence and claim and compensation" shall be omitted; (ii) in the definition of "business", the words "(including a Northern Ireland department)" shall be omitted; (iii) the definition of "consumer contract" shall be omitted; (iv) the definition of "defendant" shall be omitted; (v) the definition of "Factors Acts" shall be omitted; (vi) in the definition of "goods", the words "and in Scotland all corporeal moveables except money" shall be omitted; (vii) the definition of "plaintiff" shall be omitted; (viii) in the definition of "producer", the words "into the European Economic Area" shall be omitted; and (ix) in the definition of "warranty", the words "as regards England and Wales and Northern Ireland" shall be omitted.
              (29) Subsection (6) of section 61 shall be omitted.
              (30) Subsections (3) and (5) of section 62 shall be omitted.
              (31) Subsection (2) of section 64 shall be omitted.
              Limitation Act 1980 (Chapter 58) The whole Act, other than sections 4, 11A, 15, 16, 17, 18, 19A, 20, 26, 27, 27A, 27AB, 27B, 27C, 33A, 37, 40, and Schedules 1, 2, 3, and 4, which shall be omitted, and subject to the following modifications:

              (1) Subsections (1A) and (6) of section 11 shall be omitted.
              (2) Subsection (1A) of section 14 shall be omitted.
              (3) The words "and the power conferred by section 72(1) of the Tribunals, Courts and Enforcement Act 2007 shall not be exercisable" in section 19 shall be omitted.
              (4) Subsections (4) and (7) of section 28 shall be omitted.
              (5) In subsection (1) of section 29, the words "any right of action (including a foreclosure action) to recover land or an advowson or" shall be omitted.
              (6) Paragraph (b) of subsection (2) of section 29 shall be omitted and the words "land, benefice, or" in that subsection and in subsection (3) of section 29 shall be omitted.
              (7) Subsection (4) of section 29 shall be omitted.
              (8) The words "land, benefice, or" in subsection (1) of section 31 shall be omitted.
              (9) In subsection (2) of section 31, the words "in the case of a mortgage of personal property" shall be inserted at the beginning.
              (10) Subsections (3), (4) and (5) of section 31 shall be omitted.
              (11) In subsection (9) of section 31, the words "or interest in settled property" shall be omitted.
              (12) Subsection (4A) of section 32 shall be omitted.
              (13) Subsection (1A) of section 33 shall be omitted.
              (14) The second sentence of subsection (2) of section 33 shall be omitted.
              (15) In subsection (3) of section 35, the words "neither the High Court nor any county court" in the first sentence of that subsection shall be substituted by the words "no Court".
              (16) In subsection (1) of section 36, after the words "Limitation Act 1939 was applied" the words "in England" shall be inserted.
              (17) In subsection (1) of section 38: (i) in the definition of "action", the words "including an ecclesiastical court (and see subsection (11) below)" shall be omitted; (ii) the definition of "land" shall be omitted; (iii) the definition of "rent" shall be omitted; and (iv) the definitions of "settled land", "statutory owner" and "tenant for life" shall be omitted.
              (18) Subsections (7), (8) and (11) of section 38 shall be omitted.
              (19) In subsection (2) of section 38, the words "(within the meaning of the Mental Capacity Act 2005)" shall be omitted.
              (20) In subsection (5) of section 38, the words "and any person whose estate or interest might have been barred by a person entitled to an entailed interest in possession shall be treated as claiming through the person so entitled" shall be omitted.
              (21) In section 39, the words "or to any action or arbitration to which the Crown is a party and for which, if it were between subjects, a period of limitation would be prescribed by or under any such other enactment" shall be omitted.
              (22) Subsections (2), (3) and (4) of section 41 shall be omitted.
              Supply of Goods and Services Act 1982 (Chapter 29) Parts I, IB, II, and III only, other than section 17, which shall be omitted, and subject to the following modifications:

              (1) In subsections (1) and (3) of section 1 and subsections (1) and (3) of section 6, the words "in its application to England and Wales and Northern Ireland" shall be omitted.
              (2) In subsection (1) of section 11M, the words "or, in Scotland, there is a consumer contract in which the transferee is a consumer" shall be omitted.
              (3) Subsection (5) of section 11M shall be omitted.
              (4) Paragraph (b) of subsection (2) of section 11Q shall be omitted, and in paragraph (a) of that subsection, the words "in England and Wales or Northern Ireland" shall be omitted.
              (5) In subsection (2) of section 11R, the words "or, in Scotland, specific implement" shall be omitted.
              (6) In section 11S, the words "or, in Scotland, by section 11C, section 11D or 11E above" and the words "or (in Scotland) in breach of any term implied by any rule of law as to the manner in which the installation is carried out" shall be omitted.
              (7) In subsection (4) of section 12, the words "The Secretary of State may by order" shall be substituted by the words "The Board may make rules to" and the word "order" shall be substituted by the word "rules".
              (8) Subsection (5) of section 12 shall be omitted.
              (9) In subsection (1) of section 18: (i) in the definition of "credit brokerage", the words "or as regards Scotland the hire" shall be omitted; (ii) the definition of "enactment" shall be omitted; (iii) in the definition of "goods", the words "and as regards Scotland all corporeal moveables" shall be omitted and the words "bailment or hire" shall be substituted by the words "or bailment"; (iv) the definition of "hire purchase agreement" shall be substituted by the following definition: ""hire-purchase agreement" means an agreement, other than a conditional sale agreement, under which—(a) goods are bailed in return for periodical payments by the person to whom they are bailed; and (b) the property in the goods will pass to that person if the terms of the agreement are complied with and one or more of the following occurs—(i) the exercise of an option to purchase by that person, (ii) the doing of any other specified act by any party to the agreement, or (iii) the happening of any other specified event; and for the purposes of this definition "conditional sale agreement" means an agreement for the sale of goods or land under which the purchase price or part of it is payable by installments, and the property in the goods or land is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods or land) until such conditions as to the payment of installments or otherwise as may be specified in the agreement are fulfilled"; and (v) in the definition of "producer" the words "into the European Economic Area" shall be omitted.
              (10) In subsection (2) of section 18 the word "assignation" shall be omitted.
              (11) In section 19, the definition of "the 1974 Act" shall be omitted.
              (12) Subsections (2), (3), (4), (5) and (6) of section 20 shall be omitted.
              Occupiers' Liability Act 1984 (Chapter 3) The whole Act, other than sections 1A, 2 and 3, which shall be omitted, and subject to the following modifications:

              (1) Subsections (6A), (6AA), (6B) and (6C) of section 1 shall be omitted.
              (2) Subsections (2) and (3) of section 4 shall be omitted.
              Foreign Limitation Periods Act 1984 (Chapter 16) The whole Act, other than sections 1A, 6, and 8, which shall be omitted, and subject to the following modifications:

              (1) References in the Act to a "country" shall be read as references to a "jurisdiction".
              (2) In subsection (1) of section 1, the words "subject to section 1A" shall be omitted.
              (3) Subsections (2), (3) and (4) of section 7 shall be omitted.
              Latent Damage Act 1986 (Chapter 37) The whole Act, other than section 4, which shall be omitted, and subject to the following modifications:

              (1) Subsection (7) of section 3 shall be omitted, and in subsection (4) of section 3, the words "section 538 of the Companies Act 1985 (vesting of company property in liquidator)" shall be substituted by the words "section 215(4) of the Insolvency Regulations 2015".
              (2) In subsection (2) of section 5, the words "has the meaning given by section 1" shall be substituted by the words "means the Limitation Act 1980".
              (3) Subsections (3) and (4) of section 5 shall be omitted.
              Minors' Contracts Act 1987 (Chapter 13) Sections 2, 3 and 5 only, subject to the following modifications:

              (1) In section 2, the words "made after the commencement of this Act" shall be omitted.
              (2) In paragraph (a) of subsection (1) of section 3, the words "after the commencement of this Act" shall be omitted.
              (3) Subsections (2) and (3) of section 5 shall be omitted.
              Carriage of Goods by Sea Act 1992 (Chapter 50) The whole Act, subject to the following modifications:

              (1) In subsections (5) and (6) of section 1: (i) the words "Secretary of State", wherever they occur, shall be substituted by the word "Board"; (ii) the word "regulations" in subsection (5) of section 1 shall be substituted by the word "rules"; and (iii) the words "and the power to make regulations under that subsection shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament" in subsection (6) of section 1 shall be omitted.
              (2) Subsection (5) of section 5 shall be omitted.
              (3) Subsections (3) and (4) of section 6 shall be omitted.
              Private International Law (Miscellaneous Provisions) Act 1995 (Chapter 42) Parts III and IV only, other than sections 15, 15A, 15B, 16, 17, and 18, and the Schedule, which shall be omitted, and subject to the following modifications:

              (1) The words "or delict" shall be omitted in the whole of Parts III and IV.
              (2) In subsection (1) of section 9, the words "or (for the purposes of the law of Scotland) delict" shall be omitted.
              (3) In subsection (6) of section 9, the words "(and without prejudice to the operation of section 14 below)" shall be omitted.
              (4) Subsections (7) and (8) of section 9 shall be omitted.
              (5) The following words shall be inserted at the beginning of subsection (1) of section 11: "Subject to subsection (1) of section 12".
              (6) The following words shall be inserted at the beginning of subsection (2) of section 12: "Subject to subsection (1)".
              (7) In section 12, subsections (1) and (2) shall be re-numbered as subsections (2) and (3) respectively, and the following subsection shall be inserted as subsection (1), namely: "(1) A party's non-contractual obligations to another party shall be governed by any law expressly chosen by those parties in an agreement between them to apply such law to those non-contractual obligations, whether entered into before or after the event giving rise to the damage occurred."
              (8) In subsection (2) of section 13, the words "any part of" and the words "and any claim under the law of Scotland for verbal injury" shall be omitted.
              (9) Subsection (1) of section 14 shall be omitted.
              Trusts of Land and Appointment of Trustees Act 1996 (Chapter 47) The whole Act, other than sections 2, 5, 16, 24, and 25, and Schedules 1, 2, 3, and 4, which shall be omitted, and subject to the following modifications:

              (1) Paragraph (b) of subsection (2) of section 1 and subsection (3) of that section shall be omitted.
              (2) Subsections (2) and (3) of section 3 shall be omitted.
              (3) Subsections (2) and (3) of section 4 shall be omitted.
              (4) In subsection (7) of section 6, the words "or of the Charity Commission" shall be omitted.
              (5) Subsection (6) of section 7 shall be omitted.
              (6) In subsection (3) of section 8, the words "ecclesiastical or public" shall be omitted.
              (7) In subsection (2) of section 9, the words "statutory declaration" shall be substituted by the words "declaration in a form prescribed in rules made by the Board".
              (8) Subsections (6) and (9) of section 9 shall be omitted.
              (9) Subsection (7) of section 9A shall be omitted.
              (10) In subsection (2) of section 10, the words "ecclesiastical or public" shall be omitted.
              (11) In subsection (3) of section 10, the words "within the meaning of the Children Act 1989" shall be omitted.
              (12) Paragraph (b) of subsection (2) of section 11 and subsections (3) and (4) of that section shall be omitted.
              (13) Subsection (4) of section 14 shall be omitted.
              (14) Subsection (4) of section 15 shall be omitted.
              (15) In subsection (3) of section 17, the words "(including settled land)" shall be omitted.
              (16) Paragraph (b) of subsection (4) of section 17 and subsections (5) and (6) of that section shall be omitted.
              (17) Subsection (3) of section 18 shall be omitted.
              (18) In paragraph (c) of subsection (3) of section 19, the words "two persons" shall be substituted by the words "one person", the word "trustees" shall be substituted by the word "trustee" and references to "continuing trustees" in section 19 shall be construed accordingly.
              (19) Subsection (5) of section 19 shall be omitted.
              (20) In paragraph (a) of subsection (1) of section 20, the words "(within the meaning of the Mental Capacity Act 2005)" shall be omitted.
              (21) In subsection (2) of section 20, paragraph (b) of that subsection and the words "of Protection" shall be omitted.
              (22) Subsections (4), (6), (7) and (8) of section 21 shall be omitted.
              (23) The words of subsection (1) of section 23 shall be substituted by the following words: "In this Act -(a) "purchaser" means a purchaser in good faith for money or money's worth and includes a lessee, mortgagee or other person who for money or money's worth acquires an interest in property; (b) where the context so requires "purchaser" includes an intending purchaser; and (c) "purchase" has a meaning corresponding with that of "purchaser".".
              (24) Subsections (2) and (3) of section 23 shall be omitted.
              (25) In subsection (1) of section 26, the words "Lord Chancellor" shall be substituted by the word "Board" and the words "by order made by statutory instrument" shall be substituted by the words "make rules to" and the word "him" shall be substituted by the word "it".
              (26) Subsections (2) and (3) of section 26 shall be omitted.
              (27) Subsections (2), (3), and (4) of section 27 shall be omitted.
              Trustee Delegation Act 1999 (Chapter 15) The whole Act, other than sections 3, 5, 7, 8, 9, and 12 and the Schedule, which shall be omitted, and subject to the following modifications:

              (1) Paragraph (a) of subsection (2) of section 1 and subsections (7) and (9) of that section shall be omitted.
              (2) In subsection (1) of section 2 the words "in this subsection "purchaser" has the same meaning as in Part I of the Law of Property Act 1925" shall be substituted by the following words: "In this subsection—(a) "purchaser" means a purchaser in good faith for money or money's worth and includes a lessee, mortgagee or other person who for money or money's worth acquires an interest in property; (b) where the context so requires "purchaser" includes an intending purchaser; and (c) "purchase" has a meaning corresponding with that of "purchaser".".
              (3) Subsection (4) of section 2 shall be omitted.
              (4) Subsection (3) of section 10 shall be omitted.
              (5) Subsection (1) of section 11 shall be omitted.
              (6) Subsections (1) and (2) of section 13 shall be omitted.
              Contracts (Rights of Third Parties) Act 1999 (Chapter 31) The whole Act, other than sections 8 and 9, which shall be omitted, and subject to the following modifications:

              (1) Subsection (7) of section 2 shall be omitted.
              (2) In subsection (2) of section 6, the words "section 33 of the Companies Act 2006" shall be substituted by the words "section 30 of the Companies Regulations 2015".
              (3) Paragraphs (b) and (c) of subsection (3) of section 6 shall be omitted.
              (4) Subsections (2A) and (8) of section 6 shall be omitted.
              (5) In paragraph (a) of subsection (4) of section 6, the words ""worker's contract", and "worker" have the meaning given by section 54 of the National Minimum Wage Act 1998" shall be substituted by the words "have the meanings given to them in the Employment Regulations 2015".
              (6) Paragraphs (b), (c) and (d) of subsection (4) of section 6 shall be omitted.
              (7) Paragraph (b) of subsection (5) of section 6 shall be omitted.
              (8) Subsections (2), (3) and (4) of section 10 shall be omitted.
              Trustee Act 2000 (Chapter 29) The whole Act, other than sections 7, 10, 27, 33, 34, 36, 37, 38, 40, 41, and 42, and Schedules 2, 3 and 4, which shall be omitted, and subject to the following modifications:

              (1) Subsection (3) of section 6 shall be omitted.
              (2) In subsection (1) of section 8, the words "freehold or leasehold" shall be omitted.
              (3) Subsection (2) of section 8 shall be omitted.
              (4) In paragraph (d) of subsection (3) of section 11, the words "an order made by the Secretary of State" shall be substituted by the words "rules made by the Board".
              (5) Subsection (5) of section 11 shall be omitted.
              (6) In subsection (1) of section 16, the words "(other than settled land)" shall be omitted.
              (7) Subsection (3) of section 16 shall be omitted.
              (8) Subsection (4) of section 17 shall be omitted.
              (9) Subsection (4) of section 18 shall be omitted.
              (10) Paragraph (c) of subsection (2) of section 19 and subsection (4) of that section shall be omitted.
              (11) The words of subsection (3) of section 19 shall be substituted by the following words: "For the purposes of determining whether a body corporate is controlled by trustees, in relation to a body corporate ("company A"), "control" means the power of a person ("P") to secure—(a) by means of the holding of shares or the possession of voting power in relation to that or any other body corporate; or (b) as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate, that the affairs of company A are conducted in accordance with P's wishes, and in relation to a partnership, "control" means the right to a share of more than half the assets, or of more than half the income, of the partnership.".
              (12) Subsection (4) of section 28 shall be omitted.
              (13) In subsection (3) of section 29, the words "and for the purposes of subsection (1) includes, in relation to the provision of services by a trustee who is a deposit taker and provides the services in that capacity, the deposit taker's reasonable charges for the provision of such services" shall be omitted.
              (14) Subsections (3A), (3B) and (3C) of section 29 shall be omitted.
              (15) In subsections (1) and (3) of section 30, the words "Secretary of State" shall be substituted by the word "Board" and the word "regulations" shall be substituted by the word "rules".
              (16) Subsection (4) of section 30 shall be omitted.
              (17) Subsections (3) and (4) of section 35 shall be omitted.
              (18) In subsection (1) of section 39, the definitions of "charitable trust", "custodian trustee", "enactment", "exempt charity", "legal mortgage", "personal representative" and "settled land" shall be omitted.

        • Beneficial Ownership and Control Regulations 2018

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        • Commercial Licensing (Amendment) Regulations 2015

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          • COMMERCIAL LICENSING (AMENDMENT) REGULATIONS 2015

            Regulations to amend the Commercial Licensing Regulations 2015.

            Date of Enactment: 4 October 2015

            The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations —

            • 1. Amendments to the Commercial Licensing Regulations 2015

              (1) The Commercial Licensing Regulations 2015 are amended as follows.
              (2) In section 78, the following shall be inserted —
              "(5) In subsection (4) "financial institution" means an Authorised Person or Recognised Body (as those terms are defined in the Financial Services and Markets Regulations 2015)."

            • 2. Short title, extent and commencement

              (1) These Regulations may be cited as the Commercial Licensing (Amendment) Regulations 2015.
              (2) These Regulations shall apply in the Abu Dhabi Global Market.
              (3) These Regulations come into force on the date of their publication.

        • Commercial Licensing (Amendment No.2) Regulations 2018

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        • Commercial Licensing Regulations 2015

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          • COMMERCIAL LICENSING REGULATIONS 2015

            • COMMERCIAL LICENSING REGULATIONS 2015

              Regulations to make provision for the licensing and supervision of persons in the Abu Dhabi Global Market, for restrictions on the use of business names and for connected purposes.

              Date of Enactment: 3 March 2015

              The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations: —

              • PART 1 LICENSING OF CONTROLLED ACTIVITIES

                • 1. The general prohibition

                  (1) No person may carry on a controlled activity in or from the Abu Dhabi Global Market, or purport to do so, unless he is —
                  (a) a licensed person; or
                  (b) an exempt person.
                  (2) The prohibition is referred to in these Regulations as the general prohibition.
                  (3) For the purposes of these Regulations, a "licensed person" is a person who has a valid licence to carry on one or more controlled activities.

                • 2. Controlled activities

                  (1) An activity is a controlled activity for the purposes of these Regulations if it falls within a description of activity specified as a controlled activity in rules made by the Board.
                  (2) Such rules may specify the circumstances in which a person is to be regarded as carrying on (or purporting to carry on) a controlled activity in or from the Abu Dhabi Global Market.

                • 3. Contravention of the general prohibition

                  (1) A person who contravenes the general prohibition commits a contravention of these Regulations and shall be liable to a fine not exceeding level 6 on the standard fines scale.
                  (2) In proceedings in respect of a contravention under subsection (1), it is a defence for the person accused of the contravention to show that he took all reasonable precautions and exercised all due diligence to avoid committing the contravention.
                  (3) An agreement made by a person in the course of carrying on a controlled activity in contravention of the general prohibition shall not, by virtue of such contravention alone, be void or unenforceable.

                • 4. Licensed persons exceeding scope of licence

                  (1) If a licensed person carries on a controlled activity in the Abu Dhabi Global Market, or purports to do so, otherwise than in accordance with a licence given to that person under these Regulations he commits a contravention of these Regulations and shall be liable to a fine not exceeding level 5 on the standard fines scale.
                  (2) In proceedings in respect of a contravention under subsection (1), it is a defence for the person accused of the contravention to show that he took all reasonable precautions and exercised all due diligence to avoid committing the contravention.

                • 5. False claims to be licensed or exempt

                  (1) A person who is neither a licensed person nor, in relation to the controlled activity in question, an exempt person commits a contravention of these Regulations if he —
                  (a) describes himself (in whatever terms) as a licensed person;
                  (b) describes himself (in whatever terms) as an exempt person in relation to the controlled activity; or
                  (c) behaves, or otherwise holds himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is —
                  (i) a licensed person; or
                  (ii) an exempt person in relation to the controlled activity.
                  (2) A person who commits the contravention set out in subsection (1) shall be liable to a fine not exceeding level 5 on the standard fines scale.
                  (3) In proceedings in respect of a contravention under subsection (1), it is a defence for the person accused of the contravention to show that he took all reasonable precautions and exercised all due diligence to avoid committing the contravention.

                • 6. Partnerships

                  (1) If a licensed person is a firm —
                  (a) it is licensed to carry on the controlled activities concerned in the name of the firm; and
                  (b) its licence is not affected by any change in its membership.
                  (2) If a licensed person, being a firm, is dissolved, its licence continues to have effect in relation to any individual or firm which succeeds to the business of the dissolved firm.
                  (3) For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.
                  (4) "Firm" means a partnership.
                  (5) "Partnership" does not include a partnership which is constituted under the law of any place outside the Abu Dhabi Global Market and is a body corporate.

                • 7. Withdrawal of licence

                  (1) This section applies if —
                  (a) a licensed person's licence is cancelled; and
                  (b) as a result, there is no controlled activity for which he has a licence.
                  (2) The Registrar must give a direction withdrawing that person's status as a licensed person.

                • 8. Exemption orders

                  (1) The Board may by order ("an exemption order") provide for —
                  (a) specified persons; or
                  (b) persons falling within a specified class,
                  to be exempt from the general prohibition.
                  (2) But a person cannot be an exempt person as a result of an exemption order if he has a licence to carry on a controlled activity under these Regulations.
                  (3) An exemption order may provide for an exemption to have effect —
                  (a) in respect of all controlled activities;
                  (b) in respect of one or more specified controlled activities;
                  (c) only in specified circumstances;
                  (d) only in relation to specified functions;
                  (e) subject to conditions.
                  (4) "Specified" means specified by the exemption order.

                • 9. Application for a licence

                  An application for a licence to carry on one or more controlled activities may be made to the Registrar by —

                  (a) an individual;
                  (b) a body corporate; or
                  (c) a partnership.

                • 10. Granting licences

                  (1) On receipt of an application under section 9, the Registrar may grant a licence to the applicant to carry on the controlled activity or activities to which the application relates or such of them as may be specified in the licence if the Registrar is satisfied that the applicant meets the conditions ("conditions of licence") set out in rules made by the Board.
                  (2) Rules made under subsection (1) may —
                  (a) impose different conditions in relation to different kinds or descriptions of controlled activity or different kinds of person or legal entity;
                  (b) require particular kinds of legal entity or organisation to comply with additional formalities, such as notarisation or registration of constitutional documents;
                  (c) require applicants intending to carry on particular kinds or descriptions of controlled activity to have and maintain any registration, authorisation, licence, good standing, approval, consent, permission or similar status in any jurisdiction outside the Abu Dhabi Global Market or pursuant to any other law for the time being in force in the Abu Dhabi Global Market;
                  (d) impose restrictions on the activities that may be carried on by particular kinds of legal entity or organisation; and
                  (e) impose a requirement to pay such periodic fees to the Registrar as the Registrar may from time to time specify.
                  (3) A licence shall be valid for such period of time as may be specified by the Registrar in its decision granting the licence. A licensed person wishing to continue to carry on, in or from the Abu Dhabi Global Market, the controlled activities for which it has a licence must, prior to the expiry of such licence, apply for and obtain a new licence in respect of such activities.
                  (4) If it grants a licence, the Registrar must specify the licensed controlled activity or activities, described in such manner as the Registrar considers appropriate.
                  (5) The Registrar may —
                  (a) incorporate in the description of a controlled activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;
                  (b) specify a narrower or wider description of controlled activity than that to which the application relates;
                  (c) grant a licence for the carrying on of a controlled activity which is not included among those to which the application relates.
                  (6) Every licence granted by the Registrar shall set out —
                  (a) a unique licence number for each licence;
                  (b) the name of the licensed person;
                  (c) the operating name of the licensed person, if different;
                  (d) the legal status of the licensed person;
                  (e) the address of the licensed person in the Abu Dhabi Global Market;
                  (f) the issue date of the licence; and
                  (g) the expiry date of the licence.
                  (7) The grant of a licence pursuant to these Regulations shall not operate to exempt the licensed person from any requirement or obligation to obtain any other licence, approval, consent, permission, or authorisation or undertake any other formality or process pursuant to any other law for the time being in force in the Abu Dhabi Global Market, including any Federal Law having application in the Abu Dhabi Global Market.
                  (8) The grant of a licence, approval, consent, permission, or authorisation or completion of any other formality or process pursuant to any other law for the time being in force in the Abu Dhabi Global Market shall not operate to exempt any person from a requirement to obtain a licence pursuant to these Regulations.

                • 11. Granting licences: special cases

                  If the applicant for a licence —

                  (a) in relation to a particular controlled activity, is exempt from the general prohibition as a result of an order made under section 8(1); but
                  (b) has applied for a licence in relation to another controlled activity,

                  the application is to be treated as relating to all the controlled activities which, if a licence is granted, the applicant will carry on.

                • 12. Variation by Registrar at request of licensed person

                  (1) The Registrar may, on the application of a licensed person, vary the licence granted to that person by —
                  (a) adding a controlled activity to those to which the licence relates;
                  (b) removing a controlled activity from those to which the licence relates; or
                  (c) varying the description of a controlled activity to which the licence relates.
                  (2) The Registrar may, on the application of the licensed person, cancel the licence.
                  (3) The Registrar may refuse an application under this section if it appears to it that it is desirable to do so in the interests of the Abu Dhabi Global Market.
                  (4) If, as a result of a variation of a licence under this section, there are no longer any controlled activities for which the licensed person concerned has a licence, the Registrar must, once it is satisfied that it is no longer necessary to keep the licence in force, cancel it.
                  (5) The Registrar's power to vary a licence under this section extends to including in the licence as varied any provision that could be included if a fresh licence were being granted by it in response to an application under section 9.

                • 13. Variation or cancellation on initiative of Registrar

                  (1) The Registrar may exercise its power under this section in relation to a licensed person if it appears to the Registrar that —
                  (a) that person is failing, or is likely to fail, to satisfy the conditions of licence applicable to him;
                  (b) that person has failed, during a period of at least 12 months, to carry on a controlled activity to which the licence relates; or
                  (c) it is desirable to exercise the power in the interests of the Abu Dhabi Global Market.
                  (2) The Registrar's power under this section is the power —
                  (a) to vary the licence by —
                  (i) adding a controlled activity to those to which the licence relates;
                  (ii) removing a controlled activity from those to which the licence relates; or
                  (iii) varying the description of a controlled activity to which the licence relates; or
                  (b) to cancel the licence.
                  (3) If, as a result of a variation of a licence under this section, there are no longer any controlled activities for which the licensed person concerned has a licence, the Registrar must, once it is satisfied that it is no longer necessary to keep the licence in force, cancel it.
                  (4) The power of the Registrar to vary a licence under this section extends to including in the licence as varied any provision that could be included if a fresh licence were being granted in response to an application under section 9.
                  (5) The power of the Registrar under this section is referred to in these Regulations as its own-initiative variation power.

                • 14. Imposition of requirements by Registrar

                  (1) Where a person has applied for a licence or the variation of a licence, the Registrar may impose on that person such requirements, taking effect on or after the grant or variation of the licence, as the Registrar considers appropriate.
                  (2) The Registrar may exercise its power under subsection (3) in relation to a licensed person if it appears to the Registrar that —
                  (a) that person is failing, or is likely to fail, to satisfy the conditions of licence applicable to him;
                  (b) that person has failed, during a period of at least 12 months, to carry on a controlled activity to which the licence relates; or
                  (c) it is desirable to exercise the power in the interests of the Abu Dhabi Global Market.
                  (3) The Registrar's power under this subsection is a power —
                  (a) to impose a new requirement;
                  (b) to vary a requirement imposed by the Registrar under this section; or
                  (c) to cancel such a requirement.
                  (4) The Registrar's power under subsection (3) is referred to in these Regulations as its own-initiative requirement power.
                  (5) The Registrar may, on the application of a licensed person —
                  (a) impose a new requirement on that person;
                  (b) vary a requirement imposed by the Registrar under this section on that person; or
                  (c) cancel such a requirement.
                  (6) The Registrar may refuse an application under subsection (5) if it appears to it that it is desirable to do so in the interests of the Abu Dhabi Global Market.

                • 15. Requirements under section 14: further provisions

                  (1) A requirement may, in particular, be imposed —
                  (a) so as to require the person concerned to take specified action; or
                  (b) so as to require the person concerned to refrain from taking specified action.
                  (2) A requirement may extend to activities which are not controlled activities.
                  (3) A requirement may be imposed by reference to a partnership's members.
                  (4) A requirement may be imposed by reference to the person's relationship with —
                  (a) the person's group; or
                  (b) other members of the person's group.
                  (5) A requirement may be expressed to expire at the end of such period as the Registrar may specify, but the imposition of a requirement that expires at the end of a specified period does not affect the Registrar's power to impose a new requirement.
                  (6) A requirement may refer to the past conduct of the person concerned (for example, by requiring the person concerned to review or take remedial action in respect of past conduct).
                  (7) In this section "requirement" means a requirement imposed under section 14.

                • 16. Applications under this Part

                  (1) An application for a licence must —
                  (a) contain a statement of the controlled activity or controlled activities which the applicant proposes to carry on and for which the applicant wishes to have a licence; and
                  (b) give the address of a place in the Abu Dhabi Global Market for service on the applicant of any notice or other document which is required or authorised to be served on the applicant under these Regulations.
                  (2) An application for the variation of a licence must contain a statement —
                  (a) of the desired variation; and
                  (b) of the controlled activity or controlled activities which the applicant proposes to carry on if the licence is varied.
                  (3) An application for the variation of a requirement imposed under section 14 or for the imposition of a new requirement must contain a statement of the desired variation or requirement.
                  (4) An application under this Part must —
                  (a) be made in such manner as the Registrar may direct; and
                  (b) contain, or be accompanied by, such other information as the Registrar may reasonably require.
                  (5) At any time after the application is received and before it is determined, the Registrar may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
                  (6) Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.
                  (7) The Registrar may require an applicant to provide information which the applicant is required to provide to it under this section in such form, or to verify it in such a way, as the Registrar may direct.
                  (8) The Board may make rules requiring the payment to the Registrar of such fees, in connection with applications made under this Part, as are specified in the rules. Such rules may prescribe different levels of fees for different types of applicant or different types of controlled activity. Any fee which is owed to the Registrar under any provision made by such rules may be recovered as a debt due to the Registrar. The Registrar may reject an application which is not accompanied by the payment to the Registrar of the fees due on such application.

                • 17. Determination of applications

                  (1) An application under this Part must be determined by the Registrar before the end of the period of 1 month beginning with the date on which it received the completed application.
                  (2) The Registrar may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within 3 months beginning with the date on which it received the application.
                  (3) The applicant may withdraw the application, by giving the Registrar written notice, at any time before the Registrar determines it.
                  (4) If the Registrar grants an application —
                  (a) for a licence;
                  (b) for the variation or cancellation of a licence;
                  (c) for the variation or cancellation of a requirement imposed under section 14; or
                  (d) for the imposition of a new requirement under that section,
                  it must give the applicant written notice.
                  (5) The notice must state the date from which the licence, variation, cancellation or requirement has effect.

                • 18. Determination of applications: warning notices and decision notices

                  (1) If the Registrar proposes —
                  (a) to grant a licence but to exercise its power under section 10(5)(a) or (b);
                  (b) to grant a licence but to exercise its power under section 14(1) in connection with the application for a licence;
                  (c) to vary a licence on the application of a licensed person but to exercise its power under section 10(5)(a) or (b);
                  (d) to vary a licence but to exercise its power under section 14(1) in connection with the application for variation,
                  it must give the applicant a warning notice.
                  (2) If the Registrar proposes to refuse an application made under this Part, it must give the applicant a warning notice.
                  (3) If the Registrar decides —
                  (a) to grant a licence but to exercise its power under section 10(5)(a) or (b);
                  (b) to grant a licence but to exercise its power under section 14(1) in connection with the grant of the licence;
                  (c) to vary a licence on the application of a licensed person but to exercise its power under section 10(5)(a) or (b);
                  (d) to vary a licence on the application of a licensed person but to exercise its power under section 14(1) in connection with the variation; or
                  (e) to refuse an application made under this Part,
                  it must give the applicant a decision notice.

                • 19. Exercise of own-initiative power: procedure

                  (1) This section applies to an exercise of the own-initiative variation power or own-initiative requirement power in relation to a licensed person ("A").
                  (2) A variation of a licence or the imposition or variation of a requirement takes effect —
                  (a) immediately, if the notice given under subsection (4) states that that is the case;
                  (b) on such date as may be specified in the notice; or
                  (c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
                  (3) A variation of a licence, or the imposition or variation of a requirement, may be expressed to take effect immediately (or on a specified date) only if the Registrar, having regard to the ground on which it is exercising its own-initiative variation power or own-initiative requirement power, reasonably considers that it is necessary for the variation, or the imposition or variation of the requirement, to take effect immediately (or on that date).
                  (4) If the Registrar proposes to vary a licence or to impose or vary a requirement, or varies a licence or imposes or varies a requirement, with immediate effect, it must give A written notice.
                  (5) The notice must —
                  (a) give details of the variation of the licence or the imposition or variation of the requirement;
                  (b) state the Registrar's reasons for the variation of the licence or the imposition or variation of the requirement;
                  (c) inform A that A may make representations to the Registrar within such period as may be specified in the notice (whether or not A has referred the matter to the court);
                  (d) inform A of when the variation of the licence or the imposition or variation of the requirement takes effect; and
                  (e) inform A of A's right to refer the matter to the court.
                  (6) The Registrar may extend the period allowed under the notice for making representations.
                  (7) If, having considered any representations made by A, the Registrar decides —
                  (a) to vary the licence, or impose or vary the requirement, in the way proposed; or
                  (b) if the licence has been varied or the requirement imposed or varied, not to rescind the variation of the licence or the imposition or variation of the requirement,
                  it must give A written notice.
                  (8) If, having considered any representations made by A, the Registrar decides —
                  (a) not to vary the licence, or impose or vary the requirement, in the way proposed,
                  (b) to vary the licence or requirement in a different way, or impose a different requirement; or
                  (c) to rescind a variation or requirement which has effect,
                  it must give A written notice.
                  (9) A notice under subsection (7) must inform A of A's right to refer the matter to the court.
                  (10) A notice under subsection (8)(b) must comply with subsection (5).
                  (11) If a notice informs A of A's right to refer a matter to the court, it must give an indication of the procedure on such a reference.
                  (12) For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 51(9).

                • 20. Cancellation of licence: procedure

                  (1) If the Registrar proposes to cancel a licensed person's licence otherwise than at the person's request, it must give the person a warning notice.
                  (2) If the Registrar decides to cancel a licensed person's licence otherwise than at the person's request, it must give the person a decision notice.

                • 21. Right to refer matters to the court

                  (1) An applicant who is aggrieved by the determination of an application made under this Part may refer the matter to the court.
                  (2) A licensed person who is aggrieved by the exercise by the Registrar of its own-initiative variation power or its own-initiative requirement power may refer the matter to the court.

              • PART 2 RULES AND GUIDANCE

                • 22. Power to make rules

                  (1) The Board may make such rules applying to licensed persons —
                  (a) with respect to the carrying on by them of controlled activities; or
                  (b) with respect to the carrying on by them of activities which are not controlled activities,
                  as appear to the Board to be in the interests of the Abu Dhabi Global Market.
                  (2) Rules made by the Board —
                  (a) may make different provision for different cases and may, in particular, make different provision in respect of different descriptions of licensed persons or controlled activities;
                  (b) may make provision in relation to matters such as conduct of business, consumer protection, professional standards, fitness and propriety of officers, employees or agents of the licensed person, systems and controls, maintenance of adequate financial resources, provision of information to the Registrar (including financial statements), and provision of other assistance to the Registrar to enable the Registrar to discharge its functions; and
                  (c) may contain such incidental, supplemental, consequential and transitional provision as the Board considers appropriate.

                • 23. Modification or waiver of rules

                  (1) The Registrar may, on the application or with the consent of a person who is subject to rules made under section 22, direct that all or any of those rules —
                  (a) are not to apply to that person; or
                  (b) are to apply to that person with such modifications as may be specified in the direction.
                  (2) An application must be made in such manner as the Registrar may direct.
                  (3) The Registrar may not give a direction unless it is satisfied that —
                  (a) compliance by the person with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and
                  (b) the direction would not adversely affect the interests of the Abu Dhabi Global Market.
                  (4) A direction may be given subject to conditions.
                  (5) The Registrar may —
                  (a) revoke a direction; or
                  (b) vary it on the application, or with the consent, of the person to whom it relates.
                  (6) "Direction" means a direction under this section.

                • 24. Publication of directions under section 23

                  (1) Subject to subsection (2), a direction must be published by the Registrar in the way appearing to the Registrar to be best calculated for bringing it to the attention of —
                  (a) persons likely to be affected by it; and
                  (b) persons who are, in the opinion of the Registrar, likely to make an application for a similar direction.
                  (2) Subsection (1) does not apply if the Registrar is satisfied that it is inappropriate or unnecessary to publish the direction.
                  (3) In deciding whether it is satisfied as mentioned in subsection (2), the Registrar must —
                  (a) consider whether the publication of the direction would be detrimental to the interests of the Abu Dhabi Global Market; and
                  (b) consider whether publication of the direction would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's immediate group, including whether it would be possible to avoid such prejudice by publishing the direction without disclosing the identity of the person concerned.
                  (4) "Direction" means a direction under section 23.

                • 25. Limit on effect of contravening rules

                  A contravention of any rule made by the Board under these Regulations does not by itself make any transaction void or unenforceable.

                • 26. Rule-making instruments

                  (1) Any power conferred on the Board to make rules pursuant to these Regulations is exercisable in writing.
                  (2) An instrument by which rules are made by the Board ("a rule-making instrument") must specify the provision of these Regulations under which the rules are made.
                  (3) To the extent that a rule-making instrument does not comply with subsection (2), it is void.
                  (4) A rule-making instrument must be published by the Board in the way appearing to it to be best calculated to bring it to the attention of the public.
                  (5) The Board may charge a reasonable fee for providing a person with a copy of a rule-making instrument.
                  (6) A person is not to be taken to have contravened any rule made by the Board if the person shows that at the time of the alleged contravention the rule-making instrument concerned had not been made available in accordance with this section.

                • 27. Verification of rules

                  (1) The production of a printed copy of a rule-making instrument purporting to be made by the Board —
                  (a) on which is endorsed a certificate signed by a person duly authorised by the Board for that purpose; and
                  (b) which contains the required statements,
                  is evidence of the facts stated in the certificate.
                  (2) The required statements are —
                  (a) that the instrument was made by the Board;
                  (b) that the copy is a true copy of the instrument; and
                  (c) that on a specified date the instrument was made available to the public in accordance with section 26(4).
                  (3) A certificate purporting to be signed as mentioned in subsection (1) is to be taken to have been properly signed unless the contrary is shown.
                  (4) A person who wishes in any legal proceedings to rely on a rule-making instrument may require the Board to endorse a copy of the instrument with a certificate of the kind mentioned in subsection (1).

                • 28. Power of the Registrar to give guidance

                  (1) The Registrar may give guidance consisting of such information as it considers appropriate —
                  (a) with respect to the operation of specified parts of these Regulations and of any rules made under these Regulations;
                  (b) with respect to any matter relating to the functions of the Registrar;
                  (c) with respect to any other matters about which it appears to the Registrar to be desirable to give information.
                  (2) The Registrar may give financial or other assistance to persons giving information of a kind which the Registrar could give under this section.
                  (3) The Registrar may —
                  (a) publish its guidance;
                  (b) offer copies of its published guidance for sale at a reasonable price; and
                  (c) if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

              • PART 3 INFORMATION GATHERING AND INVESTIGATIONS

                • 29. Registrar's power to require information: licensed persons etc.

                  (1) The Registrar may, by notice in writing given to a licensed person, require him —
                  (a) to provide specified information or information of a specified description; or
                  (b) to produce specified documents or documents of a specified description.
                  (2) The information or documents must be provided or produced —
                  (a) before the end of such reasonable period as may be specified; and
                  (b) at such place as may be specified.
                  (3) An officer who has written authorisation from the Registrar to do so may require a licensed person without delay —
                  (a) to provide the officer with specified information or information of a specified description; or
                  (b) to produce to him specified documents or documents of a specified description.
                  (4) This section applies only to information and documents reasonably required in connection with the exercise by the Registrar of functions conferred on it by or under these Regulations.
                  (5) The Registrar may require any information provided under this section to be provided in such form as it may reasonably require.
                  (6) The Registrar may require —
                  (a) any information provided, whether in a document or otherwise, to be verified in such manner; or
                  (b) any document produced to be authenticated in such manner,
                  as it may reasonably require.
                  (7) The powers conferred by subsections (1) and (3) may also be exercised by the Registrar to impose requirements on a person who is connected with a licensed person.
                  (8) "Licensed person" includes a person who was at any time a licensed person but who has ceased to be a licensed person.
                  (9) "Officer" means an officer of the Registrar and includes a member of the Registrar's staff or an agent of the Registrar.
                  (10) "Specified" means —
                  (a) in subsections (1) and (2), specified in the notice; and
                  (b) in subsection (3), specified in the authorisation.
                  (11) For the purposes of this section, a person is connected with another person ("A") if he is or has at any relevant time been —
                  (a) a member of A's group;
                  (b) a controller of A;
                  (c) any other member of a partnership of which A is a member; or
                  (d) in relation to A, a person mentioned in Part 1 of the Schedule (reading references in that Part to the licensed person as references to A).

                • 30. Appointment of persons to carry out general investigations

                  (1) If it appears to the Registrar that there is good reason for doing so, it may appoint one or more competent persons to conduct an investigation on its behalf into —
                  (a) the nature, conduct or state of the business of a licensed person;
                  (b) a particular aspect of that business; or
                  (c) the ownership or control of a licensed person.
                  (2) If a person appointed under subsection (1) thinks it necessary for the purposes of his investigation, he may also investigate the business of a person who is or has at any relevant time been —
                  (a) a member of the group of which the person under investigation ("A") is part; or
                  (b) a partnership of which A is a member.
                  (3) If a person appointed under subsection (1) decides to investigate the business of any person under subsection (2) he must give that person written notice of his decision.
                  (4) The power conferred by this section may be exercised in relation to a former licensed person but only in relation to —
                  (a) business carried on at any time when he was a licensed person; or
                  (b) the ownership or control of a former licensed person at any time when he was a licensed person.
                  (5) "Business" includes any part of a business even if it does not consist of carrying on controlled activities.

                • 31. Appointment of persons to carry out investigations in particular cases

                  (1) Subsection (2) applies if it appears to the Registrar that there are circumstances suggesting that a person may have committed a contravention of any enactment or subordinate legislation where such contravention is punishable by a fine.
                  (2) The Registrar may appoint one or more competent persons to conduct an investigation on its behalf.

                • 32. Investigations: general

                  (1) This section applies if the Registrar appoints one or more competent persons ("investigators") under sections 30 or 31 to conduct an investigation on its behalf.
                  (2) The Registrar must give written notice of the appointment of an investigator to the person who is the subject of the investigation ("the person under investigation").
                  (3) Subsections (2) and (9) do not apply if the investigator is appointed as a result of section 31 and the Registrar believes that the notice required by subsections (2) or (9) would be likely to result in the investigation being frustrated.
                  (4) A notice under subsection (2) must —
                  (a) specify the provisions under which, and as a result of which, the investigator was appointed; and
                  (b) state the reason for his appointment.
                  (5) Nothing prevents the Registrar from appointing a person who is a member of its staff as an investigator.
                  (6) An investigator must make a report of his investigation to the Registrar.
                  (7) The Registrar may, by a direction to an investigator, control —
                  (a) the scope of the investigation;
                  (b) the period during which the investigation is to be conducted;
                  (c) the conduct of the investigation; and
                  (d) the reporting of the investigation.
                  (8) A direction may, in particular —
                  (a) confine the investigation to particular matters;
                  (b) extend the investigation to additional matters;
                  (c) require the investigator to discontinue the investigation or to take only such steps as are specified in the direction;
                  (d) require the investigator to make such interim reports as are so specified.
                  (9) If there is a change in the scope or conduct of the investigation and, in the opinion of the Registrar, the person subject to investigation is likely to be significantly prejudiced by not being made aware of it, that person must be given written notice of the change.

                • 33. Powers of persons appointed under section 30

                  (1) An investigator may require the person who is the subject of the investigation ("the person under investigation") or any person connected with the person under investigation —
                  (a) to attend before the investigator at a specified time and place and answer questions; or
                  (b) otherwise to provide such information as the investigator may require.
                  (2) An investigator may also require any person to produce at a specified time and place any specified documents or documents of a specified description.
                  (3) A requirement under subsections (1) or (2) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of the document to be relevant to the purposes of the investigation.
                  (4) For the purposes of this section, a person is connected with the person under investigation ("A") if he is or has at any relevant time been —
                  (a) a member of A's group;
                  (b) a controller of A;
                  (c) a partnership of which A is a member; or
                  (d) in relation to A, a person mentioned in Part 1 or Part 2 of the Schedule.
                  (5) "Investigator" means a person conducting an investigation under section 30.
                  (6) "Specified" means specified in a notice in writing.

                • 34. Additional power of persons appointed as a result of section 31

                  (1) An investigator has the powers conferred by section 33.
                  (2) An investigator may also require a person who is neither the subject of the investigation ("the person under investigation") nor a person connected with the person under investigation —
                  (a) to attend before the investigator at a specified time and place and answer questions; or
                  (b) otherwise to provide such information as the investigator may require for the purposes of the investigation.
                  (3) A requirement may only be imposed under subsection (2) if the investigator is satisfied that the requirement is necessary or expedient for the purposes of the investigation.
                  (4) "Investigator" means a person appointed as a result of section 31.
                  (5) Subsections (6) to (8) apply if an investigator considers that any person ("A") is or may be able to give information which is or may be relevant to the investigation.
                  (6) The investigator may require A —
                  (a) to attend before him at a specified time and place and answer questions; or
                  (b) otherwise to provide such information as he may require for the purposes of the investigation.
                  (7) The investigator may also require A to produce at a specified time and place any specified documents or documents of a specified description which appear to the investigator to relate to any matter relevant to the investigation.
                  (8) The investigator may also otherwise require A to give him all assistance in connection with the investigation which A is reasonably able to give.
                  (9) "Specified" means specified in a notice in writing.

                • 35. Admissibility of statements made to investigators

                  (1) A statement made to an investigator by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.
                  (2) "Investigator" means a person appointed under sections 30 or 31.
                  (3) "Information requirement" means a requirement imposed by an investigator under sections 33, 34 or 36.

                • 36. Information and documents: supplemental provisions

                  (1) If the Registrar or an investigator has power under this Part to require a person to produce a document but it appears that the document is in the possession of a third person, that power may be exercised in relation to the third person.
                  (2) If a document is produced in response to a requirement imposed under this Part, the person to whom it is produced may —
                  (a) take copies or extracts from the document; or
                  (b) require the person producing the document, or any relevant person, to provide an explanation of the document.
                  (3) A document so produced may be retained for so long as the person to whom it is produced considers that it is necessary to retain it (rather than copies of it) for the purposes for which the document was requested.
                  (4) If the person to whom a document is so produced has reasonable grounds for believing —
                  (a) that the document may have to be produced for the purposes of any legal proceedings; and
                  (b) that it might otherwise be unavailable for those purposes,
                  it may be retained until the proceedings are concluded.
                  (5) If a person who is required under this Part to produce a document fails to do so, the Registrar or an investigator may require him to state, to the best of his knowledge and belief, where the document is.
                  (6) A lawyer may be required under this Part to furnish the name and address of his client.
                  (7) No person may be required under this Part to disclose information or produce a document in respect of which he owes an obligation of confidence by virtue of carrying on the business of banking unless —
                  (a) he is the person under investigation or a member of that person's group;
                  (b) the person to whom the obligation of confidence is owed is the person under investigation or a member of that person's group;
                  (c) the person to whom the obligation of confidence is owed consents to the disclosure or production; or
                  (d) the imposing on him of a requirement with respect to such information or document has been specifically authorised by the Registrar.
                  (8) If a person claims a lien on a document, its production under this Part does not affect the lien.
                  (9) "Relevant person", in relation to a person who is required to produce a document, means a person who —
                  (a) has been or is or is proposed to be a director or controller of that person;
                  (b) has been or is an auditor of that person;
                  (c) has been or is an actuary, accountant or lawyer appointed or instructed by that person; or
                  (d) has been or is an employee of that person.
                  (10) "Investigator" means a person appointed under sections 30 or 31.

                • 37. Entry of premises under warrant

                  (1) The court may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Registrar or an investigator that there are reasonable grounds for believing that the first or second set of conditions is satisfied.
                  (2) The first set of conditions is —
                  (a) that a person on whom an information requirement has been imposed has failed (wholly or in part) to comply with it; and
                  (b) that on the premises specified in the warrant —
                  (i) there are documents which have been required; or
                  (ii) there is information which has been required.
                  (3) The second set of conditions is —
                  (a) that the premises specified in the warrant are premises of a licensed person;
                  (b) that there are on the premises documents or information in relation to which an information requirement could be imposed; and
                  (c) that if such a requirement were to be imposed —
                  (i) it would not be complied with; or
                  (ii) the documents or information to which it related would be removed, tampered with or destroyed.
                  (4) A warrant under this section shall authorise the person executing it —
                  (a) to enter the premises specified in the warrant;
                  (b) to search the premises and take possession of any documents or information appearing to be documents or information of a kind in respect of which a warrant under this section was issued ("the relevant kind") or to take, in relation to any such documents or information, any other steps which may appear to be necessary for preserving them or preventing interference with them;
                  (c) to take copies of, or extracts from, any documents or information appearing to be of the relevant kind;
                  (d) to require any person on the premises to provide an explanation of any document or information appearing to be of the relevant kind or to state where it may be found; and
                  (e) to use such force as may be reasonably necessary.
                  (5) A warrant under this section may be executed by any person authorised by the court issuing the warrant to execute it.
                  (6) The warrant may authorise persons to accompany any person who is executing it.
                  (7) "Investigator" means a person appointed under sections 30 or 31.
                  (8) "Information requirement" means a requirement imposed —
                  (a) by the Registrar under sections 29 or 36; or
                  (b) by an investigator under sections 33, 34 or 36.

                • 38. Retention of documents taken under section 37

                  (1) Any document of which possession is taken under section 37 ("a seized document") may be retained so long as it is necessary to retain it (rather than copies of it) in the circumstances.
                  (2) A person claiming to be the owner of a seized document may apply to the court for an order for the delivery of the document to the person appearing to the court to be the owner.
                  (3) If on an application under subsection (2) the court cannot ascertain who is the owner of the seized document the court may make such order as the court thinks fit.
                  (4) An order under subsections (2) or (3) does not affect the right of any person to take legal proceedings against any person in possession of a seized document for the recovery of the document.
                  (5) Any right to bring proceedings (as described in subsection (4)) may only be exercised within 6 months of the date of the order made under subsections (2) or (3).

                • 39. Contraventions

                  (1) If a person other than the investigator ("the defaulter") fails to comply with a requirement imposed on him under this Part the person imposing the requirement may certify that fact in writing to the court.
                  (2) If the court is satisfied that the defaulter failed without reasonable excuse to comply with the requirement, it may deal with the defaulter (and in the case of a body corporate, any director or other officer) as if he were in contempt.
                  (3) A person who knows or suspects that an investigation is being or is likely to be conducted under this Part commits a contravention of these Regulations if —
                  (a) he falsifies, conceals, destroys or otherwise disposes of a document which he knows or suspects is or would be relevant to such an investigation; or
                  (b) he causes or permits the falsification, concealment, destruction or disposal of such a document, unless he shows that he had no intention of concealing facts disclosed by the documents from the investigator.
                  (4) A person who, in purported compliance with a requirement imposed on him under this Part —
                  (a) provides information which he knows to be false or misleading in a material particular; or
                  (b) recklessly provides information which is false or misleading in a material particular,
                  commits a contravention of these Regulations.
                  (5) A person who commits either of the contraventions set out in subsections (3) and (4) shall be liable to a fine not exceeding level 6 on the standard fines scale.
                  (6) Any person who intentionally obstructs the exercise of any rights conferred by a warrant under section 37 commits a contravention of these Regulations and shall be liable to a fine not exceeding level 5 on the standard fines scale.

              • PART 4 ENFORCEMENT

                • 40. Meaning of "relevant requirement"

                  In this Part, "relevant requirement" means a requirement imposed by rules made under these Regulations.

                • 41. Fines

                  (1) If the Registrar considers that a licensed person has contravened a relevant requirement imposed on the person, it may impose on him a fine, in respect of the contravention, of such amount as it considers appropriate, provided such fine shall not exceed level 5 on the standard fines scale.
                  (2) If the Registrar considers that a person has committed a contravention of an enactment or subordinate legislation, it may impose on him a fine of an amount not exceeding the maximum specified for such contravention in the relevant enactment or subordinate legislation.
                  (3) A fine under this section is payable to the Registrar.

                • 42. Suspending licence to carry on controlled activities etc.

                  (1) If the Registrar considers that a licensed person has contravened a relevant requirement imposed on the person, it may —
                  (a) suspend, for such period as it considers appropriate, any licence which the person has to carry on a controlled activity; or
                  (b) impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a controlled activity by the person as it considers appropriate.
                  (2) The period for which a suspension or restriction is to have effect may not exceed 12 months.
                  (3) A suspension may relate only to the carrying on of an activity in specified circumstances.
                  (4) A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action.
                  (5) The Registrar may —
                  (a) withdraw a suspension or restriction; or
                  (b) vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.
                  (6) The power under this section may (but need not) be exercised so as to have effect in relation to all the controlled activities that a licensed person carries on.
                  (7) In the case of a licensed person, any one or more of the powers under —
                  (a) subsection (1)(a) and (b) of this section; and
                  (b) section 41,
                  may be exercised in relation to the same contravention.

                • 43. Proposal to take disciplinary measures

                  (1) If the Registrar proposes —
                  (a) to impose a fine on a person (under section 41); or
                  (b) to suspend the licence of a licensed person or impose a restriction in relation to the carrying on of a controlled activity by a licensed person (under section 42),
                  it must give that person a warning notice.
                  (2) A warning notice about a proposal to impose a fine must state the amount of the fine.
                  (3) A warning notice about a proposal to suspend a licence or impose a restriction must state the period for which the suspension or restriction is to have effect.

                • 44. Decision to take disciplinary measures

                  (1) If the Registrar decides —
                  (a) to impose a fine under section 41 (whether or not of the amount proposed); or
                  (b) to suspend a licence or impose a restriction under section 42 (whether or not in the manner proposed),
                  it must without delay give the person concerned a decision notice.
                  (2) In the case of a fine, the decision notice must state the amount of the fine.
                  (3) In the case of a suspension or restriction, the decision notice must state the period for which the suspension or restriction is to have effect.
                  (4) If a Registrar decides to —
                  (a) impose a fine on a person under section 41; or
                  (b) suspend the licence of a licensed person, or impose a restriction in relation to the carrying on of a controlled activity by a licensed person, under section 42,
                  that person may refer the matter to the court.

                • 45. Statements of policy

                  (1) The Registrar must prepare and issue a statement of its policy with respect to —
                  (a) the imposition of fines, suspensions or restrictions under this Part; and
                  (b) the period for which suspensions or restrictions under this Part are to have effect.
                  (2) The Registrar's policy in determining what the amount of a fine should be, or what the period for which a suspension or restriction is to have effect should be, must include having regard to —
                  (a) the seriousness of the contravention in question in relation to the nature of the relevant requirement or provision of these Regulations contravened;
                  (b) the extent to which that contravention was deliberate or reckless; and
                  (c) whether the person against whom action is to be taken is an individual.
                  (3) The Registrar may at any time alter or replace a statement issued by it under this section.
                  (4) If a statement issued under this section is altered or replaced by the Registrar, the Registrar must issue the altered or replacement statement.
                  (5) The Registrar must, without delay, give the Board a copy of any statement which it publishes under this section.
                  (6) A statement issued under this section by the Registrar must be published by the Registrar in the way appearing to the Registrar to be best calculated to bring it to the attention of the public.
                  (7) In exercising, or deciding whether to exercise, its power under sections 41 or 42 in the case of any particular contravention, the Registrar must have regard to any statement published by it under this section and in force at the time when the contravention in question occurred.
                  (8) The Registrar may charge a reasonable fee for providing a person with a copy of the statement.

                • 46. Statements of policy: procedure

                  (1) Before the Registrar issues a statement under section 45, the Registrar must publish a draft of the proposed statement in the way appearing to the Registrar to be best calculated to bring it to the attention of the public.
                  (2) The draft must be accompanied by notice that representations about the proposal may be made to the Registrar within a specified time.
                  (3) Before issuing the proposed statement, the Registrar must have regard to any representations made to it in accordance with subsection (2).
                  (4) If the Registrar issues the proposed statement it must publish an account, in general terms, of —
                  (a) the representations made to it in accordance with subsection (2); and
                  (b) its response to them.
                  (5) If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the Registrar, significant, the Registrar must (in addition to complying with subsection (4)) publish details of the difference.
                  (6) The Registrar may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
                  (7) This section also applies to a proposal to alter or replace a statement.

                • 47. Warning notices

                  (1) A warning notice must —
                  (a) state the action which the Registrar proposes to take;
                  (b) be in writing;
                  (c) give reasons for the proposed action;
                  (d) state whether section 53 applies; and
                  (e) if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.
                  (2) A warning notice must specify a reasonable period (which may not be less than 14 days) within which the person to whom it is given may make representations to the Registrar.
                  (3) The Registrar may extend the period specified in the notice.
                  (4) The Registrar must then decide, within a reasonable period, whether to give the person concerned a decision notice.
                  (5) In this Part, "warning notice" means a notice under sections 18(1), 18(2), 20(1) or 43(1).

                • 48. Decision notices

                  (1) A decision notice must —
                  (a) be in writing;
                  (b) give the reasons of the Registrar for the decision to take the action to which the notice relates;
                  (c) state whether section 53 applies;
                  (d) if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it; and
                  (e) give an indication of —
                  (i) any right to have the matter referred to the court which is given by these Regulations; and
                  (ii) the procedure on such a reference.
                  (2) If the decision notice was preceded by a warning notice, the action to which the decision notice relates must be action under the same provision as the action proposed in the warning notice.
                  (3) The Registrar may, before it takes the action to which a decision notice ("the original notice") relates, give the person concerned a further decision notice which relates to different action in respect of the same matter.
                  (4) The Registrar may give a further decision notice as a result of subsection (3) only if the person to whom the original notice was given consents.
                  (5) If the person to whom a decision notice is given under subsection (3) had the right to refer the matter to which the original decision notice related to the court, he has that right as respects the decision notice under subsection (3).
                  (6) In this Part, "decision notice" means a notice under sections 18(3), 20(2) or 44(1).

                • 49. Notices of discontinuance

                  (1) If the Registrar decides not to take —
                  (a) the action proposed in a warning notice given by it; or
                  (b) the action to which a decision notice given by it relates,
                  it must give a notice of discontinuance to the person to whom the warning notice or decision notice was given.
                  (2) But subsection (1) does not apply if the discontinuance of the proceedings concerned results in the granting of an application made by the person to whom the warning or decision notice was given.
                  (3) A notice of discontinuance must identify the proceedings which are being discontinued.

                • 50. Final notices

                  (1) If the Registrar has given a person a decision notice and the matter was not referred to the court within 28 days of that person receiving the notice or such other period as the court may allow, the Registrar must, on taking the action to which the decision notice relates, give the person concerned and any person to whom the decision notice was copied a final notice.
                  (2) If the Registrar has given a person a decision notice and the matter was referred to the court, the Registrar must, on taking action in accordance with any directions given by —
                  (a) the court, or
                  (b) the Court of Appeal on an appeal against the decision of the court,
                  give that person and any person to whom the decision notice was copied the notice required by subsection (3).
                  (3) The notice required by this subsection is —
                  (a) in a case where the Registrar is acting in accordance with a direction given by the court, or by the Court of Appeal on an appeal from a decision of the court, a further decision notice; and
                  (b) in any other case, a final notice.
                  (4) A final notice must —
                  (a) give details of the action being taken;
                  (b) state the date on which the action is to be taken; and
                  (c) if it imposes a fine, state the amount of the fine and the manner in which, and the period within which, the fine is to be paid.
                  (5) The period stated under subsection (4)(c) may not be less than 30 days beginning with the date on which the final notice is given.
                  (6) If all or any of the amount of a fine payable under a final notice is outstanding at the end of the period stated under subsection (4)(c), the Registrar may recover the outstanding amount as a debt due to it.

                • 51. Publication

                  (1) In the case of a warning notice, neither the Registrar nor a person to whom it is given or copied may publish the notice or any details concerning it.
                  (2) A person to whom a decision notice is given or copied may not publish the notice or any details concerning it unless the Registrar has published the notice or those details.
                  (3) A notice of discontinuance must state that, if the person to whom the notice is given consents, the Registrar may publish such information as it considers appropriate about the matter to which the discontinued proceedings related.
                  (4) A copy of a notice of discontinuance must be accompanied by a statement that, if the person to whom the notice is copied consents, the Registrar may publish such information as it considers appropriate about the matter to which the discontinued proceedings related, so far as relevant to that person.
                  (5) The Registrar must publish such information about the matter to which a decision notice or final notice relates as it considers appropriate.
                  (6) When a supervisory notice takes effect, the Registrar must publish such information about the matter to which the notice relates as it considers appropriate.
                  (7) The Registrar may not publish information under this section if, in its opinion, publication of the information would be —
                  (a) unfair to the person with respect to whom the action was taken (or was proposed to be taken);
                  (b) detrimental to the interests of participants of the Abu Dhabi Global Market; or
                  (c) detrimental to the interests of the Abu Dhabi Global Market.
                  (8) Information is to be published under this section in such manner as the Registrar considers appropriate.
                  (9) For the purposes of determining when a supervisory notice takes effect, a matter to which the notice relates is open to review if —
                  (a) the period during which any person may refer the matter to the court is still running;
                  (b) the matter has been referred to the court but has not been dealt with;
                  (c) the matter has been referred to the court and dealt with but the period during which an appeal may be brought against the court's decision is still running; or
                  (d) such an appeal has been brought but has not been determined.
                  (10) "Notice of discontinuance" means a notice given under section 49.
                  (11) "Supervisory notice" has the same meaning as in section 54.
                  (12) A person, other than the Registrar, who contravenes subsections (1) or (2) shall be liable to a fine not exceeding level 3 on the standard fines scale.

                • 52. Third party rights

                  (1) If any of the reasons contained in a warning notice relates to a matter which —
                  (a) identifies a person ("the third party") other than the person to whom the notice is given; and
                  (b) in the opinion of the Registrar, is prejudicial to the third party,
                  a copy of the notice must be given to the third party.
                  (2) Subsection (1) does not require a copy to be given to the third party if the Registrar —
                  (a) has given him a separate warning notice in relation to the same matter; or
                  (b) gives him such a notice at the same time as it gives the warning notice which identifies him.
                  (3) The notice copied to a third party under subsection (1) must specify a reasonable period (which may not be less than 14 days) within which he may make representations to the Registrar.
                  (4) If any of the reasons contained in a decision notice to which this section applies relates to a matter which —
                  (a) identifies a person ("the third party") other than the person to whom the decision notice is given; and
                  (b) in the opinion of the Registrar, is prejudicial to the third party,
                  a copy of the notice must be given to the third party.
                  (5) If the decision notice was preceded by a warning notice, a copy of the decision notice must (unless it has been given under subsection (4)) be given to each person to whom the warning notice was copied.
                  (6) Subsection (4) does not require a copy to be given to the third party if the Registrar —
                  (a) has given him a separate decision notice in relation to the same matter; or
                  (b) gives him such a notice at the same time as it gives the decision notice which identifies him.
                  (7) Neither subsection (1) nor subsection (4) requires a copy of a notice to be given to a third party if the Registrar considers it impracticable to do so.
                  (8) Subsections (9) to (11) apply if the person to whom a decision notice is given has a right to refer the matter to the court.
                  (9) A person to whom a copy of the notice is given under this section may refer to the court —
                  (a) the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or
                  (b) any opinion expressed by the Registrar in relation to him.
                  (10) The copy must be accompanied by an indication of the third party's right to make a reference under subsection (9) and of the procedure on such a reference.
                  (11) A person who alleges that a copy of the notice should have been given to him, but was not, may refer to the court the alleged failure and —
                  (a) the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or
                  (b) any opinion expressed by the Registrar in relation to him.
                  (12) Section 53 applies to a third party as it applies to the person to whom the notice to which this section applies was given, in so far as the material to which access must be given under that section relates to the matter which identifies the third party.
                  (13) A copy of a notice given to a third party under this section must be accompanied by a description of the effect of section 53 as it applies to him.
                  (14) Any person to whom a warning notice or decision notice was copied under this section must be given a copy of a notice of discontinuance applicable to the proceedings to which the warning notice or decision notice related.
                  (15) This section does not apply to a warning notice under section 18(1) or 18(2) or a decision notice under section 18(3).

                • 53. Access to material

                  (1) If the Registrar gives a person ("A") a warning notice or a decision notice, it must —
                  (a) allow him access to the material on which it relied in taking the decision which gave rise to the obligation to give the notice;
                  (b) allow him access to any secondary material which, in the Registrar's opinion, might undermine that decision.
                  (2) But the Registrar does not have to allow A access to material under subsection (1) if the material is excluded material or it —
                  (a) relates to a case involving a person other than A; and
                  (b) was taken into account by the Registrar in A's case only for purposes of comparison with other cases.
                  (3) The Registrar may refuse A access to particular material which it would otherwise have to allow him access to if, in its opinion, allowing him access to the material —
                  (a) would not be in the public interest; or
                  (b) would not be fair, having regard to —
                  (i) the likely significance of the material to A in relation to the matter in respect of which he has been given a notice; and
                  (ii) the potential prejudice to the commercial interests of a person other than A which would be caused by the material's disclosure.
                  (4) If the Registrar does not allow A access to material because it is excluded material consisting of a protected item, it must give A written notice of —
                  (a) the existence of the protected item; and
                  (b) the Registrar's decision not to allow him access to it.
                  (5) If the Registrar refuses under subsection (3) to allow A access to material, it must give him written notice of —
                  (a) the refusal; and
                  (b) the reasons for it.
                  (6) "Secondary material" means material, other than material falling within paragraph (a) of subsection (1) which —
                  (a) was considered by the Registrar in reaching the decision mentioned in that paragraph; or
                  (b) was obtained by the Registrar in connection with the matter to which that notice relates but which was not considered by it in reaching that decision.
                  (7) "Excluded material" means material which is a protected item (as defined in section 56).
                  (8) This section does not apply to a warning notice under section 18(1) or 18(2) or a decision notice under section 18(3).

                • 54. The Registrar's procedures

                  (1) The Registrar must determine the procedure that it proposes to follow in relation to the following —
                  (a) a decision which gives rise to an obligation to give a supervisory notice;
                  (b) a decision which gives rise to an obligation for it to give a warning notice or decision notice.
                  (2) That procedure must be designed to secure, among other things, that a decision falling within subsection (1) is taken —
                  (a) by a person not directly involved in establishing the evidence on which the decision is based; or
                  (b) by 2 or more persons who include a person not directly involved in establishing that evidence.
                  (3) But the procedure may permit a decision which gives rise to an obligation to give a supervisory notice to be taken otherwise than as mentioned in subsection (2) if the person taking the decision is of a level of seniority laid down by the procedure and the Registrar considers that, in the particular case, it is necessary in order to advance one or more of its objectives.
                  (4) A level of seniority laid down by the procedure for the purposes of subsection (3) must be appropriate to the importance of the decision.
                  (5) The Registrar must issue a statement of its procedure.
                  (6) The statement must be published in the way appearing to the Registrar to be best calculated to bring the statement to the attention of the public.
                  (7) The Registrar may charge a reasonable fee for providing a person with a copy of the statement.
                  (8) The Registrar must, without delay, give the Board a copy of the statement.
                  (9) When the Registrar gives a supervisory notice, or a warning notice or decision notice, the Registrar must follow its stated procedure.
                  (10) If the Registrar changes its procedure in a material way, it must publish a revised statement.
                  (11) The Registrar's failure in a particular case to follow its procedure as set out in the latest published statement does not affect the validity of a notice given in that case.
                  (12) But subsection (11) does not prevent the court from taking into account any such failure in considering a matter referred to it.
                  (13) "Supervisory notice" means a notice or notification given in accordance with sections 19(4), 19(7) or 19(8)(b).

                • 55. Statements under section 54: consultation

                  (1) Before issuing a statement of its procedure under section 54, the Registrar must publish a draft of the proposed statement in the way appearing to it to be best calculated to bring the draft to the attention of the public.
                  (2) The draft must be accompanied by notice that representations about the proposal may be made to the Registrar within a specified time.
                  (3) Before the Registrar issues the proposed statement of its procedure, it must have regard to any representations made to it in accordance with subsection (2).
                  (4) If the Registrar issues the proposed statement of its procedure, it must publish an account, in general terms, of —
                  (a) the representations made to it in accordance with subsection (2); and
                  (b) its response to them.
                  (5) If the statement of the Registrar's procedure differs from the draft published by it under subsection (1) in a way which is, in its opinion, significant, it must (in addition to complying with subsection (4)) publish details of the difference.
                  (6) The Registrar may charge a reasonable fee for providing a person with a copy of the draft published under subsection (1).
                  (7) This section also applies to a proposal to revise a statement of policy.

                • 56. Protected items

                  (1) A person may not be required under these Regulations to produce, disclose or permit the inspection of protected items.
                  (2) "Protected items" means —
                  (a) communications between a professional legal adviser and his client or any person representing his client which fall within subsection (3);
                  (b) communications between a professional legal adviser, his client or any person representing his client and any other person which fall within subsection (3) (as a result of paragraph (b) of that subsection);
                  (c) items which —
                  (i) are enclosed with, or referred to in, such communications;
                  (ii) fall within subsection (3); and
                  (iii) are in the possession of a person entitled to possession of them.
                  (3) A communication or item falls within this subsection if it is made —
                  (a) in connection with the giving of legal advice to the client; or
                  (b) in connection with, or in contemplation of, legal proceedings and for the purposes of those proceedings.
                  (4) A communication or item is not a protected item if it is held with the intention of furthering a criminal purpose.

                • 57. Service of notices

                  (1) The Board may make rules with respect to the procedure to be followed when a provision of or made under these Regulations requires a notice, direction or document of any kind to be given or authorises the imposition of a requirement.
                  (2) The rules may, in particular, make provision —
                  (a) as to the manner in which a document must be given;
                  (b) as to the address to which a document must be sent;
                  (c) requiring, or allowing, a document to be sent electronically;
                  (d) for treating a document as having been given, or as having been received, on a date or at a time determined in accordance with the rules;
                  (e) as to what must, or may, be done if the person to whom a document is required to be given is not an individual;
                  (f) as to what must, or may, be done if the intended recipient of a document is outside the Abu Dhabi Global Market.
                  (3) Subsection (1) applies however the obligation to give a document is expressed (and so, in particular, includes a provision which requires a document to be served or sent).

              • PART 5 BUSINESS NAMES

                • CHAPTER 1 RESTRICTED OR PROHIBITED NAMES

                  • 58. Application of this Chapter

                    (1) This Chapter applies to any person carrying on business in the Abu Dhabi Global Market.
                    (2) The provisions of this Chapter do not prevent —
                    (a) an individual carrying on business under a name consisting of his family name without any addition other than a permitted addition; or
                    (b) individuals carrying on business in partnership under a name consisting of the family names of all the partners without any addition other than a permitted addition.
                    (3) The following are the permitted additions —
                    (a) in the case of an individual, his forename or initial;
                    (b) in the case of a partnership —
                    (i) the forenames of individual partners or the initials of those forenames; or
                    (ii) where two or more individual partners have the same family name, the addition of "s" at the end of that family name;
                    (c) in either case, an addition merely indicating that the business is carried on in succession to a former owner of the business.

                  • 59. Name suggesting connection with government or public authority

                    (1) A person must not, without the approval of the Registrar, carry on business in the Abu Dhabi Global Market under a name that would be likely to give the impression that the business is connected with —
                    (a) the Federal Government of the United Arab Emirates, the Government of the Emirate of Abu Dhabi or the government of any other member Emirate of the United Arab Emirates; or
                    (b) any public authority specified for the purposes of this section by rules made by the Board.
                    (2) For the purposes of this section "public authority" includes any person or body having functions of a public nature.
                    (3) A person who contravenes this section commits a contravention of these Regulations.
                    (4) A person who commits the contravention set out in subsection (3) is liable to a fine not exceeding level 3 on the standard fines scale.

                  • 60. Other sensitive words or expressions

                    (1) A person must not, without the approval of the Registrar, carry on business in the Abu Dhabi Global Market under a name that includes a word or expression for the time being specified in rules made by the Board.
                    (2) A person who contravenes this section commits a contravention of these Regulations.
                    (3) A person who commits the contravention set out in subsection (2) is liable to a fine not exceeding level 3 on the standard fines scale.

                  • 61. Withdrawal of Board's approval

                    (1) This section applies to approval given for the purposes of sections 59 or 60.
                    (2) If it appears to the Registrar that there are overriding considerations of public policy that require such approval to be withdrawn, the approval may be withdrawn by notice in writing given to the person concerned.
                    (3) The notice must state the date as from which approval is withdrawn.

                  • 62. Name containing inappropriate indication of company type or legal form

                    (1) The Board may make rules prohibiting a person from carrying on business in the Abu Dhabi Global Market under a name consisting of or containing specified words, expressions or other indications —
                    (a) that are associated with a particular type of company or form of organisation; or
                    (b) that are similar to words, expressions or other indications associated with a particular type of company or form of organisation.
                    (2) Rules made under this section may prohibit the use of words, expressions or other indications —
                    (a) in a specified part, or otherwise than in a specified part, of a name;
                    (b) in conjunction with, or otherwise than in conjunction with, such other words, expressions or indications as may be specified.
                    (3) In this section "specified" means specified in the rules made under this section.
                    (4) A person who uses a name in contravention of rules made under this section commits a contravention of these Regulations.
                    (5) A person who commits the contravention set out in subsection (4) is liable to a fine not exceeding level 3 on the standard fines scale.

                  • 63. Name giving misleading indication of activities

                    (1) A person must not carry on business in the Abu Dhabi Global Market under a name that gives so misleading an indication of the nature of the activities of the business as to be likely to cause harm to the public.
                    (2) A person who uses a name in contravention of this section commits a contravention of these Regulations.
                    (3) A person who commits the contravention set out in subsection (2) is liable to a fine not exceeding level 3 on the standard fines scale.

                • CHAPTER 2 DISCLOSURE REQUIRED IN CASE OF INDIVIDUAL OR PARTNERSHIP

                  • 64. Application of this Chapter

                    (1) This Chapter applies to an individual or partnership carrying on business in the Abu Dhabi Global Market under a business name.

                    References in this Chapter to "a person to whom this Chapter applies" are to such an individual or partnership.
                    (2) For the purposes of this Chapter a "business name" means a name other than —
                    (a) in the case of an individual, his family name without any addition other than a permitted addition;
                    (b) in the case of a partnership —
                    (i) the family names of all partners who are individuals; and
                    (ii) the corporate names of all partners who are bodies corporate,
                    without any addition other than a permitted addition.
                    (3) The following are the permitted additions —
                    (a) in the case of an individual, his forename or initial;
                    (b) in the case of a partnership —
                    (i) the forenames of individual partners or the initials of those forenames; or
                    (ii) where two or more individual partners have the same family name, the addition of "s" at the end of that family name;
                    (c) in either case, an addition merely indicating that the business is carried on in succession to a former owner of the business.

                  • 65. Information required to be disclosed

                    (1) The "information required by this Chapter" is —
                    (a) in the case of an individual, the individual's name;
                    (b) in the case of a partnership, the name of each member of the partnership,
                    and, in relation to each person so named, an address at which service of any document relating in any way to the business will be effective.
                    (2) If the individual or partnership has a place of business in the Abu Dhabi Global Market, the address must be in the Abu Dhabi Global Market.
                    (3) If the individual or partnership does not have a place of business in the Abu Dhabi Global Market, the address must be an address at which service of documents can be effected by physical delivery and the delivery of documents is capable of being recorded by the obtaining of an acknowledgement of delivery.

                  • 66. Disclosure required: business documents etc.

                    (1) A person to whom this Chapter applies must state the information required by this Chapter, in legible characters, on all —
                    (a) business letters;
                    (b) written orders for goods or services to be supplied to the business;
                    (c) invoices and receipts issued in the course of the business; and
                    (d) written demands for payment of debts arising in the course of the business.
                    This subsection has effect subject to section 67.
                    (2) A person to whom this Chapter applies must secure that the information required by this Chapter is immediately given, by written notice, to any person with whom anything is done or discussed in the course of the business and who asks for that information.
                    (3) The Board may make rules requiring that such notices be given in a specified form.

                  • 67. Exemption for large partnerships if certain conditions met

                    (1) Section 66(1) does not apply in relation to a document issued by a partnership of more than 20 persons if the following conditions are met.
                    (2) The conditions are that —
                    (a) the partnership maintains at its principal place of business a list of the names of all the partners;
                    (b) no partner's name appears in the document, except in the text or as a signatory; and
                    (c) the document states in legible characters the address of the partnership's principal place of business and that the list of the partners' names is open to inspection there.
                    (3) Where a partnership maintains a list of the partners' names for the purposes of this section, any person may inspect the list during office hours.
                    (4) Where an inspection required by a person in accordance with this section is refused, a contravention of these Regulations is committed by any member of the partnership concerned who without reasonable excuse refused the inspection or permitted it to be refused.
                    (5) A person who commits the contravention set out in subsection (4) is liable to a fine not exceeding level 3 on the standard fines scale.

                  • 68. Disclosure required: business premises

                    (1) A person to whom this Chapter applies must, in any premises —
                    (a) where the business is carried on; and
                    (b) to which customers of the business or suppliers of goods or services to the business have access,
                    display in a prominent position, so that it may easily be read by such customers or suppliers, a notice containing the information required by this Chapter.
                    (2) The Board may make rules requiring that such notices be displayed in a specified form.

                  • 69. Consequences of failure to make required disclosure: contraventions

                    (1) A person who without reasonable excuse fails to comply with the requirements of sections 66 or 68 commits a contravention of these Regulations.
                    (2) A person who commits the contravention set out in subsection (1) is liable to a fine not exceeding level 3 on the standard fines scale.
                    (3) References in this section to the requirements of sections 66 and 68 include the requirements of rules made under those sections.

                  • 70. Consequences of failure to make required disclosure

                    (1) This section applies to any legal proceedings brought by a person to whom this Chapter applies to enforce a right arising out of a contract made in the course of a business in respect of which he was, at the time the contract was made, in breach of section 66(1) or 66(2) or section 68(1).
                    (2) The proceedings shall be dismissed if the defendant to the proceedings shows—
                    (a) that he has a claim against the claimant arising out of the contract that he has been unable to pursue by reason of the latter's breach of the requirements of this Chapter; or
                    (b) that he has suffered some financial loss in connection with the contract by reason of the claimant's breach of those requirements,
                    unless the court before which the proceedings are brought is satisfied that it is just and equitable to permit the proceedings to continue.
                    (3) References in this section to the requirements of this Chapter include the requirements of rules made under this Chapter.
                    (4) This section does not affect the right of any person to enforce such rights as he may have against another person in any proceedings brought by that person.

                  • 71. Interpretation

                    In this Part —

                    "carrying on business in the Abu Dhabi Global Market" means carrying on a controlled activity in or from the Abu Dhabi Global Market;

                    "initial" includes any recognised abbreviation of a name;

                    "partnership" means —

                    (a) a partnership or limited partnership within the laws of the Abu Dhabi Global Market; or
                    (b) a firm or entity of a similar character formed under the law of a country or territory outside the Abu Dhabi Global Market.

              • PART 6 INTERPRETATION

                • 72. Definitions

                  In these Regulations, unless otherwise defined —

                  "body corporate" includes a body corporate constituted under the law of a jurisdiction outside the Abu Dhabi Global Market;

                  "conditions of licence" has the meaning given in section 10;

                  "controlled activity" has the meaning given in section 2;

                  "court" means the Court of First Instance;

                  "director", in relation to a body corporate, includes —

                  (a) a person occupying in relation to it the position of a director (by whatever name called); and
                  (b) a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act;

                  "documents" includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form, or in a form from which it can readily be produced in visible and legible form;

                  "exempt person", in relation to a controlled activity, means a person who is exempt from the general prohibition in relation to that activity as a result of an exemption order made under section 8(1);

                  "general prohibition" has the meaning given in section 1(2); and

                  "partnership" includes a partnership constituted under the law of a jurisdiction outside the Abu Dhabi Global Market.

                • 73. Carrying on controlled activities in the Abu Dhabi Global Market

                  (1) In the two cases described in this section, a person who —
                  (a) is carrying on a controlled activity; but
                  (b) would not otherwise be regarded as carrying it on in the Abu Dhabi Global Market, is, for the purposes of these Regulations, to be regarded as carrying it on in the Abu Dhabi Global Market.
                  (2) The first case is where —
                  (a) his registered office (or if he does not have a registered office his head office) is in the Abu Dhabi Global Market; and
                  (b) the day-to-day management of the carrying on of the controlled activity is the responsibility of —
                  (i) his registered office (or head office); or
                  (ii) another establishment maintained by him in the Abu Dhabi Global Market.
                  (3) The second case is where —
                  (a) his head office is not in the Abu Dhabi Global Market; but
                  (b) the activity is carried on from an establishment maintained by him in the Abu Dhabi Global Market.
                  (4) For the purposes of subsections (2) and (3) it is irrelevant where the person with whom the activity is carried on is situated.

                • 74. Parent and subsidiary undertaking

                  (1) In these Regulations, "undertaking", "parent undertaking" and "subsidiary undertaking" have the same meanings as in the Companies Regulations 2015.
                  (2) But "parent undertaking" also includes an individual who would be a parent undertaking for the purposes of those provisions if he were taken to be an undertaking (and "subsidiary undertaking" is to be read accordingly).

                • 75. Group

                  (1) In these Regulations "group", in relation to a person ("A"), means A and any person who is —
                  (a) a parent undertaking of A;
                  (b) a subsidiary undertaking of A;
                  (c) a subsidiary undertaking of a parent undertaking of A;
                  (d) a parent undertaking of a subsidiary undertaking of A; or
                  (e) an undertaking in which A or an undertaking mentioned in paragraphs (a), (b), (c) or (d) has a participating interest.
                  (2) "Participating interest" has the meaning given in section 76; but also includes an interest held by an individual which would be a participating interest for the purposes of those provisions if he were taken to be an undertaking.

                • 76. Meaning of "participating interest"

                  (1) In section 75 a "participating interest" means an interest held by an undertaking in the shares of another undertaking which it holds on a long-term basis for the purpose of securing a contribution to its activities by the exercise of control or influence arising from or related to that interest.
                  (2) A holding of 20% or more of the shares of an undertaking is presumed to be a participating interest unless the contrary is shown.
                  (3) The reference in subsection (1) to an interest in shares includes —
                  (a) an interest which is convertible into an interest in shares; and
                  (b) an option to acquire shares or any such interest,
                  and an interest or option falls within paragraphs (a) or (b) notwithstanding that the shares to which it relates are, until the conversion or the exercise of the option, unissued.
                  (4) For the purposes of this section an interest held on behalf of an undertaking shall be treated as held by it.

                • 77. Controller

                  (1) In these Regulations "controller", in relation to an undertaking ("B"), means a person ("A") who falls within any of the cases in subsection (2).
                  (2) The cases are where A holds —
                  (a) 10% or more of the shares in B or in a parent undertaking of B ("P");
                  (b) 10% or more of the voting power in B or P; or
                  (c) shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.
                  (3) For the purposes of calculations relating to this section, the holding of shares or voting power by a person ("A1") includes any shares or voting power held by another ("A2") if A1 and A2 are acting in concert.
                  (4) In this section "shares" —
                  (a) in relation to an undertaking with a share capital, means allotted shares;
                  (b) in relation to an undertaking with capital but no share capital, means rights to share in the capital of the undertaking;
                  (c) in relation to an undertaking without capital, means interests —
                  (i) conferring any right to share in the profits, or liability to contribute to the losses, of the undertaking; or
                  (ii) giving rise to an obligation to contribute to the debts or expenses of the undertaking in the event of a winding up.
                  (5) In this section "voting power" —
                  (a) includes, in relation to a person ("H") —
                  (i) voting power held by a third party with whom H has concluded an agreement, which obliges H and the third party to adopt, by concerted exercise of the voting power they hold, a lasting common policy towards the management of the undertaking in question;
                  (ii) voting power held by a third party under an agreement concluded with H providing for the temporary transfer for consideration of the voting power in question;
                  (iii) voting power attaching to shares which are lodged as collateral with H, provided that H controls the voting power and declares an intention to exercise it;
                  (iv) voting power attaching to shares in which H has a life interest;
                  (v) voting power which is held, or may be exercised within the meaning of subparagraphs (i) to (iv), by a subsidiary undertaking of H;
                  (vi) voting power attaching to shares deposited with H which H has discretion to exercise in the absence of specific instructions from the shareholders;
                  (vii) voting power held in the name of a third party on behalf of H;
                  (viii) voting power which H may exercise as a proxy where H has discretion about the exercise of the voting power in the absence of specific instructions from the shareholders; and
                  (b) in relation to an undertaking which does not have general meetings at which matters are decided by the exercise of voting rights, means the right under the constitution of the undertaking to direct the overall policy of the undertaking or alter the terms of its constitution.

                • 78. Disregarded holdings

                  (1) For the purposes of section 77, shares and voting power that a person holds in an undertaking ("B") or in a parent undertaking of B ("P") are disregarded in the following circumstances.
                  (2) Shares held only for the purposes of clearing and settling within a short settlement cycle are disregarded.
                  (3) Shares held by a custodian or its nominee in a custodian capacity are disregarded, provided that the custodian or nominee is only able to exercise voting power attached to the shares in accordance with instructions given in writing.
                  (4) Shares representing no more than 5% of the total voting power in B or P held by a financial institution are disregarded, provided that it neither intervenes in the management of B or P nor exerts any influence on B or P to buy the shares or back the share price.

                • 79. Manager

                  (1) In these Regulations, "manager" means an employee who —
                  (a) under the immediate authority of his employer is responsible, either alone or jointly with one or more other persons, for the conduct of his employer's business; or
                  (b) under the immediate authority of his employer or of a person who is a manager by virtue of paragraph (a) exercises managerial functions or is responsible for maintaining accounts or other records of his employer.
                  (2) If the employer is not an individual, references in subsection (1) to the authority of the employer are references to the authority —
                  (a) in the case of a body corporate, of the directors; and
                  (b) in the case of a partnership, of the partners.
                  (3) "Manager", in relation to a body corporate, means a person (other than an employee of the body) who is appointed by the body to manage any part of its business and includes an employee of the body corporate (other than the chief executive) who, under the immediate authority of a director or chief executive of the body corporate, exercises managerial functions or is responsible for maintaining accounts or other records of the body corporate.

              • PART 7 GENERAL

                • 80. Power to specify a scale of fines and contraventions by bodies corporate

                  (1) The Board may make rules establishing a standard scale of fines setting out the different levels of fines payable for contraventions of any enactment or subordinate legislation.
                  (2) Where any enactment or any subordinate legislation (whether enacted or adopted before or after the commencement of these Regulations and including these Regulations) provides that a person who has committed a contravention shall be liable to a fine by reference to a specified level, it is to be construed as referring to the relevant level on the standard fines scale set out in rules made under this section.
                  (3) Where any contravention of these Regulations is committed by a body corporate, a contravention is also committed by every officer of the body who is in default.

                • 81. Short title, extent and commencement

                  (1) These Regulations may be cited as the Commercial Licensing Regulations 2015.
                  (2) These Regulations apply in the jurisdiction of the Abu Dhabi Global Market.
                  (3) These Regulations come into force on the date of their publication. The Board may by rules make any transitional, transitory, consequential, saving, incidental or supplementary provision in relation to the commencement of these Regulations as the Board thinks fit.

              • SCHEDULE INFORMATION AND INVESTIGATIONS (CONNECTED PERSONS)

                Sections 29(11) and 33(4)

                • Part 1 Rules for Specific Bodies

                  1. Corporate bodies

                  If the licensed person ("BC") is a body corporate, a person who is or has been —
                  (a) an officer or manager of BC or of a parent undertaking of BC;
                  (b) an employee of BC;
                  (c) an agent of BC or of a parent undertaking of BC.
                  2. Partnerships

                  If the licensed person ("PP") is a partnership, a person who is or has been a member, manager, employee or agent of PP.
                  3. Individuals

                  If the licensed person ("IP") is an individual, a person who is or has been an employee or agent of IP.
                  4. Application to sections 33 and 34

                  For the purposes of sections 33 and 34, if the person under investigation is not a licensed person the references in this Part of this Schedule to a licensed person are to be taken to be references to the person under investigation.

                • Part 2 Additional Rules

                  5. A person who is, or at the relevant time was, the partner, manager, employee, agent, banker, auditor, actuary or lawyer of —
                  (a) the person under investigation ("A");
                  (b) a parent undertaking of A;
                  (c) a subsidiary undertaking of A;
                  (d) a subsidiary undertaking of a parent undertaking of A; or
                  (e) a parent undertaking of a subsidiary undertaking of A.

        • Commercial Licensing Regulations Rules

          COMMERCIAL LICENSING REGULATIONS 2015 (CONDITIONS OF LICENCE) RULES 2015

          COMMERCIAL LICENSING REGULATIONS 2015 (CONTROLLED ACTIVITIES) RULES 2015

          COMMERCIAL LICENSING REGULATIONS 2015 (EXEMPTIONS) ORDER 2015

          COMMERCIAL LICENSING REGULATIONS 2015 (FEES) RULES 2015

          COMMERCIAL LICENSING REGULATIONS 2015 (FINES) RULES 2015

          Notice of Publication for Rules (Note: File 2)

          COMMERCIAL LICENSING REGULATIONS 2015 (CONDITIONS OF LICENCE AND BRANCH REGISTRATION) RULES 2018

          COMMERCIAL LICENSING REGULATIONS 2015 (CONTROLLED ACTIVITIES) RULES 2018

          COMMERCIAL LICENSING REGULATIONS 2015 (FEES) RULES 2018

          Notice of Publication — 02 May 2018 — Commercial Licensing Regulations

          COMMERCIAL LICENSING REGULATIONS 2015 (EXEMPTIONS) ORDER 2018

          Notice of Publication — 11 May 2018 — Commercial Licensing Regulations 2015 (Exemptions) Order

          • Commercial Licensing Regulations 2015 (Conditions of Licence) Rules 2015

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            • COMMERCIAL LICENSING REGULATIONS 2015 (CONDITIONS OF LICENCE) RULES 2015

              • COMMERCIAL LICENSING REGULATIONS 2015 (CONDITIONS OF LICENCE) RULES 2015

                Date of Adoption: 12 April 2015

                The Board of Directors of the Abu Dhabi Global Market, in implementation of section 10(1) of the Commercial Licensing Regulations 2015, hereby makes the following rules: —

                • 1. Citation and interpretation

                  (1) These Rules may be cited as the Commercial Licensing Regulations 2015 (Conditions of Licence) Rules 2015.
                  (2) In these Rules —

                  "accountancy services" means the controlled activity specified in Rule 5 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015;

                  "approved accountancy regulatory body" means a body designated as such by the Registrar;

                  "approved healthcare regulatory body" means a body designated as such by the Registrar;

                  "approved insolvency practitioner regulatory body" means a body designated as such by the Registrar;

                  "approved legal regulatory body" means a body designated as such by the Registrar;

                  "connected person" has the meaning given to that expression in Part 1 of the Schedule to the Regulations;

                  "insolvency practitioner services" means the controlled activity specified in Rule 6 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015;

                  "legal services" means the controlled activity specified in Rule 4 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015;

                  "other economic activities" means the controlled activity specified in Rule 7 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015; and

                  "Regulations" means the Commercial Licensing Regulations 2015.
                  (3) Terms used in these Rules which are defined in the Regulations shall have the meanings given to them in the Regulations.

                • 2. Conditions of licence

                  For the purposes of the Regulations, a licence may be granted in respect of a controlled activity if the applicant for the licence satisfies the conditions of licence specified in relation to such controlled activity in these Rules.

                • 3. Legal services

                  (1) This Rule sets out the conditions of licence for an applicant for a licence to carry on the controlled activity of legal services.
                  (2) The applicant must —
                  (a) be licensed or authorised by an approved legal regulatory body to carry on activities of the kind which the applicant intends to carry on in the Abu Dhabi Global Market;
                  (b) at all times maintain such licence or authorisation;
                  (c) maintain premises in the Abu Dhabi Global Market;
                  (d) ensure that any obligations imposed from time to time upon him or his connected persons by or under any enactment (including the Regulations and these Rules), any other law applicable in the Abu Dhabi Global Market and any law applicable outside the Abu Dhabi Global Market to which he is subject, are complied with;
                  (e) at all times put in place suitable arrangements to ensure that he will comply with the obligations referred to in paragraph (2)(d); and
                  (f) have paid any fees and dues owed to the Registrar pursuant to the Regulations or any rules made thereunder.
                  (3) The applicant and any connected person must not be subject to any of the following events —
                  (a) imprisonment or any other penalty in criminal proceedings;
                  (b) becoming and continuing to be unable to attend to the business of the applicant; and
                  (c) abandonment of his business in the Abu Dhabi Global Market.
                  (4) The applicant must comply with any other conditions and requirements specified in writing by the Registrar from time to time.

                • 4. Accountancy services

                  (1) This Rule sets out the conditions of licence for an applicant for a licence to carry on the controlled activity of accountancy services.
                  (2) The applicant must —
                  (a) be licensed or authorised by an approved accountancy regulatory body to carry on activities of the kind which the applicant intends to carry on in the Abu Dhabi Global Market;
                  (b) at all times maintain such licence or authorisation;
                  (c) maintain premises in the Abu Dhabi Global Market;
                  (d) ensure that any obligations imposed from time to time upon him or his connected persons by or under any enactment (including the Regulations and these Rules), any other law applicable in the Abu Dhabi Global Market and any law applicable outside the Abu Dhabi Global Market to which he is subject, are complied with;
                  (e) at all times put in place suitable arrangements to ensure that he will comply with the obligations referred to in paragraph (2)(d); and
                  (f) have paid any fees and dues owed to the Registrar pursuant to the Regulations or any rules made thereunder.
                  (3) The applicant and any connected person must not be subject to any of the following events —
                  (a) imprisonment or any other penalty in criminal proceedings;
                  (b) becoming and continuing to be unable to attend to the business of the applicant; and
                  (c) abandonment of his business in the Abu Dhabi Global Market.
                  (4) The applicant must comply with any other conditions and requirements specified in writing by the Registrar from time to time.

                • 5. Insolvency practitioner services

                  (1) This Rule sets out the conditions of licence for an applicant for a licence to carry on the controlled activity of insolvency practitioner services.
                  (2) The applicant must —
                  (a) be licensed or authorised by an approved insolvency practitioner regulatory body to carry on activities of the kind which the applicant intends to carry on in the Abu Dhabi Global Market;
                  (b) at all times maintain such licence or authorisation;
                  (c) maintain premises in the Abu Dhabi Global Market;
                  (d) ensure that any obligations imposed from time to time upon him or his connected persons by or under any enactment (including the Regulations and these Rules), any other law applicable in the Abu Dhabi Global Market and any law applicable outside the Abu Dhabi Global Market to which he is subject, are complied with;
                  (e) at all times put in place suitable arrangements to ensure that he will comply with the obligations referred to in paragraph (2)(d); and
                  (f) have paid any fees and dues owed to the Registrar pursuant to the Regulations or any rules made thereunder.
                  (3) The applicant and any connected person must not be subject to any of the following events —
                  (a) imprisonment or any other penalty in criminal proceedings;
                  (b) becoming and continuing to be unable to attend to the business of the applicant; and
                  (c) abandonment of his business in the Abu Dhabi Global Market.
                  (4) The applicant must comply with any other conditions and requirements specified in writing by the Registrar from time to time.

                • 6. Other economic activities: healthcare

                  (1) This Rule sets out the conditions of licence for an applicant for a licence to carry on other economic activities, where the applicant intends to carry on any of the following activities: provision of health services, including the practice of medicine and dentistry, operation of hospitals, clinics, care homes, nursing homes and other establishments providing health or social care services, and any other activity related to healthcare governed by any Federal Law having application in the Abu Dhabi Global Market which requires the performance of the activity to be subject to licensing, authorisation or approval.
                  (2) The applicant must —
                  (a) be licensed or authorised by an approved healthcare regulatory body to carry on activities of the kind which the applicant intends to carry on in the Abu Dhabi Global Market;
                  (b) at all times maintain such licence or authorisation;
                  (c) maintain premises in the Abu Dhabi Global Market;
                  (d) ensure that any obligations imposed from time to time upon him or his connected persons by or under any enactment (including the Regulations and these Rules), any other law applicable in the Abu Dhabi Global Market and any law applicable outside the Abu Dhabi Global Market to which he is subject, are complied with;
                  (e) at all times put in place suitable arrangements to ensure that he will comply with the obligations referred to in paragraph (2)(d); and
                  (f) have paid any fees and dues owed to the Registrar pursuant to the Regulations or any rules made thereunder.
                  (3) The applicant and any connected person must not be subject to any of the following events —
                  (a) imprisonment or any other penalty in criminal proceedings;
                  (b) becoming and continuing to be unable to attend to the business of the applicant; and
                  (c) abandonment of his business in the Abu Dhabi Global Market.
                  (4) The applicant must comply with any other conditions and requirements specified in writing by the Registrar from time to time.

                • 7. Other economic activities: general

                  (1) This Rule sets out the conditions of licence for an applicant for a licence to carry on other economic activities (other than activities subject to Rule 6).
                  (2) The applicant must —
                  (a) maintain premises in the Abu Dhabi Global Market;
                  (b) maintain compliance with any licence, authorisation or approval requirement imposed by any Federal Law having application in the Abu Dhabi Global Market and to which the applicant is subject in relation to his activities in the Abu Dhabi Global Market;
                  (c) ensure that any obligations imposed from time to time upon him or his connected persons by or under any enactment (including the Regulations and these Rules), any other law applicable in the Abu Dhabi Global Market and any law applicable outside the Abu Dhabi Global Market to which he is subject, are complied with;
                  (d) at all times put in place suitable arrangements to ensure that he will comply with the obligations referred to in paragraph (2)(c); and
                  (e) have paid any fees and dues owed to the Registrar pursuant to the Regulations or any rules made thereunder.
                  (3) The applicant must comply with any other conditions and requirements specified in writing by the Registrar from time to time.

                • 8. Special conditions for partnerships

                  (1) No licence may be granted to a partnership unless the partnership has been formed pursuant to a written partnership agreement and the agreement has been registered with the Registrar by filing an application for registration in the form specified by the Registrar at the same time as the applicant submits an application for a licence under the Regulations.
                  (2) This Rule does not apply to an applicant which is a body corporate established or incorporated under the law of any jurisdiction outside the Abu Dhabi Global Market.

                • 9. Special conditions for overseas bodies corporate

                  An applicant which is a body corporate established or incorporated pursuant to the law of any jurisdiction outside the Abu Dhabi Global Market must, in any written communication originating in or from the Abu Dhabi Global Market or related to any activity of the body carried on in or from the Abu Dhabi Global Market, include in its name the words "ADGM Branch".

                • 10. Designation of bodies

                  The Registrar may specify a body as an approved accountancy regulatory body, an approved healthcare regulatory body, an approved insolvency practitioner regulatory body or an approved legal regulatory body generally or on a case-by-case basis or both.

          • Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015

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            • COMMERCIAL LICENSING REGULATIONS 2015 (CONTROLLED ACTIVITIES) RULES 2015

              • COMMERCIAL LICENSING REGULATIONS 2015 (CONTROLLED ACTIVITIES) RULES 2015

                Date of Adoption: 12 April 2015

                The Board of Directors of the Abu Dhabi Global Market, in implementation of the provisions of section 2(1) of the Commercial Licensing Regulations 2015, hereby makes the following rules: —

                • 1. Citation and interpretation

                  (1) These Rules may be cited as the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015.
                  (2) In these Rules, "Regulations" means the Commercial Licensing Regulations 2015.
                  (3) Terms used in these Rules which are defined in the Regulations shall have the meanings given to them in the Regulations.

                • 2. Controlled activities

                  For the purposes of the Regulations, any activity specified in Rules 3, 4, 5, 6 and 7 is, subject to Rules 8, 9 and 10, a controlled activity.

                • 3. Financial services

                  Any of the activities specified in paragraphs 1 to 4 inclusive, 6 to 11 inclusive and 13 to 17 of Article 14 of the ADGM Founding Law is a controlled activity if it is carried on by way of business.

                • 4. Legal services

                  (1) Providing legal services is a controlled activity if it is carried on by way of business.
                  (2) "Providing legal services" means the application of legal principles or judgement with regard to the circumstances of another person, including but not limited to —
                  (a) giving legal advice or counsel to such a person as to his legal rights or the legal rights or responsibilities of others, whether or not under the law of the Abu Dhabi Global Market;
                  (b) drafting or completion of legal documents or agreements which affect such a person's legal rights;
                  (c) representation of such a person in court proceedings or in an administrative adjudicative procedure in which legal pleadings are filed or a record is established as the basis for judicial review; or
                  (d) negotiation of legal rights or responsibilities on behalf of such a person; but excluding acting as a lay representative authorised by an administrative agency or tribunal, serving as a judge, mediator, arbitrator, conciliator or facilitator; and participation in employment negotiations, arbitrations or conciliations.

                • 5. Accountancy services

                  (1) Providing accountancy services is a controlled activity if it is carried on by way of business.
                  (2) "Providing accountancy services" means the application of accounting principles or judgement with regard to the circumstances of another person, including but not limited to the following —
                  (a) performing audit, examination, verification, investigation, certification, presentation or review of financial transactions and accounting records for such a person;
                  (b) preparing or certifying reports on audits or examinations of books or records of account, balance sheets, and other financial, accounting and related documents for such a person; or
                  (c) advising such a person on matters relating to accounting procedure and the recording, presentation or certification of financial information or data, including financial information or data required by any law for the time being in force in the Abu Dhabi Global Market.

                • 6. Insolvency practitioner services

                  (1) Providing insolvency practitioner services is a controlled activity if it is carried on by way of business.
                  (2) "Providing insolvency practitioner services" means being appointed as or serving as in relation to a body corporate —
                  (a) a receiver;
                  (b) an administrative receiver;
                  (c) an administrator;
                  (d) an administrator of a Deed of Company Arrangement;
                  (e) a liquidator; or
                  (f) a provisional liquidator,
                  in each case under the Insolvency Regulations 2015.

                • 7. Other economic activities

                  Any economic activity, other than the activities specified in Rules 3, 4, 5 and 6, is a controlled activity, if it is carried on by way of business.

                • 8. General exclusions

                  (1) An individual does not carry on a controlled activity if he carries on an activity solely as an employee who is employed or appointed under a contract of service.
                  (2) A person does not carry on a controlled activity to the extent that he exercises a power or performs a duty or function —
                  (a) of a public nature;
                  (b) on behalf of a public authority; or
                  (c) in connection with public administration, law enforcement, government or regulation.

                • 9. Exclusion for financial and professional services

                  (1) A person who carries on an activity falling within Rules 3, 4, 5 or 6 does not carry on a controlled activity in or from the Abu Dhabi Global Market if he does not carry on the activity from a permanent establishment maintained by him in the Abu Dhabi Global Market.
                  (2) This Rule does not apply to a person who carries on any activity falling within the scope of Rule 7.

                • 10. Exclusion for other cross-border service providers

                  (1) A person who carries on an activity falling within Rule 7 does not carry on a controlled activity in or from the Abu Dhabi Global Market if:
                  (a) he does not carry on the activity from a permanent establishment maintained by him in the Abu Dhabi Global Market; and
                  (b) he carries on the activity at the invitation of a person ordinarily resident, or with a permanent establishment, in the Abu Dhabi Global Market.
                  (2) This Rule does not apply to a person who carries on any activity falling within the scope of Rules 3, 4, 5 and 6.

          • Commercial Licensing Regulations 2015 (Exemptions) Order 2015

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            • COMMERCIAL LICENSING REGULATIONS 2015 (EXEMPTIONS) ORDER 2015

              • COMMERCIAL LICENSING REGULATIONS 2015 (EXEMPTIONS) ORDER 2015

                Date of Adoption: 12 April 2015

                The Board of Directors of the Abu Dhabi Global Market, in implementation of section 8(1) of the Commercial Licensing Regulations 2015, hereby makes the following order: —

                • 1. Citation and interpretation

                  (1) This Order may be cited as the Commercial Licensing Regulations 2015 (Exemptions) Order 2015.
                  (2) In this Order, "Regulations" means the Commercial Licensing Regulations 2015.
                  (3) Terms used in this Order which are defined in the Regulations shall have the meanings given to them in the Regulations.

                • 2. Exemption

                  For the purposes of section 8 of the Regulations, the persons listed in the Schedule to this Order shall be exempt persons.

                • SCHEDULE Exempt Persons

                  Article 2

                  1. A body corporate established pursuant to (i) any law or decree issued by His Highness the Ruler of the Emirate of Abu Dhabi (including the ADGM Founding Law), or (ii) any Federal Law (other than Federal Law No. 8 of 1984 concerning Commercial Companies, as the same may be amended or re-enacted from time to time).
                  2. A body corporate that is a wholly owned subsidiary undertaking of a body corporate specified in paragraph 1.
                  3. In accordance with Article 22(11) of the ADGM Founding Law, for a period of 12 months from the date of publication of this Order, any person licensed by the Abu Dhabi Economic Development Department prior to the entry into force of the ADGM Founding Law to carry out economic, commercial or professional activity within the geographical area of the Abu Dhabi Global Market, provided such person does not carry out an activity falling outside the scope of such licence and provided further that nothing in this Order shall prevent such person from applying for a licence under the Regulations. Upon the grant of a licence to such person under the Regulations, he shall cease to be an exempt person.

          • Commercial Licensing Regulations 2015 (Fees) Rules 2015

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            • COMMERCIAL LICENSING REGULATIONS 2015 (FEES) RULES 2015

              • COMMERCIAL LICENSING REGULATIONS 2015 (FEES) RULES 2015

                Date of Adoption: 12 April 2015

                The Board of Directors of the Abu Dhabi Global Market, in implementation of section 16(8) of the Commercial Licensing Regulations 2015, hereby makes the following rules: —

                • 1. Citation and interpretation

                  (1) These Rules may be cited as the Commercial Licensing Regulations 2015 (Fees) Rules 2015.
                  (2) In these Rules:

                  "financial services" means the controlled activity specified in Rule 3 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015;

                  "other economic activities" means the controlled activity specified in Rule 7 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015; and

                  "Regulations" means the Commercial Licensing Regulations 2015.
                  (3) Terms used in these Rules which are defined in the Regulations shall have the meanings given to them in the Regulations.

                • 2. Fees

                  The fees set out in the Schedule to these Rules shall apply to applications under the Regulations.

                • SCHEDULE FEES

                  Rule 2

                  Application Fee (in US Dollars)
                    Category A Category B Category C
                  Application for a licence (section 9 of the Regulations) (including any application for a new licence made by a licensed person prior to the expiry of its current licence) 4,000 plus 9,000 for each set of business activities falling within the scope of the application 4,000 plus 4,000 for each set of business activities falling within the scope of the application 4,000
                  Application for registration of a general partnership as part of an application for a licence (Rule 8 of the Commercial Licensing Regulations 2015 (Conditions of Licence) Rules 2015 and section 9 of the Regulations) 1,500 1,500 1,500
                  Application for variation of a licence (section 12(1) of the Regulations) 100 100 100
                  Application for cancellation of a licence (section 12(2) of the Regulations) 0 0 0

                  Notes:

                  1. "Business activity" means a description of activity specified by the Registrar for the purposes of these Rules. The Registrar may specify any number of distinct business activities for the purposes of these Rules. Business activities specified by the Registrar may or may not correspond to the controlled activities and a particular controlled activity may encompass any number of business activities specified by the Registrar. Nothing in these Rules prevents the Registrar from specifying a business activity which falls within the scope of more than one kind of controlled activity.
                  2. A "set" of business activities means any aggregation of up to 10 business activities. For example, a Category A applicant applying for a licence for up to 10 business activities is subject to a fee for 1 set (USD 9,000) in addition to the USD 4,000 fee. If he applies for a licence for more than 10 but up to 20 business activities, he is subject to a fee for 2 sets (USD 18,000) in addition to the USD 4,000 fee. If he applies for a licence for more than 20 but up to 30 business activities, he is subject to a fee for 3 sets (USD 27,000) in addition to the USD 4,000 fee.
                  3. Where an applicant applies for a licence to carry on a controlled activity, the application shall be regarded as including all business activities falling within the scope of the controlled activity.
                  4. "Category A" refers to any applicant for a licence to carry on the controlled activity of financial services.
                  5. "Category B" refers to any applicant (other than a Category C applicant) for a licence to carry on any controlled activity other than financial services.
                  6. "Category C" refers to any applicant for a licence to carry on the controlled activity of other economic activities where the applicant intends only to carry on the activity of retail trade.

          • Commercial Licensing Regulations 2015 (Fines) Rules 2015

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            • COMMERCIAL LICENSING REGULATIONS 2015 (FINES) RULES 2015

              • COMMERCIAL LICENSING REGULATIONS 2015 (FINES) RULES 2015

                Date of Adoption: 12 April 2015

                The Board of Directors of the Abu Dhabi Global Market, in implementation of section 80 of the Commercial Licensing Regulations 2015, hereby makes the following rules: —

                • 1. Citation

                  These Rules may be cited as the Commercial Licensing Regulations 2015 (Fines) Rules 2015.

                • 2. The standard fines scale

                  (1) The following scale of fines is prescribed as the standard fines scale for the purposes of section 80 of the Commercial Licensing Regulations 2015:

                  Level on the scale Amount of Fine (in US Dollars)
                  1 1,500
                  2 2,000
                  3 5,000
                  4 10,000
                  5 15,000
                  6 20,000
                  7 25,000
                  8 50,000
                  (2) Where a provision of any enactment or subordinate legislation provides that a fine imposed may be 'up to' or 'not exceeding' a level specified on the standard fines scale, the amount of a fine imposed pursuant to that provision shall be the amount corresponding to that level in the standard fines scale, unless the body administering that fine decides that a fine of a lesser amount is justified in the circumstances.

          • Notice of Publication for Rules (Note: File 2)

            Notice of Publication for Regulations (Note: File 2)

          • Commercial Licensing Regulations 2015 (Conditions Of Licence and Branch Registration) Rules 2018

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          • Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2018

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          • Commercial Licensing Regulations 2015 (Fees) Rules 2018

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          • Notice of Publication — 02 May 2018 — Commercial Licensing Regulations

            1. The Board of Directors of the Abu Dhabi Global Market (the "Board") enacted the rules set out in paragraph 3 and annexed to this notice on 23 April 2018 (the "Rules").
            2. The Board has directed the Rules to be published and accordingly the Rules are hereby published on 02 May 2018.
            Dated: 02 May 2018

            BY ORDER OF THE BOARD OF DIRECTORS OF THE ABU DHABI GLOBAL MARKET

          • Commercial Licensing Regulations 2015 (Exemptions) Order 2018

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          • Notice of Publication — 11 May 2018 — Commercial Licensing Regulations 2015 (Exemptions) Order 2018

            1. The Board of Directors of the Abu Dhabi Global Market (the "Board") enacted the order set out in paragraph 3 and annexed to this notice on 11 February 2018 (the "Order").

            2. The Board has directed the Order to be published and accordingly the Order is hereby published on 11 May 2018.

            3. The Order is Commercial Licensing Regulations 2015 (Exemptions) (Amendment) Order 2018.

            Dated: 11 May 2018

            BY ORDER OF THE BOARD OF DIRECTORS OF THE ABU DHABI GLOBAL MARKET

        • Companies (Amendment) Regulations 2015

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          • COMPANIES (AMENDMENT) REGULATIONS 2015

            Regulations to amend the Companies Regulations 2015.

            Date of Enactment: 4 October 2015

            The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations —

            • 1. Amendments to the Companies Regulations 2015

              (1) The Companies Regulations 2015 are amended as follows.
              (2) All references to "collective investment scheme" in those regulations shall be substituted by references to "Collective Investment Fund".
              (3) In section 1028(1), the following definition shall be inserted —

              ""financial institution" means —
              (a) an Authorised Person;
              (b) any person which carries out as its principal business an activity which would, if carried out in the Abu Dhabi Global Market, be a Regulated Activity; and
              (c) is not one of the following —
              A. a governmental organisation, including the Central Bank of any State; or
              B. a multilateral development bank;".
              (4) In section 1028, the following subsection shall be inserted —
              "(2) Terms used in these Regulations which are defined in the Financial Services and Markets Regulations 2015 (including where the terms are capitalised in those regulations) shall have the meanings given to them in those regulations."
              (5) In section 137(2)(a), for the word "securities", the words "Securities and Derivatives" shall be substituted.
              (6) In section 137(4), the following shall be inserted —
              "(aa) "managing of investments" means the Regulated Activity of Managing Assets."
              (7) In section 137(3)(e), for the words "consists in operating or acting as trustee in relation to a collective investment scheme, or that is carried on by the operator or trustee of such a scheme in connection with and for the purposes of the scheme", the words "consists in Managing a Collective Investment Fund, Acting as the Administrator of a Collective Investment Fund or Acting as the Trustee of an Investment Trust, or that is carried on by a person carrying on any of those Regulated Activities in connection with and for the purposes of the relevant Collective Investment Fund" shall be substituted.
              (8) In section 137(4)(a), for the words "the effecting or carrying out of contracts of insurance", the words "Effecting Contracts of Insurance or Carrying Out Contracts of Insurance as Principal" shall be substituted.
              (9) Paragraph (b) of subsection (4) of section 137 shall be omitted.
              (10) In section 372(3), for the words "is licensed under the Commercial Licensing Regulations 2015 as", the word "was" shall be substituted.
              (11) In section 434(4), the following shall be inserted —
              "(d) for the purpose of enabling or assisting the Financial Services Regulator to exercise its functions under the Financial Services and Markets Regulations 2015,
              (e) for the purpose of enabling or assisting the Registrar to exercise its functions under the Commercial Licensing Regulations 2015."
              (12) For subsection (2) of section 443, the following shall be substituted —
              "(2) A "banking partnership" means a partnership which has a Financial Services Permission to carry on the Regulated Activity of Accepting Deposits. But a partnership is not a banking partnership if it has a Financial Services Permission to carry on the Regulated Activity of Accepting Deposits only for the purpose of carrying on another Regulated Activity in accordance with that permission."
              (13) In section 456, the words "licensed under the Commercial Licensing Regulations 2015 as" shall be omitted.
              (14) In section 715 and in the heading of section 715, for the words "financial institution", the words "infrastructure body" shall be substituted.
              (15) References to "financial institution" in sections 707(2) and 714(3) shall be substituted by references to "infrastructure body".
              (16) In section 715(2)(a), for the words "recognised investment market", the words "Recognised Investment Exchange" shall be substituted.
              (17) Paragraph (a) of section 717 shall be omitted.
              (18) For subsection (2) of section 1020, the following shall be substituted —

              ""Banking company" means a person who has a Financial Services Permission to carry on the Regulated Activity of Accepting Deposits, other than —
              (a) a person who is not a company; and
              (b) a person who has such permission only for the purpose of carrying on another Regulated Activity in accordance with such permission."
              (19) In section 1020(3)(a), for the words "credit institutions", the words "banking companies" shall be substituted.

            • 2. Insertion of new Part 36A relating to investment companies

              (1) A new Part 36A shall be inserted as follows:
              "Part 36A

              INVESTMENT COMPANIES
              1068A. Application and interpretation, powers of the Board
              (1) Without limiting the generality of subsection (2) below, the provisions of this Part are additional to any other legislation which may apply to the incorporation, operation, or winding up of an investment company.
              (2) Except as far as otherwise provided by this Part, any provision of any Rules made by the Financial Services Regulator [relating to Collective Investment Funds], or any other enactment, the provisions of these Regulations shall apply in their entirety to investment companies.
              (3) The Board shall have authority from time to time to make, issue, amend and rescind such Rules as are necessary or appropriate in relation to the incorporation, operation or winding up of investment companies.
              1068B. Formation of investment companies
              (1) A company is an investment company if its articles provide that it is an investment company, and it has been established for the sole purpose of collective investment.
              (2) An investment company may be —
              (a) a public or private company, and
              (b) a limited company (whether limited by shares or by guarantee), and
              (c) a cell company (or a cell of a cell company).
              (3) An investment company cannot be a restricted scope company and a restricted scope company cannot be or become an investment company.
              1068C. Names of investment companies
              (1) The name of an investment company must include the words 'Investment Company' or the abbreviation 'IC'.
              (2) A company that is registered with a name that includes the words 'Investment Company' or the abbreviation 'IC' may, in setting out or using its name for any purpose under these Regulations, do so in full or in abbreviation form, as it determines.
              1068D. Directors
              (1) Sections 144 and 145 of these Regulations shall not apply to investment companies.
              (2) An investment company must have at least one director.
              (3) The directors of an investment company must be fit and proper persons to act as such.
              (4) If an investment company has only one director, that director must be a body corporate which is an Authorised Person and which holds the Financial Services Permission in the Abu Dhabi Global Market or in a Recognised Jurisdiction authorising it to carry on the Regulated Activity of Managing a Collective Investment Fund.
              (5) If an investment company has two or more directors, they must ensure that, at all times, there is appointed to the investment company an entity which holds the Financial Services Permission in the Abu Dhabi Global Market or in a Recognised Jurisdiction authorising it to carry on the Regulated Activity of Managing a Collective Investment Fund.
              1068E. Statutory pre-emption rights
              (1) Sections 519 to 537 of these Regulations shall not apply to investment companies.
              1068F. Issue and allotment of shares
              (1) Sections 508 to 512 of these Regulations shall not apply to investment companies.
              (2) The directors of an investment company may exercise any power of the investment company to —
              (a) allot shares in the investment company; or
              (b) grant rights to subscribe for or to convert any security into shares in the investment company,
              to the extent permitted by the investment company's articles.
              1068G. Share transfers
              (1) The articles of an investment company may contain provision as to share transfers in respect of any matter for which provision is not made in these Regulations or any other enactment.
              1068H. Redemptions
              (1) Sections 623 to 628 of these Regulations shall not apply to investment companies.
              (2) The directors of an investment company may exercise any power of the investment company to —
              (a) issue shares that are redeemable at the option of the investment company or the shareholder; and
              (b) determine the terms, conditions and manner of the redemption of such shares,
              to the extent permitted by the investment company's articles.
              (3) Any redemption of shares of an investment company is also subject to the provisions of any Rules made by the Financial Services Regulator [regarding Collective Investment Funds].
              (4) No closed-ended investment company shall purchase any shares of any class of which it is the issuer except by a market purchase on a Recognised Investment Exchange or such other open market as the Financial Services Regulator may prescribe.
              1068I. Definitions relevant to this Part
              In this Part —
              "body corporate" means any body corporate, including limited liability partnership and a body corporate constituted under the law of a country or territory outside of the Abu Dhabi Global Market,
              "cell" has the meaning given in section 1068 of these Regulations,
              "cell company" has the meaning given in section 1068 of these Regulations,
              "incorporated cell company" means a company to which section 1047(1) of these Regulations applies,
              "investment company" means an open or closed ended company established for the sole purpose of collective investment (and any such cell of such company) which is incorporated under these Regulations,
              "limited liability partnership" means a partnership incorporated under the Limited Liability Partnership Regulations 2015 or under the law of a country, jurisdiction or territory outside the Abu Dhabi Global Market,
              "market purchase" has the meaning given to it in section 632(4) of these Regulations,
              "partnership" means any partnership, including a partnership constituted under the law of a country, jurisdiction or territory outside the Abu Dhabi Global Market, but not including a limited liability partnership, and
              "protected cell company" means a company to which section 1047(2) of these Regulations applies."

            • 3. Short title, extent and commencement

              (1) These Regulations may be cited as the Companies (Amendment) Regulations 2015.
              (2) These Regulations shall apply in the Abu Dhabi Global Market.
              (3) These Regulations come into force on the date of their publication.

        • Companies (Amendment) Regulations 2017

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        • Companies (Amendment No. 2) Regulations 2016

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          • COMPANIES (AMENDMENT No. 2) REGULATIONS 2016

            Regulations to amend the Companies Regulations 2015.

            Date of Enactment: 9 October 2016

            The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations —

            • 1 Amendments to the Companies Regulations 2015

              (1) The Companies Regulations 2015 are amended as follows.
              (2) For paragraph 371(1)(b), words "(other than a FinTech Participant)" shall be inserted after the words "a financial institution".
              (3) For paragraph 371(1)(c), words "(other than a FinTech Participant)" shall be inserted after the words "a member of an ineligible group".
              (4) For paragraph 371(2)(b), words "(other than a FinTech Participant)" shall be inserted after the words "a financial institution".
              (5) For paragraph 784(6)(b), the following shall be substituted —

              "(b) a charge which is an international interest, as defined in Part 12 of the Insolvency Regulations 2015".
              (6) In section 784(6), the following shall be inserted —

              "(c) a charge excluded from the application of this section by these Regulations, or any other law of the Abu Dhabi Global Market."

            • 2 Short title, extent and commencement

              (1) These Regulations may be cited as the Companies (Amendment No. 2) Regulations 2016.
              (2) These Regulations shall apply in the Abu Dhabi Global Market.
              (3) These Regulations come into force on the date of their publication.

        • Companies (Amendment No. 4) Regulations 2018

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        • Companies Regulations 2015

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          • COMPANIES REGULATIONS 2015

            Regulations to make provision for the formation and registration of companies in the Abu Dhabi Global Market.

            Date of Enactment: 3 March 2015

            The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations—

            • PART 1 GENERAL INTRODUCTORY PROVISIONS

              • Companies

                • 1. Companies

                  (1) In these Regulations, unless the context otherwise requires "company" means a company formed or registered under these Regulations (whether or not it was incorporated under these Regulations).
                  (2) Federal Law No. 8 of 1984 of the United Arab Emirates (as amended from time to time) shall not apply to companies formed or registered under these Regulations.

              • Types of Company

                • 2. Limited and unlimited companies

                  (1) A company is a "limited company" if the liability of its members is limited by its constitution.

                  It may be limited by shares or limited by guarantee.
                  (2) If their liability is limited to the amount, if any, unpaid on the shares held by them, the company is "limited by shares".
                  (3) If their liability is limited to such amount as the members undertake to contribute to the assets of the company in the event of its being wound up, the company is "limited by guarantee".
                  (4) If there is no limit on the liability of its members, the company is an "unlimited company".

                • 3. Private and public companies

                  (1) A "private company" is any company that is not a public company.
                  (2) A "public company" is a company limited by shares—
                  (a) whose certificate of incorporation states that it is a public company, and
                  (b) in relation to which the requirements of these Regulations as to registration or re-registration as a public company have been complied with.
                  (3) A "private company" may apply to the Registrar to be registered as a restricted scope company at its formation.
                  (4) A company may only be registered as a restricted scope company if—
                  (a) it is a subsidiary undertaking of another body corporate that prepares and publishes group accounts under these Regulations or such other enactment as the Registrar may recognise for the purposes of this section,
                  (b) it is a subsidiary undertaking of a body corporate that is incorporated by a Federal Law or by a law of any Emirate of the United Arab Emirates, or
                  (c) it is directly or indirectly wholly-owned by—
                  (i) one person, or
                  (ii) a group of persons who are members of the same family.
                  For the purposes of this subsection(c) the members of a person's family are that person's parents, spouse and children (including step-children).
                  (5) For the major differences between private and public companies, see Part 19.

                • 4. Companies may not be limited by guarantee and have share capital

                  (1) A company cannot be formed as, or become, a company limited by guarantee with a share capital.
                  (2) Any provision in the constitution of a company limited by guarantee that purports to divide the company's undertaking into shares or interests is a provision for a share capital, and the company shall be deemed a company limited by shares.

            • PART 2 COMPANY FORMATION

              • General

                • 5. Method of forming company

                  (1) A company is formed under these Regulations by one or more persons—
                  (a) confirming to the Registrar in an application for registration of the company that they—
                  (i) wish to form a company under these Regulations, and
                  (ii) agree to become members of the company and, in the case of a company that is to have a share capital, to take at least one share each, and
                  (b) complying with the requirements of these Regulations as to registration (see sections 6(registration documents) to 10 (statement of compliance)).
                  (2) A company may not be so formed for an unlawful purpose.

              • Requirements for registration

                • 6. Registration documents

                  (1) The application for registration of the company must be delivered to the Registrar together with the documents required by this section and a statement of compliance (see section 10 (statement of compliance)).
                  (2) The application for registration must state—
                  (a) the company's proposed name,
                  (b) whether the liability of the members of the company is to be limited, and if so whether it is to be limited by shares or by guarantee, and
                  (c) whether the company is to be a private or a public company.
                  (3) The application must contain—
                  (a) in the case of a company that is to have a share capital, a statement of capital and initial shareholdings (see section 7 (statement of capital and initial shareholdings)),
                  (b) in the case of a company that is to be limited by guarantee, a statement of guarantee (see section 8 (statement of guarantee)),
                  (c) a statement of the company's proposed officers (see section 9 (statement of proposed officers))
                  (d) the trade name reservation documents required under section 47 (reservation of trade name), and
                  (e) such other documents and information as the Registrar may require in respect of a particular application under this section.
                  (4) The application must also contain—
                  (a) a statement of the intended address of the company's registered office in the Abu Dhabi Global Market,
                  (b) a copy of any proposed articles of association (to the extent that these are not supplied by the default application of model articles(see section 18 (default application of model articles))), and
                  (c) confirmation, in the case of a private company, as to whether that company is to be registered as a restricted scope company.
                  (5) If the application is delivered by a person as agent for the shareholders, it must state his name and address.

                • 7. Statement of capital and initial shareholdings

                  (1) The statement of capital and initial shareholdings required to be delivered in the case of a company that is to have a share capital must comply with this section.
                  (2) It must state—
                  (a) the total number of shares of the company to be taken on formation by the initial members,
                  (b) for each class of shares—
                  (i) prescribed particulars of the rights attached to the shares, and
                  (ii) the total number of shares of that class, and
                  (c) the amount to be paid up and the amount (if any) to be unpaid on each share.
                  (3) It must contain such information as may be prescribed for the purpose of identifying the initial members.
                  (4) It must state, with respect to each initial member—
                  (a) the number and class of shares to be taken by him on formation, and
                  (b) the amount to be paid up and the amount (if any) to be unpaid on each share.
                  (5) Where a member is to take shares of more than one class, the information required under subsection (4)(a)is required for each class.

                • 8. Statement of guarantee

                  (1) The statement of guarantee required to be delivered in the case of a company that is to be limited by guarantee must comply with this section.
                  (2) It must contain such information as may be prescribed for the purpose of identifying the initial members.
                  (3) It must state that each member undertakes that, if the company is wound up while he is a member, or within one year after he ceases to be a member, he will contribute to the assets of the company such amount as may be required for—
                  (a) payment of the debts and liabilities of the company contracted before he ceases to be a member,
                  (b) payment of the costs, charges and expenses of winding up, and
                  (c) adjustment of the rights of the contributories among themselves,
                  not exceeding a specified amount.

                • 9. Statement of proposed officers

                  (1) The statement of the company's proposed officers required to be delivered to the Registrar must contain the required particulars of—
                  (a) the person who is, or persons who are, to be the first director or directors of the company,
                  (b) in the case of a company that is to be a private company, any person who is (or any persons who are) to be the first secretary (or joint secretaries) of the company (if any), and
                  (c) in the case of a company that is to be a public company, the person who is (or the persons who are) to be the first secretary (or joint secretaries) of the company.
                  (2) The required particulars are the particulars that will be required to be stated—
                  (a) in the case of a director, in the company's register of directors and register of directors' residential addresses (see sections 153(register of directors) to 157 (duty to notify Registrar of changes)), and
                  (b) in the case of a secretary, in the company's register of secretaries (see sections 292(duty to keep register of secretaries) to 295 (particulars of secretaries to be registered: corporate secretaries and firms)).
                  (3) The statement must also contain a consent by each of the persons named as a director, as secretary or as one of joint secretaries, to act in the relevant capacity. If all the partners in a firm are to be joint secretaries, consent may be given by one partner on behalf of all of them.

                • 10. Statement of compliance

                  (1) The statement of compliance required to be delivered to the Registrar is a statement that the requirements of these Regulations as to registration have been complied with.
                  (2) The Registrar may accept the statement of compliance as sufficient evidence of compliance.

              • Registration and its effect

                • 11. Registration

                  Regulations as to registration are complied with, he may register the documents delivered to him.

                • 12. Issue of certificate of incorporation

                  (1) On the registration of a company, the Registrar shall give a certificate that the company is incorporated.
                  (2) The certificate must state—
                  (a) the name and registered number of the company,
                  (b) the date of its incorporation,
                  (c) whether it is a limited or unlimited company,
                  (d) if it is a limited company, whether it is limited by shares or limited by guarantee,
                  (e) whether it is a private or a public company, and
                  (f) if it is a private company, whether it is a restricted scope company.
                  (3) The certificate must be signed by the Registrar or authenticated by the Registrar's official seal.
                  (4) The certificate is conclusive evidence that the requirements of these Regulations as to registration have been complied with and that the company is duly registered under these Regulations.

                • 13. Effect of registration

                  (1) The registration of a company has the following effects as from the date of incorporation—
                  (a) the initial members, together with such other persons as may from time to time become members of the company, are a body corporate by the name stated in the certificate of incorporation,
                  (b) that body corporate is capable of exercising all the functions of an incorporated company,
                  (c) the status and registered office of the company are as stated in, or in connection with, the application for registration,
                  (d) in the case of a company having a share capital, the initial members become holders of the shares specified in the statement of capital and initial shareholdings, and
                  (e) the proposed officers of the company are deemed to have been appointed to that office.

                • 14. Commercial Licence

                  An application for registration under section 6(registration documents) shall, if required by the Commercial Licensing Regulations 2015, be accompanied by an application to the Registrar for a licence to carry on any controlled activities under those regulations. In this section, "controlled activities" means any activity which is specified as a controlled activity by the Board for the purposes of the Commercial Licensing Regulations 2015.

            • PART 3 A COMPANY'S CONSTITUTION

              • CHAPTER 1 INTRODUCTORY

                • 15. A company's constitution

                  (1) Unless the context otherwise requires, references in these Regulations to a company's constitution include—
                  (a) the company's articles, and
                  (b) any resolutions and agreements to which Chapter 3 applies (see section 26 (resolutions and agreements affecting a company's constitution)).

              • CHAPTER 2 ARTICLES OF ASSOCIATION

                • General

                  • 16. Articles of association

                    (1) A company must have articles of association prescribing regulations for the company.
                    (2) Unless it is a company to which model articles apply by virtue of section 18 (default application of model articles), it must register articles of association.
                    (3) Articles of association registered by a company must—
                    (a) be contained in a single document, and
                    (b) be divided into paragraphs numbered consecutively.
                    (4) References in these Regulations to a company's "articles" are to its articles of association.

                  • 17. Power of Board to prescribe model articles

                    (1) The Board may make rules prescribing model articles of association for companies.
                    (2) Different model articles may be prescribed for different descriptions of company.
                    (3) A company may adopt all or any of the provisions of model articles.
                    (4) Any amendment of model articles by rules made under this section does not affect a company registered before the amendment takes effect.

                    "Amendment" here includes addition, alteration or repeal.

                  • 18. Default application of model articles

                    (1) On the formation of a limited company—
                    (a) if articles are not registered, or
                    (b) if articles are registered, in so far as they do not exclude or modify the relevant model articles,
                    the relevant model articles (so far as applicable) form part of the company's articles in the same manner and to the same extent as if articles in the form of those articles had been duly registered.
                    (2) The "relevant model articles" means the model articles prescribed for a company of that description as in force at the date on which the company is registered.

                • Alteration of articles

                  • 19. Amendment of articles

                    A company may amend its articles by special resolution.

                  • 20. Entrenched provisions of the articles

                    (1) A company's articles may contain provision ("provision for entrenchment") to the effect that specified provisions of the articles may be amended or repealed only if conditions are met, or procedures are complied with, that are more restrictive than those applicable in the case of a special resolution.
                    (2) Provision for entrenchment may only be made—
                    (a) in the company's articles on formation, or
                    (b) by an amendment of the company's articles agreed to by all the members of the company.
                    (3) Provision for entrenchment does not prevent amendment of the company's articles—
                    (a) by agreement of all the members of the company, or
                    (b) by order of a Court or other authority having power to alter the company's articles.
                    (4) Nothing in this section affects any power of a Court or other authority to alter a company's articles.

                  • 21. Notice to Registrar of existence of restriction on amendment of articles

                    (1) Where a company's articles—
                    (a) on formation contain provision for entrenchment,
                    (b) are amended so as to include such provision, or
                    (c) are altered by order of a Court or other authority so as to restrict or exclude the power of the company to amend its articles,
                    the company must give notice of that fact to the Registrar.
                    (2) Where a company's articles—
                    (a) are amended so as to remove provision for entrenchment, or
                    (b) are altered by order of a Court or other authority—
                    (i) so as to remove such provision, or
                    (ii) so as to remove any other restriction on, or any exclusion of, the power of the company to amend its articles,
                    the company must give notice of that fact to the Registrar.

                  • 22. Statement of compliance where amendment of articles restricted

                    (1) This section applies where a company's articles are subject—
                    (a) to provision for entrenchment, or
                    (b) to an order of a Court or other authority restricting or excluding the company's power to amend the articles.
                    (2) If the company—
                    (a) amends its articles, and
                    (b) is required to send to the Registrar a document making or evidencing the amendment,
                    the company must deliver with that document a statement of compliance.
                    (3) The statement of compliance required is a statement certifying that the amendment has been made in accordance with the company's articles and, where relevant, any applicable order of a Court or other authority.
                    (4) The Registrar may rely on the statement of compliance as sufficient evidence of the matters stated in it.

                  • 23. Effect of alteration of articles on company's members

                    (1) A member of a company is not bound by an alteration to its articles after the date on which he became a member, if and so far as the alteration—
                    (a) requires him to take or subscribe for more shares than the number held by him at the date on which the alteration is made, or
                    (b) in any way increases his liability as at that date to contribute to the company's share capital or otherwise to pay money to the company.
                    (2) Subsection (1) does not apply in a case where the member agrees in writing, either before or after the alteration is made, to be bound by the alteration.

                  • 24. Registrar to be sent copy of amended articles

                    (1) Where a company amends its articles it must send to the Registrar a copy of the articles as amended not later than 14 days after the amendment takes effect.
                    (2) This section does not require a company to set out in its articles any provisions of model articles that—
                    (a) are applied by the articles, or
                    (b) apply by virtue of section 18 (default application of model articles).
                    (3) If a company fails to comply with this section a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) is liable for a level 2 fine.

                  • 25. Registrar's notice to comply in case of failure with respect to amended articles

                    (1) If it appears to the Registrar that a company has failed to comply with any requirement under these Regulations requiring it—
                    (a) to send to the Registrar a document making or evidencing an alteration in the company's articles, or
                    (b) to send to the Registrar a copy of the company's articles as amended,
                    the Registrar may give notice to the company requiring it to comply.
                    (2) The notice must—
                    (a) state the date on which it is issued, and
                    (b) require the company to comply within 28 days from that date.
                    (3) If the company does not comply with the notice within the specified time, it is liable to a level 1 fine.

              • CHAPTER 3 RESOLUTIONS AND AGREEMENTS AFFECTING A COMPANY'S CONSTITUTION

                • 26. Resolutions and agreements affecting a company's constitution

                  (1) This Chapter applies to—
                  (a) any special resolution,
                  (b) any resolution or agreement agreed to by all the members that, if not so agreed to, would not have been effective for its purpose unless passed as a special resolution,
                  (c) any resolution or agreement agreed to by all the members of a class of shareholders that, if not so agreed to, would not have been effective for its purpose unless passed by some particular majority or otherwise in some particular manner, and
                  (d) any resolution or agreement that effectively binds all members of a class of shareholders though not agreed to by all those members.
                  (2) References in subsection (1) to a member of a company, or of a class of members of a company, do not include the company itself where it is such a member by virtue only of its holding shares as treasury shares.

                • 27. Copies of resolutions or agreements to be forwarded to Registrar

                  (1) A copy of every resolution or agreement to which this Chapter applies, or (in the case of a resolution or agreement that is not in writing) a written memorandum setting out its terms, must be forwarded to the Registrar within 14 days after it is passed or made.
                  (2) If a company fails to comply with this section, a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of it who is in default.
                  (3) A person who commits the contravention referred to in subsection (2) shall be liable to a level 1 fine.
                  (4) For the purposes of this section, a liquidator of the company is treated as an officer of it.

              • CHAPTER 4 MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS

                • Statement of company's objects

                  • 28. Statement of company's objects

                    (1) Unless a company's articles specifically restrict the objects of the company, its objects are unrestricted.
                    (2) Where a company amends its articles so as to add, remove or alter a statement of the company's objects—
                    (a) it must give notice to the Registrar,
                    (b) on receipt of the notice, the Registrar shall register it, and
                    (c) the amendment is not effective until entry of that notice on the register.
                    (3) Any such amendment does not affect any rights or obligations of the company or render defective any legal proceedings by or against it.

                • Other provisions with respect to a company's constitution

                  • 29. Constitutional documents to be provided to members

                    (1) A company must, on request by any member, send to him the following documents—
                    (a) an up-to-date copy of the company's articles,
                    (b) a copy of any resolution or agreement relating to the company to which Chapter 3 applies (resolutions and agreements affecting a company's constitution) and that is for the time being in force,
                    (c) a copy of any document required to be sent to the Registrar under section 31(2)(a)(notice to Registrar where company's constitution altered by order),
                    (d) a copy of any Court order under section 805(Court sanction for compromise or arrangement) or section 806(powers of Court to facilitate reconstruction or amalgamation or merger or division),
                    (e) a copy of any Court order under section 860(protection of members against unfair prejudice: powers of the Court) that alters the company's constitution,
                    (f) a copy of the company's current certificate of incorporation, and of any past certificates of incorporation,
                    (g) in the case of a company with a share capital, a current statement of capital,
                    (h) in the case of a company limited by guarantee, a copy of the statement of guarantee.
                    (2) The statement of capital required by subsection (1)(g) is a statement of—
                    (a) the total number of shares of the company,
                    (b) for each class of shares—
                    (i) prescribed particulars of the rights attached to the shares,
                    (ii) the total number of shares of that class, and
                    (c) the amount paid up and the amount (if any) unpaid on each share.
                    (3) If a company makes default in complying with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 2 fine.

                  • 30. Effect of company's constitution

                    (1) The provisions of a company's constitution bind the company and its members to the same extent as if there were covenants on the part of the company and of each member to observe those provisions.
                    (2) Money payable by a member to the company under its constitution is a debt due from him to the company in the nature of an ordinary contract debt.

                  • 31. Notice to Registrar where company's constitution altered by order

                    (1) Where a company's constitution is altered by an order of a Court or other authority, the company must give notice to the Registrar of the alteration not later than 14 days after the alteration takes effect.
                    (2) The notice must be accompanied by—
                    (a) a copy of the order, and
                    (b) if the order amends—
                    (i) the company's articles, or
                    (ii) a resolution or agreement to which Chapter 3 applies (resolutions and agreements affecting the company's constitution),
                    a copy of the company's articles, or the resolution or agreement in question, as amended.
                    (3) If a company fails to comply with this section a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 1 fine.
                    (5) This section does not apply where provision is made by another law or regulation applicable to the Abu Dhabi Global Market for the delivery to the Registrar of a copy of the order in question.

                  • 32. Documents to be incorporated in or accompany copies of articles issued by company

                    (1) Every copy of a company's articles issued by the company must be accompanied by—
                    (a) a copy of any resolution or agreement relating to the company to which Chapter 3 applies (resolutions and agreements affecting a company's constitution),
                    (b) a copy of any order required to be sent to the Registrar under section 31(2)(a) (notice to Registrar where company's constitution altered by order).
                    (2) This does not require the articles to be accompanied by a copy of a document or by a statement if—
                    (a) the effect of the resolution, agreement, or order (as the case may be) on the company's constitution has been incorporated into the articles by amendment, or
                    (b) the resolution, agreement, or order (as the case may be) is not for the time being in force.
                    (3) If the company fails to comply with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 1 fine.
                    (5) For the purposes of this section, a liquidator of the company is treated as an officer of it.

                  • 33. Right to participate in profits otherwise than as member void

                    In the case of a company limited by guarantee any provision in the company's articles, or in any resolution of the company, purporting to give a person a right to participate in the divisible profits of the company otherwise than as a member is void.

                  • 34. Application to single member companies of rules of law

                    Any rule of law applicable in the Abu Dhabi Global Market to companies formed by two or more persons or having two or more members applies with any necessary modification in relation to a company formed by one person or having only one person as a member.

            • PART 4 A COMPANY'S CAPACITY AND RELATED MATTERS

              • Capacity of company and power of directors to bind it

                • 35. A company's capacity

                  The validity of an act done by a company shall not be called into question on the ground of lack of capacity by reason of anything in the company's constitution.

                • 36. Power of directors to bind the company

                  (1) In favour of a person dealing with a company in good faith, the power of the directors to bind the company, or authorise others to do so, is deemed to be free of any limitation under the company's constitution.
                  (2) For this purpose—
                  (a) a person "deals with" a company if he is a party to any transaction or other act to which the company is a party,
                  (b) a person dealing with a company—
                  (i) is not bound to enquire as to any limitation on the powers of the directors to bind the company or authorise others to do so,
                  (ii) is presumed to have acted in good faith unless the contrary is proved, and
                  (iii) is not to be regarded as acting in bad faith by reason only of his knowing that an act is beyond the powers of the directors under the company's constitution.
                  (3) The references above to limitations on the directors' powers under the company's constitution include limitations deriving—
                  (a) from a resolution of the company or of any class of shareholders, or
                  (b) from any agreement between the members of the company or of any class of shareholders.
                  (4) This section does not affect any right of a member of the company to bring proceedings to restrain the doing of an action that is beyond the powers of the directors.

                  But no such proceedings lie in respect of an act to be done in fulfilment of a legal obligation arising from a previous act of the company.
                  (5) This section does not affect any liability incurred by the directors, or any other person, by reason of the directors' exceeding their powers.
                  (6) This section has effect subject to section 37(constitutional limitations: transactions including directors or their associates).

                • 37. Constitutional limitations: transactions involving directors or their associates

                  (1) This section applies to a transaction if or to the extent that its validity depends on section 36 (power of directors to bind the company).

                  Nothing in this section shall be read as excluding the operation of any rule of law applicable in the Abu Dhabi Global Market by virtue of which the transaction may be called in question or any liability to the company may arise.
                  (2) Where—
                  (a) a company enters into such a transaction, and
                  (b) the parties to the transaction include—
                  (i) a director of the company or of its holding company, or
                  (ii) a person connected with any such director,
                  the transaction is voidable at the instance of the company.
                  (3) Whether or not it is avoided, any such party to the transaction as is mentioned in subsection (2)(b)(i) or (ii), and any director of the company who authorised the transaction, is liable—
                  (a) to account to the company for any gain he has made directly or indirectly by the transaction, and
                  (b) to indemnify the company for any loss or damage resulting from the transaction.
                  (4) The transaction ceases to be voidable if—
                  (a) restitution of any money or other asset which was the subject matter of the transaction is no longer possible, or
                  (b) the company is indemnified for any loss or damage resulting from the transaction, or
                  (c) rights acquired bona fide for value and without actual notice of the directors exceeding their powers by a person who is not party to the transaction would be affected by the avoidance, or
                  (d) the transaction is affirmed by the company.
                  (5) A person other than a director of the company is not liable under subsection (3) if he shows that at the time the transaction was entered into he did not know that the directors were exceeding their powers.
                  (6) Nothing in the preceding provisions of this section affects the rights of any party to the transaction not within subsection (2)(b)(i) or (ii).The Court may, on the application of the company or any such party, make an order affirming, severing or setting aside the transaction on such terms as appear to the Court to be just.
                  (7) In this section—
                  (a) "transaction" includes any act, and
                  (b) the reference to a person connected with a director has the same meaning as in Part 10 (company directors).

              • Formalities of doing business under the law of the Abu Dhabi Global Market

                • 38. Contracts

                  (1) Under the law of the Abu Dhabi Global Market a contract may be made—
                  (a) by a company, by writing under its common seal, or
                  (b) on behalf of a company, by a person acting under its authority, express or implied.
                  (2) Under the law of the Abu Dhabi Global Market a contract may be made by a non-ADGM company—
                  (a) by writing under its common seal or in any manner permitted by the laws of the territory in which the non-ADGM company is incorporated for the execution of documents by such non-ADGM company, and
                  (b) on behalf of that non-ADGM company, by any person who, in accordance with the laws of the territory in which the company is incorporated, is acting under the authority (express or implied) of that non-ADGM company.
                  (3) Any formalities required by law in the case of a contract made by an individual also apply, unless a contrary intention appears, to a contract made by or on behalf of a company or non-ADGM company.

                • 39. Execution of documents in the Abu Dhabi Global Market

                  (1) Under the law of the Abu Dhabi Global Market a document is executed by a company—
                  (a) by the affixing of its common seal, or
                  (b) by signature in accordance with the following provisions.
                  (2) A document is validly executed by a company if it is signed on behalf of the company—
                  (a) by two authorised signatories, or
                  (b) by a director of the company in the presence of a witness who attests the signature.
                  (3) The following are "authorised signatories" for the purposes of subsection (2)—
                  (a) every director of the company, and
                  (b) in the case of a private company with a secretary or a public company, the secretary (or any joint secretary) of the company.
                  (4) A document signed in accordance with subsection (2) and expressed, in whatever words, to be executed by the company has the same effect as if executed under the common seal of the company.
                  (5) Under the law of the Abu Dhabi Global Market a document is executed by a non-ADGM company—
                  (a) by the affixing of its common seal, or
                  (b) if it is executed in any manner permitted by the laws of the territory in which the non-ADGM company is incorporated for the execution of documents by such non-ADGM company.
                  (6) A document which—
                  (a) is signed by a person who, in accordance with the laws of the territory in which the non-ADGM company is incorporated, is acting under the authority (express or implied) of the non-ADGM company, and
                  (b) is expressed (in whatever form of words) to be executed by the non-ADGM company,
                  has the same effect in relation to that non-ADGM company as it would have in relation to a company formed or registered under these Regulations if executed under the common seal of a company so formed or registered.
                  (7) In favour of a purchaser a document is deemed to have been duly executed by a company or non-ADGM company if it purports to be signed in accordance with subsection (2)(in the case of a company) or (5) (in the case of a non-ADGM company).

                  A "purchaser" means a purchaser in good faith for valuable consideration and includes a lessee, mortgagee or other person who for valuable consideration acquires an interest in property.
                  (8) Where a document is to be signed by a person on behalf of more than one company or non-ADGM company, it is not duly signed by that person for the purposes of this section unless he signs it separately in each capacity.
                  (9) References in this section to a document being (or purporting to be) signed by a director, secretary or person who is acting under the authority (express or implied) of the relevant company or non-ADGM company are to be read, in a case where that person is a firm, as references to its being (or purporting to be) signed by an individual authorised by the firm to sign on its behalf.
                  (10) This section applies to a document that is (or purports to be) executed by a company or non-ADGM company in the name of or on behalf of another person whether or not that person is also a company or non-ADGM company.

                • 40. Common seal

                  (1) A company may have a common seal, but need not have one.
                  (2) A company which has a common seal shall have its name engraved in legible characters on the seal.
                  (3) If a company fails to comply with subsection (2) an offence is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  (4) An officer of a company, or a person acting on behalf of a company, commits a contravention of these regulations if he uses, or authorises the use of, a seal purporting to be a seal of the company on which its name is not engraved as required by subsection (2).
                  (5) A person who commits a contravention under this section is liable to a level 1 fine.

                • 41. Execution of deeds

                  (1) A document is validly executed by a company as a deed for the purposes of laws applicable in the Abu Dhabi Global Market if, and only if—
                  (a) it is duly executed by that company, and
                  (b) it is delivered as a deed.
                  (2) A document is validly executed by a non-ADGM company as a deed for the purposes of laws applicable in the Abu Dhabi Global Market if, and only if—
                  (a) it is duly executed by that non-ADGM company, and
                  (b) it is delivered as a deed.
                  (3) For the purposes of subsection (1)(b) and 2(b) a document is presumed to be delivered upon its being executed, unless a contrary intention is proved.

                • 42. Execution of deeds or other documents by attorney

                  (1) Under the law of the Abu Dhabi Global Market a company may, by instrument executed as a deed, empower a person, either generally or in respect of specified matters, as its attorney to execute deeds or other documents on its behalf.
                  (2) A deed or other document so executed, whether in the Abu Dhabi Global Market or elsewhere, has effect as if executed by the company.

              • Other matters

                • 43. Official seal for use outside of the Abu Dhabi Global Market

                  (1) A company that has a common seal may have an official seal for use outside the Abu Dhabi Global Market.
                  (2) The official seal must be a facsimile of the company's common seal, with the addition on its face of the place or places where it is to be used.
                  (3) The official seal when duly affixed to a document has the same effect as the company's common seal.
                  (4) A company having an official seal for use outside the Abu Dhabi Global Market may by writing under its common seal, authorise any person appointed for the purpose to affix the official seal to any deed or other document to which the company is party.
                  (5) As between the company and a person dealing with such an agent, the agent's authority continues—
                  (a) during the period mentioned in the instrument conferring the authority, or
                  (b) if no period is mentioned, until notice of the revocation or termination of the agent's authority has been given to the person dealing with him.
                  (6) The person affixing the official seal must certify in writing on the deed or other document to which the seal is affixed the date on which, and place at which, it is affixed.

                • 44. Official seal for share certificates etc

                  (1) A company that has a common seal may have an official seal for use—
                  (a) for sealing securities issued by the company, or
                  (b) for sealing documents creating or evidencing securities so issued.
                  (2) The official seal—
                  (a) must be a facsimile of the company's common seal, with the addition on its face of the word "Securities", and
                  (b) when duly affixed to the document has the same effect as the company's common seal.

                • 45. Pre-incorporation contracts, deeds and obligations

                  (1) A contract that purports to be made by or on behalf of a company at a time when the company has not been formed has effect, subject to any agreement to the contrary, as one made with the person purporting to act for the company or as agent for it, and he is personally liable on the contract accordingly.
                  (2) Subsection (1) applies to the making of a deed under the law of the Abu Dhabi Global Market as it applies to the making of a contract.

                • 46. Bills of exchange and promissory notes

                  A bill of exchange or promissory note is deemed to have been made, accepted or endorsed on behalf of a company if made, accepted or endorsed in the name of, or by or on behalf or on account of, the company by a person acting under its authority.

            • PART 5 A COMPANY'S NAME

              • CHAPTER 1 GENERAL REQUIREMENTS

                • 47. Reservation of trade name

                  (1) Every application for the registration of a company under these Regulations must be preceded or accompanied by an application to reserve a proposed name of that company.
                  (2) The Registrar may make rules and may issue guidance about applications made under sub-section (1). The rules may, in particular, make provision—
                  (a) as to the period of time for which a proposed name is so reserved and the process for extending that period of time,
                  (b) for prohibited or restricted names,
                  (c) as to the form and content of an application, and
                  (d) for fees to be charged.

                • 48. Prohibited names

                  (1) A company must not be registered under these Regulations by a name if, in the opinion of the Registrar—
                  (a) its use by the company would constitute a contravention of these Regulations or any other enactment or rule applicable in the Abu Dhabi Global Market, or
                  (b) it is offensive.

                • 49. Names suggesting connection with government or public authority

                  (1) The approval of the Registrar is required for a company to be registered under these Regulations with a name that would be likely to give the impression that the company is connected with—
                  (a) the Federal Government of the United Arab Emirates or the Government of any Emirate within the United Arab Emirates,
                  (b) a municipality within the United Arab Emirates,
                  (c) any public authority specified for the purposes of this section pursuant to rules made by the Board, or
                  (d) any other person registered with any governmental authority of the United Arab Emirates or of any Emirate within the United Arab Emirates.
                  (2) For the purposes of this section "public authority" includes any person or body having functions of a public nature.

                • 50. Other sensitive words or expressions

                  The approval of the Registrar is required for a company to be registered under these Regulations by a name that includes a word or expression for the time being specified in rules made by the Board under this section.

                • 51. Permitted characters etc

                  (1) The Board may make rules—
                  (a) as to the letters or other characters, signs or symbols (including accents and other diacritical marks) and punctuation that may be used in the name of a company registered under these Regulations, and
                  (b) specifying a standard style or format for the name of a company for the purposes of registration.
                  (2) The rules may prohibit the use of specified characters, signs or symbols when appearing in a specified position (in particular, at the beginning of a name).
                  (3) A company may not be registered under these Regulations by a name that consists of or includes anything that is not permitted in accordance with rules made under this section.
                  (4) In this section "specified" means specified in rules made under this section.

                • 52. Public limited companies

                  The name of a limited company that is a public company must end with "public limited company","PUBLIC LIMITED COMPANY", "plc", "PLC", "p.l.c." or "P.L.C.".

                • 53. Private limited companies

                  (1) The name of a limited company that is a private company must end with "limited", "LIMITED", "ltd", "LTD", "l.t.d.", or "L.T.D.".
                  (2) The name of a limited company that is a restricted scope company must end with one of the suffixes provided for by subsection (1) with the addition of the word "restricted".

                • 54. Inappropriate use of indications of company type or legal form

                  (1) The Board may make rules prohibiting the use in a company name of specified words, expressions or other indications—
                  (a) that are associated with a particular type of company or form of organisation, or
                  (b) that are similar to words, expressions or other indications associated with a particular type of company or form of organisation.
                  (2) The rules may prohibit the use of words, expressions or other indications—
                  (a) in a specified part, or otherwise than in a specified part, of a company's name,
                  (b) in conjunction with, or otherwise than in conjunction with, such other words, expressions or indications as may be specified.
                  (3) A company must not be registered under these Regulations by a name that consists of or includes anything prohibited by rules made under this section.
                  (4) In this section "specified" means specified in rules made under this section.

              • CHAPTER 2 SIMILARITY TO OTHER NAMES

                • 55. Name not to be the same as another on the Registrar's register of company names

                  (1) A company must not be registered under these Regulations with a name that is the same as another name appearing in the Registrar's register of company names.
                  (2) The Board may make rules supplementing this section.
                  (3) The rules may make provision—
                  (a) as to matters that are to be disregarded, and
                  (b) as to words, expressions, signs or symbols that are, or are not, to be regarded as the same,
                  for the purposes of this section.
                  (4) The rules may provide—
                  (a) that registration by a name that would otherwise be prohibited under this section is permitted—
                  (i) in specified circumstances, or
                  (ii) with specified consent, and
                  (b) that if those circumstances obtain or that consent is given at the time a company is registered by a name, a subsequent change of circumstances or withdrawal of consent does not affect the registration.
                  (5) In this section "specified" means specified in the rules made under this section.

                • 56. Power to direct change of name in case of similarity to existing name

                  (1) The Registrar may direct a company to change its name if it has been registered in a name that is the same as or, in the opinion of the Registrar, too like—
                  (a) the name of the Federal Government of the United Arab Emirates or the Government of any Emirate within the United Arab Emirates,
                  (b) the name of a municipality within the United Arab Emirates,
                  (c) the name of any public authority specified for the purposes of this section pursuant to rules made by the Board,
                  (d) the name of any other person registered with any governmental authority of the United Arab Emirates or of any Emirate within the United Arab Emirates,
                  (e) a name appearing at the time of the registration in the Registrar's register of company names, or
                  (f) a name that should have appeared in the Registrar's register of company names at that time.
                  (2) The Registrar may make rules supplementing this section.
                  (3) The rules may make provision—
                  (a) as to matters that are to be disregarded, and
                  (b) as to words, expressions, signs or symbols that are, or are not, to be regarded as the same,
                  for the purposes of this section.
                  (4) The rules may provide—
                  (a) that no direction is to be given under this section in respect of a name—
                  (i) in specified circumstances, or
                  (ii) if specified consent is given, and
                  (b) that a subsequent change of circumstances or withdrawal of consent does not give rise to grounds for a direction under this section.
                  (5) In this section "specified" means specified in rules made under this section.

                • 57. Direction to change name: supplementary provisions

                  (1) The following provisions have effect in relation to a direction under section 56 (power to direct change of name in case of similarity to existing name).
                  (2) Any such direction—
                  (a) must be given within twelve months of the company's registration by the name in question, and
                  (b) must specify the period within which the company is to change its name.
                  (3) The Registrar may by a further direction extend that period. Any such direction must be given before the end of the period for the time being specified.
                  (4) A direction under section 56(power to direct change of name in case of similarity to existing name) or this section must be in writing.
                  (5) If a company fails to comply with the direction, a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  For this purpose a shadow director is treated as an officer of the company.
                  (6) A person who commits the contravention referred to in subsection (5) shall be liable to a fine of up to level 4.

                • 58. Objection to company's registered name

                  (1) A person ("the applicant") may object to a company's registered name on the ground—
                  (a) that it is the same as a name associated with the applicant in which he has goodwill, or
                  (b) that it is sufficiently similar to such a name that its use in the Abu Dhabi Global Market would be likely to mislead by suggesting a connection between the company and the applicant.
                  (2) The objection must be made by application to the Registrar (see section 59 (procedural rules)).
                  (3) The company concerned shall be the primary respondent to the application. Any of its members or directors may be joined as respondents.
                  (4) If the ground specified in subsection (1)(a) or (b) is established, it is for the respondents to show—
                  (a) that the name was registered before the commencement of the activities on which the applicant relies to show goodwill, or
                  (b) that the company—
                  (i) is operating under the name, or
                  (ii) is proposing to do so and has incurred substantial start-up costs in preparation, or
                  (iii) was formerly operating under the name and is now dormant, or
                  (c) that the name was registered in the ordinary course of a company formation business and the company is available for sale to the applicant on the standard terms of that business, or
                  (d) that the name was adopted in good faith, or
                  (e) that the interests of the applicant are not adversely affected to any significant extent.
                  If none of those is shown, the objection shall be upheld.
                  (5) If the facts mentioned in subsection (4)(a), (b) or (c) are established, the objection shall nevertheless be upheld if the applicant shows that the main purpose of the respondents (or any of them) in registering the name was to obtain money (or other consideration) from the applicant or prevent him from registering the name.
                  (6) If the objection is not upheld under subsection (4) or (5), it shall be dismissed.
                  (7) In this section "goodwill" includes reputation of any description.

                • 59. Procedural rules

                  (1) The Board may make rules about proceedings brought under section 58 (objection to company's registered name).
                  (2) The rules may, in particular, make provision—
                  (a) as to how an application is to be made and the form and content of an application or other documents,
                  (b) for fees to be charged,
                  (c) about the service of documents and the consequences of failure to serve them,
                  (d) as to the form and manner in which evidence is to be given,
                  (e) for circumstances in which hearings are required and those in which they are not,
                  (f) setting time limits for anything required to be done in connection with the proceedings (and allowing for such limits to be extended, even if they have expired),
                  (g) enabling the Registrar to strike out an application, or any defence, in whole or in part—
                  (i) on the ground that it is vexatious, has no reasonable prospect of success or is otherwise misconceived, or
                  (ii) for failure to comply with the requirements of the rules,
                  (h) conferring power to order security for costs,
                  (i) as to how far proceedings are to be held in public,
                  (j) requiring one party to bear the costs of another and as to the taxing the amount of such costs.

                • 60. Decision of Registrar to be made available to public

                  (1) The Registrar must, within 90 days of determining an application under section 58 (objection to company's registered name), make his decision and his reasons for it available to the public.
                  (2) He may do so by means of a website or by such other means as appear to him to be appropriate.

                • 61. Order requiring name to be changed

                  (1) If an application under section 58(objection to company's registered name) is upheld, the Registrar shall serve notice—
                  (a) requiring the respondent company to change its name to one that is not an offending name, and
                  (b) requiring all the respondents—
                  (i) to take all such steps as are within their power to make, or facilitate the making, of that change, and
                  (ii) not to cause or permit any steps to be taken calculated to result in another company being registered with a name that is an offending name.
                  (2) An "offending name" means a name that, by reason of its similarity to the name associated with the applicant in which he claims goodwill, would be likely—
                  (a) to be the subject of a direction under section 56(power to direct change of name in case of similarity to existing name), or
                  (b) to give rise to a further application under section 58(objection to company's registered name).
                  (3) The notice must specify a date by which the respondent company's name is to be changed and may be enforced in the same way as an order of the Court.
                  (4) If the respondent company's name is not changed in accordance with the order by the specified date, the Registrar may determine a new name for the company.
                  (5) If the Registrar determines a new name for the respondent company he must give notice of his determination—
                  (a) to the applicant, and
                  (b) to the respondents.
                  (6) For the purposes of this section a company's name is changed when the change takes effect in accordance with section 69(1)(change of name: effect).

                • 62. Appeal from Registrar's decision

                  (1) An appeal lies to the Court from any decision of the Registrar to uphold or dismiss an application under section 58 (objection to company's registered name).
                  (2) Notice of appeal against a decision upholding an application must be given before the date specified in the Registrar's notice by which the respondent company's name is to be changed.
                  (3) If notice of appeal is given against a decision upholding an application, the effect of the Registrar's notice is suspended.
                  (4) If on appeal the Court—
                  (a) affirms the decision of the Registrar to uphold the application, or
                  (b) reverses the decision of the Registrar to dismiss the application,
                  the Court may (as the case may require) specify the date by which the Registrar's notice is to be complied with, remit the matter to the Registrar or make any order or determination that the Registrar might have made.
                  (5) If the Court determines a new name for the company it must give notice of the determination—
                  (a) to the parties to the appeal, and
                  (b) to the Registrar.

              • CHAPTER 3 OTHER POWERS OF THE REGISTRAR

                • 63. Provision of misleading information etc

                  (1) If it appears to the Registrar—
                  (a) that misleading information has been given for the purposes of a company's registration by a particular name, or
                  (b) that an undertaking or assurance has been given for that purpose and has not been fulfilled,
                  the Registrar may direct the company to change its name.
                  (2) Any such direction—
                  (a) must be given within five years of the company's registration by that name, and
                  (b) must specify the period within which the company is to change its name.
                  (3) The Registrar may by a further direction extend the period within which the company is to change its name.

                  Any such direction must be given before the end of the period for the time being specified.
                  (4) A direction under this section must be in writing.
                  (5) If a company fails to comply with a direction under this section, a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  For this purpose a shadow director is treated as an officer of the company.
                  (6) A person who commits the contravention referred to in subsection (5) shall be liable to a fine of up to level 7.

                • 64. Misleading indication of activities

                  (1) If in the opinion of the Registrar the name by which a company is registered gives so misleading an indication of the nature of its activities as to be likely to cause harm to the public, the Registrar may direct the company to change its name.
                  (2) The direction must be in writing.
                  (3) The direction must be complied with within a period of six weeks from the date of the direction or such longer period as the Registrar may think fit to allow.

                  This does not apply if an application is duly made to the Court under the following provisions.
                  (4) The company may apply to the Court to set the direction aside.

                  The application must be made within the period of three weeks from the date of the direction.
                  (5) The Court may set the direction aside or confirm it.

                  If the direction is confirmed, the Court shall specify the period within which the direction is to be complied with.
                  (6) If a company fails to comply with a direction under this section, a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  For this purpose a shadow director is treated as an officer of the company.
                  (7) A person who commits the contravention referred to in subsection (6) shall be liable to a fine of up to level 4.

              • CHAPTER 4 CHANGE OF NAME

                • 65. Change of name

                  (1) A company may change its name—
                  (a) by special resolution (see section 66 (change of name by special resolution)), or
                  (b) by other means provided for by the company's articles (see section 67 (change of name by means provided for in company's articles)).
                  (2) The name of a company may also be changed—
                  (a) on the determination of a new name by the Registrar under section 61 (order requiring name to be changed),
                  (b) on the determination of a new name by the Court under section 62(appeal from Registrar's decision),
                  (c) under section 891(company's name on restoration).

                • 66. Change of name by special resolution

                  (1) Where a change of name has been agreed to by a company by special resolution, the company must give notice to the Registrar.

                  This is in addition to the obligation to forward a copy of the resolution to the Registrar.
                  (2) Where a change of name by special resolution is conditional on the occurrence of an event, the notice given to the Registrar of the change must—
                  (a) specify that the change is conditional, and
                  (b) state whether the event has occurred.
                  (3) If the notice states that the event has not occurred—
                  (a) the Registrar is not required to act under section 68 (change of name: registration and issue of new certificate of incorporation) until further notice,
                  (b) when the event occurs, the company must give notice to the Registrar stating that it has occurred, and
                  (c) the Registrar may rely on the statement as sufficient evidence of the matters stated in it.

                • 67. Change of name by means provided for in company's articles

                  (1) Where a change of a company's name has been made by other means provided for by its articles—
                  (a) the company must give notice to the Registrar, and
                  (b) the notice must be accompanied by a statement that the change of name has been made by means provided for by the company's articles.
                  (2) The Registrar may rely on the statement as sufficient evidence of the matters stated in it.

                • 68. Change of name: registration and issue of new certificate of incorporation

                  (1) This section applies where the Registrar receives notice of a change of a company's name.
                  (2) If the Registrar is satisfied—
                  (a) that the new name complies with the requirements of this Part, and
                  (b) that the requirements of these Regulations, and any relevant requirements of the company's articles, with respect to a change of name are complied with,
                  the Registrar must enter the new name on the register in place of the former name.
                  (3) On the registration of the new name, the Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.

                • 69. Change of name: effect

                  (1) A change of a company's name has effect from the date on which the new certificate of incorporation is issued.
                  (2) The change does not affect any rights or obligations of the company or render defective any legal proceedings by or against it.
                  (3) Any legal proceedings that might have been continued or commenced against it by its former name may be continued or commenced against it by its new name.

              • CHAPTER 5 TRADING DISCLOSURES

                • 70. Requirement to disclose company name etc

                  (1) The Board may make rules requiring companies—
                  (a) to display specified information in specified locations,
                  (b) to state specified information in specified descriptions of document or communication, and
                  (c) to provide specified information on request to those they deal with in the course of their business.
                  (2) The rules—
                  (a) must in every case require disclosure of the name of the company,
                  (b) may make provision as to the manner in which any specified information is to be displayed, stated or provided, and
                  (c) may declare specified companies exempt in whole or in part from the requirements imposed under this section.
                  (3) The rules may provide that, for the purposes of any requirement to disclose a company's name, any variation between a word or words required to be part of the name and a permitted abbreviation of that word or those words (or vice versa) shall be disregarded.
                  (4) In this section "specified" means specified in the rules made under this section.

                • 71. Consequences of failure to make required disclosure

                  (1) This section applies to any legal proceedings brought by a company to which section 70(requirement to disclose company name etc) applies to enforce a right arising out of a contract made in the course of a business in respect of which the company was, at the time the contract was made, in breach of rules under that section.
                  (2) The proceedings shall be dismissed if the defendant to the proceedings shows—
                  (a) that he has a claim against the claimant arising out of the contract that he has been unable to pursue by reason of the latter's breach of the rules, or
                  (b) that he has suffered some financial loss in connection with the contract by reason of the claimant's breach of the rules,
                  unless the Court before which the proceedings are brought is satisfied that it is just and equitable to permit the proceedings to continue.
                  (3) This section does not affect the right of any person to enforce such rights as he may have against another person in any proceedings brought by that person.

                • 72. Consequences of failure to make required disclosures

                  (1) Rules under section 70(requirement to disclose company name etc)may provide—
                  (a) that where a company fails, without reasonable excuse, to comply with any specified requirement of rules under that section a contravention of these Regulations is committed by—
                  (i) the company, and
                  (ii) every officer of the company who is in default,
                  (b) that a person who commits the contravention referred to in subsection (1)(a) shall be to a level 1 fine.
                  (2) The rules may provide that, for the purposes of any provision made under subsection (1), a shadow director of the company is to be treated as an officer of the company.
                  (3) In subsection (1)(a) "specified" means specified in the rules.

                • 73. Minor variations in form of name to be left out of account

                  (1) For the purposes of this Chapter, in considering a company's name no account is to be taken of—
                  (a) whether upper or lower case characters (or a combination of the two) are used,
                  (b) whether diacritical marks or punctuation are present or absent, or
                  (c) whether the name is in the same format or style as is specified under section 51(1)(b)(permitted characters etc) for the purposes of registration,
                  provided there is no real likelihood of names differing only in those respects being taken to be different names.
                  (2) This does not affect the operation of regulations under section 51(1)(a)(permitted characters etc) permitting only specified characters, diacritical marks or punctuation.

            • PART 6 A COMPANY'S REGISTERED OFFICE

              • General

                • 74. A company's registered office

                  A company must at all times have a registered office in the Abu Dhabi Global Market to which all communications and notices may be addressed.

                • 75. Change of address of registered office

                  (1) A company may change the address of its registered office by giving notice to the Registrar.
                  (2) The change takes effect upon the notice being registered by the Registrar, but until the end of the period of 14 days beginning with the date on which it is registered a person may validly serve any document on the company at the address previously registered.
                  (3) For the purposes of any duty of a company—
                  (a) to keep available for inspection at its registered office any register, index or other document, or
                  (b) to mention the address of its registered office in any document,
                  a company that has given notice to the Registrar of a change in the address of its registered office may act on the change as from such date, not more than 14 days after the notice is given, as it may determine.
                  (4) Where a company unavoidably ceases to perform at its registered office any such duty as is mentioned in subsection (3)(a) in circumstances in which it was not practicable to give prior notice to the Registrar of a change in the address of its registered office, but—
                  (a) resumes performance of that duty at other premises as soon as practicable, and
                  (b) gives notice accordingly to the Registrar of a change in the situation of its registered office within 14 days of doing so,
                  it is not to be treated as having failed to comply with that duty.

            • PART 7 RE-REGISTRATION AND CONTINUANCE

              • CHAPTER 1 RE-REGISTRATION AS A MEANS OF ALTERING A COMPANY'S STATUS

                • Introductory

                  • 76. Alteration of status by re-registration

                    A company may by re-registration under this Part alter its status—

                    (a) from a private company to a public company (see sections 77 (re-registration of private company as public) to 80 (issue of certificate of incorporation on re-registration)),
                    (b) from a public company to a private company (see sections 81 (re-registration of public company as private) to 85 (issue of certificate of incorporation on re-registration)),
                    (c) from a private limited company to an unlimited company (see sections 86 (re-registration of private limited company as unlimited) to 88 (issue of certificate of incorporation on re-registration)),
                    (d) from an unlimited company to a limited company (see sections 89 (re-registration of unlimited company as limited) to 92 (statement of capital required where company already has share capital),
                    (e) from a public company to an unlimited private company (see sections 93 (re-registration of public company as private and unlimited) to 95 (issue of certificate of incorporation on re-registration)), and
                    (f) from a restricted scope company to a non-restricted scope company (see sections 96 (re-registration of a restricted scope company as a non-restricted scope company) to 99 (issue of certificate of incorporation on re-registration)).

                  • 77. Re-registration of private company as public

                    (1) A private company (whether limited or unlimited and whether it is a restricted scope company or not) may be re-registered as a public company limited by shares if—
                    (a) a special resolution that it should be so re-registered is passed,
                    (b) the conditions specified below are met, and
                    (c) an application for re-registration is delivered to the Registrar in accordance with section 78 (application and accompanying documents), together with—
                    (i) the other documents required by that section, and
                    (ii) a statement of compliance.
                    (2) The conditions are—
                    (a) that the company has a share capital not less than the authorised minimum required for a public company, and
                    (b) that the company has not previously been re-registered as unlimited.
                    (3) The company must make such changes—
                    (a) in its name, and
                    (b) in its articles,
                    as are necessary in connection with its becoming a public company.
                    (4) If the company is unlimited it must also make such changes in its articles as are necessary in connection with its becoming a company limited by shares.

                  • 78. Application and accompanying documents

                    (1) An application for re-registration as a public company must contain—
                    (a) a statement of the company's proposed name on re-registration, and
                    (b) in the case of a company without a secretary, a statement of the company's proposed secretary (see section 79 (statement of proposed secretary)).
                    (2) The application must be accompanied by—
                    (a) a copy of the special resolution that the company should re-register as a public company (unless a copy has already been forwarded to the Registrar under Chapter 3 of Part 3),
                    (b) a copy of the company's articles as proposed to be amended,
                    (c) a balance sheet prepared as at a date not more than seven months before the date on which the application is delivered to the Registrar, and
                    (d) an unqualified report by the company's auditor on that balance sheet.
                    (3) The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as a public company have been complied with.
                    (4) The Registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a public company.

                  • 79. Statement of proposed secretary

                    (1) The statement of the company's proposed secretary must contain the required particulars of the person who is or the persons who are to be the secretary or joint secretaries of the company.
                    (2) The required particulars are the particulars that will be required to be stated in the company's register of secretaries (see sections 294 (particulars of secretaries to be registered: individuals)and295 (particulars of secretaries to be registered: corporate secretaries and firms)).
                    (3) The statement must also contain a consent by the person named as secretary, or each of the persons named as joint secretaries, to act in the relevant capacity. If all the partners in a firm are to be joint secretaries, consent may be given by one partner on behalf of all of them.

                  • 80. Issue of certificate of incorporation on re-registration

                    (1) If on an application for re-registration as a public company the Registrar is satisfied that the company is entitled to be so re-registered, the company shall be re-registered accordingly.
                    (2) The Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
                    (3) The certificate must state that it is issued on re-registration and the date on which it is issued.
                    (4) On the issue of the certificate—
                    (a) the company by virtue of the issue of the certificate becomes a public company,
                    (b) the changes in the company's name and articles take effect, and
                    (c) where the application contained a statement under section 79 (statement of proposed secretary), the person or persons named in the statement as secretary or joint secretary of the company are deemed to have been appointed to that office.
                    (5) The certificate is conclusive evidence that the requirements of these Regulations as to re-registration have been complied with.

                  • 81. Re-registration of public company as private limited company

                    (1) A public company may be re-registered as a private limited company if—
                    (a) a special resolution that it should be so re-registered is passed, and
                    (b) an application for re-registration is delivered to the Registrar in accordance with section 84 (application and accompanying documents), together with—
                    (i) the other documents required by that section, and
                    (ii) a statement of compliance.
                    (2) The company must make such changes—
                    (a) in its name, and
                    (b) in its articles,
                    as are necessary in connection with its becoming a private company limited by shares or, as the case may be, by guarantee.

                  • 82. Application to Court to cancel resolution

                    (1) Where a special resolution by a public company to be re-registered as a private limited company has been passed, an application to the Court for the cancellation of the resolution may be made—
                    (a) by the holders of not less in the aggregate than 5% of the company's issued share capital or any class of the company's issued share capital (disregarding any shares held by the company as treasury shares),
                    (b) if the company is not limited by shares, by not less than 5% of its members, or
                    (c) by not less than 50 of the company's members,
                    but not by a person who has consented to or voted in favour of the resolution.
                    (2) The application must be made within 28 days after the passing of the resolution and may be made on behalf of the persons entitled to make it by such one or more of their number as they may appoint for the purpose.
                    (3) On the hearing of the application the Court shall make an order either cancelling or confirming the resolution.
                    (4) The Court may—
                    (a) make that order on such terms and conditions as it thinks fit,
                    (b) if it thinks fit adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of dissentient members, and
                    (c) give such directions, and make such orders, as it thinks expedient for facilitating or carrying into effect any such arrangement.
                    (5) The Court's order may, if the Court thinks fit—
                    (a) provide for the purchase by the company of the shares of any of its members and for the reduction accordingly of the company's capital, and
                    (b) make such alteration in the company's articles as may be required in consequence of that provision.
                    (6) The Court's order may, if the Court thinks fit, require the company not to make any, or any specified, amendments to its articles without the leave of the Court.

                  • 83. Notice to Registrar of Court application or order

                    (1) On making an application under section 82 (application to Court to cancel resolution) the applicants, or the person making the application on their behalf, must immediately give notice to the Registrar.

                    This is without prejudice to any provision of rules of Court as to service of notice of the application.
                    (2) On being served with notice of any such application, the company must immediately give notice to the Registrar.
                    (3) Within 14 days of the making of the Court's order on the application, or such longer period as the Court may at any time direct, the company must deliver to the Registrar a copy of the order.
                    (4) If a company fails to comply with subsection (2) or (3) a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 2 fine.

                  • 84. Application and accompanying documents

                    (1) An application for re-registration as a private limited company must contain a statement of the company's proposed name on re-registration.
                    (2) The application must be accompanied by—
                    (a) a copy of the resolution that the company should re-register as a private limited company (unless a copy has already been forwarded to the Registrar under Chapter 3 of Part 3), and
                    (b) a copy of the company's articles as proposed to be amended.
                    (3) The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as a private limited company have been complied with.
                    (4) The Registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a private limited company.

                  • 85. Issue of certificate of incorporation on re-registration

                    (1) If on an application for re-registration as a private limited company the Registrar is satisfied that the company is entitled to be so re-registered, the company shall be reregistered accordingly.
                    (2) The Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
                    (3) The certificate must state that it is issued on re-registration and the date on which it is issued.
                    (4) On the issue of the certificate—
                    (a) the company by virtue of the issue of the certificate becomes a private limited company, and
                    (b) the changes in the company's name and articles take effect.
                    (5) The certificate is conclusive evidence that the requirements of these Regulations as to re-registration have been complied with.

                  • 86. Re-registration of private limited company as unlimited

                    (1) A private limited company may be re-registered as an unlimited company if—
                    (a) all the members of the company have assented to its being so re-registered,
                    (b) the condition specified below is met, and an application for re-registration is delivered to the Registrar in accordance with section 87 (application and accompanying documents), together with—
                    (i) the other documents required by that section, and
                    (ii) a statement of compliance.
                    (2) The condition is that the company has not previously been re-registered as limited.
                    (3) The company must make such changes in its name and its articles—
                    (a) as are necessary in connection with its becoming an unlimited company, and
                    (b) if it is to have a share capital, as are necessary in connection with its becoming an unlimited company having a share capital.
                    (4) For the purposes of this section—
                    (a) a person appointed by a competent Court or by law to manage the affairs of a bankrupt member of the company is entitled, to the exclusion of the member, to assent to the company's becoming unlimited, and
                    (b) the personal representative of a deceased member of the company may assent on behalf of the deceased.

                  • 87. Application and accompanying documents

                    (1) An application for re-registration as an unlimited company must contain a statement of the company's proposed name on re-registration.
                    (2) The application must be accompanied by—
                    (a) the prescribed form of assent to the company's being registered as an unlimited company, authenticated by or on behalf of all the members of the company, and
                    (b) a copy of the company's articles as proposed to be amended.
                    (3) The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as an unlimited company have been complied with.
                    (4) The statement of compliance must contain a statement by the directors of the company—
                    (a) that the persons by whom or on whose behalf the form of assent is authenticated constitute the whole membership of the company, and
                    (b) if any of the members have not authenticated that form themselves, that the directors have taken all reasonable steps to satisfy themselves that each person who authenticated it on behalf of a member was lawfully empowered to do so.
                    (5) The Registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as an unlimited company.

                  • 88. Issue of certificate of incorporation on re-registration

                    (1) If on an application for re-registration of a private limited company as an unlimited company the Registrar is satisfied that the company is entitled to be so re-registered, the company shall be re-registered accordingly.
                    (2) The Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
                    (3) The certificate must state that it is issued on re-registration and the date on which it is issued.
                    (4) On the issue of the certificate—
                    (a) the company by virtue of the issue of the certificate becomes an unlimited company, and
                    (b) the changes in the company's name and articles take effect.
                    (5) The certificate is conclusive evidence that the requirements of these Regulations as to re-registration have been complied with.

                  • 89. Re-registration of unlimited company as limited

                    (1) An unlimited company may be re-registered as a private limited company if—
                    (a) a special resolution that it should be so re-registered is passed,
                    (b) the condition specified below is met, and
                    (c) an application for re-registration is delivered to the Registrar in accordance with section 90 (application and accompanying documents), together with—
                    (i) the other documents required by that section, and
                    (ii) a statement of compliance.
                    (2) The condition is that the company has not previously been re-registered as unlimited.
                    (3) The special resolution must state whether the company is to be limited by shares or by guarantee.
                    (4) The company must make such changes—
                    (a) in its name, and
                    (b) in its articles,
                    as are necessary in connection with its becoming a company limited by shares or, as the case may be, by guarantee.

                  • 90. Application and accompanying documents

                    (1) An application for re-registration as a limited company must contain a statement of the company's proposed name on re-registration.
                    (2) The application must be accompanied by—
                    (a) a copy of the resolution that the company should re-register as a private limited company (unless a copy has already been forwarded to the Registrar under Chapter 3 of Part 3),
                    (b) if the company is to be limited by guarantee, a statement of guarantee,
                    (c) a copy of the company's articles as proposed to be amended.
                    (3) The statement of guarantee required to be delivered in the case of a company that is to be limited by guarantee must state that each member undertakes that, if the company is wound up while he is a member, or within one year after he ceases to be a member, he will contribute to the assets of the company such amount as may be required for—
                    (a) payment of the debts and liabilities of the company contracted before he ceases to be a member,
                    (b) payment of the costs, charges and expenses of winding up, and
                    (c) adjustment of the rights of the contributories among themselves,
                    not exceeding a specified amount.
                    (4) The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as a limited company have been complied with.
                    (5) The Registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a limited company.

                  • 91. Issue of certificate of incorporation on re-registration

                    (1) If on an application for re-registration of an unlimited company as a limited company the Registrar is satisfied that the company is entitled to be so re-registered, the company shall be re-registered accordingly.
                    (2) The Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
                    (3) The certificate must state that it is issued on re-registration and the date on which it is so issued.
                    (4) On the issue of the certificate—
                    (a) the company by virtue of the issue of the certificate becomes a limited company, and
                    (b) the changes in the company's name and articles take effect.
                    (5) The certificate is conclusive evidence that the requirements of these Regulations as to re-registration have been complied with.

                  • 92. Statement of capital required where company already has share capital

                    (1) A company which on re-registration under section 91(issue of certificate of incorporation on re-registration) already has allotted share capital must within 14 days after the re-registration deliver a statement of capital to the Registrar.
                    (2) This does not apply if the information which would be included in the statement has already been sent to the Registrar in—
                    (a) a statement of capital and initial shareholdings (see section 7 (statement of capital and initial shareholdings)), or
                    (b) a statement of capital contained in an annual return (see section 781(2) (contents of annual return: information about shares and share capital)).
                    (3) The statement of capital must state with respect to the company's share capital on re-registration—
                    (a) the total number of shares of the company,
                    (b) for each class of shares—
                    (i) prescribed particulars of the rights attached to the shares,
                    (ii) the total number of shares of that class, and
                    (iii) the amount paid up and the amount (if any) unpaid on each share.
                    (4) If default is made in complying with this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.

                  • 93. Re-registration of public company as private and unlimited

                    (1) A public company limited by shares may be re-registered as an unlimited private company with a share capital if—
                    (a) all the members of the company have assented to its being so reregistered,
                    (b) the condition specified below is met, and
                    (c) an application for re-registration is delivered to the Registrar in accordance with section 94 (application and accompanying documents), together with—
                    (i) the other documents required by that section, and
                    (ii) a statement of compliance.
                    (2) The condition is that the company has not previously been re-registered—
                    (a) as limited, or
                    (b) as unlimited.
                    (3) The company must make such changes—
                    (a) in its name, and
                    (b) in its articles,
                    as are necessary in connection with its becoming an unlimited private company.
                    (4) For the purposes of this section—
                    (a) a person appointed by a competent Court or by law to manage the affairs of a bankrupt member of the company is entitled, to the exclusion of the member, to assent to the company's re-registration, and
                    (b) the personal representative of a deceased member of the company may assent on behalf of the deceased.

                  • 94. Application and accompanying documents

                    (1) An application for re-registration of a public company as an unlimited private company must contain a statement of the company's proposed name on re-registration.
                    (2) The application must be accompanied by—
                    (a) the prescribed form of assent to the company's being registered as an unlimited company, authenticated by or on behalf of all the members of the company, and
                    (b) a copy of the company's articles as proposed to be amended.
                    (3) The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as an unlimited private company have been complied with.
                    (4) The statement must contain a statement by the directors of the company—
                    (a) that the persons by whom or on whose behalf the form of assent is authenticated constitute the whole membership of the company, and
                    (b) if any of the members have not authenticated that form themselves, that the directors have taken all reasonable steps to satisfy themselves that each person who authenticated it on behalf of a member was lawfully empowered to do so.
                    (5) The Registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as an unlimited private company.

                  • 95. Issue of certificate of incorporation on re-registration

                    (1) If on an application for re-registration of a public company as an unlimited private company the Registrar is satisfied that the company is entitled to be so re-registered, the company shall be re-registered accordingly.
                    (2) The Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
                    (3) The certificate must state that it is issued on re-registration and the date on which it is so issued.
                    (4) On the issue of the certificate—
                    (a) the company by virtue of the issue of the certificate becomes an unlimited private company, and
                    (b) the changes in the company's name and articles take effect.
                    (5) The certificate is conclusive evidence that the requirements of these Regulations as to re-registration have been complied with.

                  • 96. Re-registration of a restricted scope company as a non-restricted scope company

                    (1) A restricted scope company (whether limited or unlimited) may be re-registered as a non-restricted scope company if—
                    (a) a special resolution that it should be so re-registered is passed,
                    (b) an application for re-registration is delivered to the Registrar in accordance with section 97 (application and accompanying documents), together with—
                    (i) the other documents required by that section, and
                    (ii) a statement of compliance.
                    (2) The company must make such changes—
                    (a) in its name, and
                    (b) in its articles,
                    as are necessary in connection with its becoming a non-restricted scope company.
                    (3) A restricted scope company shall re-register as a non-restricted scope company pursuant to this section if it no longer meets the criteria set out in section 3(4) (private and public companies).

                  • 97. Application and accompanying documents

                    (1) An application for re-registration as a non-restricted scope company must contain a statement of the company's proposed name on re-registration.
                    (2) The application must be accompanied by—
                    (a) a copy of the special resolution that the company should re-register as a non-restricted scope company (unless a copy has already been forwarded to the Registrar under Chapter 3 of Part 3),
                    (b) a copy of the company's articles as proposed to be amended, and
                    (c) a statement of capital.
                    (3) The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as a non-restricted scope company have been complied with, and that the company agrees to be subject to the disclosure requirements of section 952(documents subject to enhanced disclosure requirements) as applicable to non-restricted scope companies.
                    (4) The Registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a non-restricted scope company.

                  • 98. Application to Court to cancel resolution

                    (1) Where a special resolution by a restricted scope company to be re-registered as a non-restricted scope company has been passed, an application to the Court for the cancellation of the resolution may be made—
                    (a) by the holders of not less in the aggregate than 5% of the company's issued share capital or any class of the company's issued share capital (disregarding any shares held by the company as treasury shares),
                    (b) if the company is not limited by shares, by not less than 5% of its members, or
                    (c) by not less than 50 of the company's members,
                    but not by a person who has consented to or voted in favour of the resolution.
                    (2) The application must be made within 28 days after the passing of the resolution and may be made on behalf of the persons entitled to make it by such one or more of their number as they may appoint for the purpose.
                    (3) On the hearing of the application the Court shall make an order either cancelling or confirming the resolution.
                    (4) The Court may—
                    (a) make that order on such terms and conditions as it thinks fit,
                    (b) if it thinks fit adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of dissentient members, and
                    (c) give such directions, and make such orders, as it thinks expedient for facilitating or carrying into effect any such arrangement.
                    (5) The Court's order may, if the Court thinks fit—
                    (a) provide for the purchase by the company of the shares of any of its members and for the reduction accordingly of the company's capital, and
                    (b) make such alteration in the company's articles as may be required in consequence of that provision.
                    (6) The Court's order may, if the Court thinks fit, require the company not to make any, or any specified, amendments to its articles without the leave of the Court.

                  • 99. Issue of certificate of incorporation on re-registration

                    (1) If on an application for re-registration as a non-restricted scope company the Registrar is satisfied that the company is entitled to be so re-registered, the company shall be reregistered accordingly.
                    (2) The Registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
                    (3) The certificate must state that it is issued on re-registration and the date on which it is issued.
                    (4) On the issue of the certificate—
                    (a) the company by virtue of the issue of the certificate becomes a non-restricted scope company, and
                    (b) the changes in the company's name and articles take effect.
                    The certificate is conclusive evidence that the requirements of these Regulations as to re-registration have been complied with.

              • CHAPTER 2 CONTINUANCE

                • 100. Bodies corporate which are eligible for continuance

                  (1) Subject to section 101 (restrictions on continuance), a body corporate which is incorporated outside the Abu Dhabi Global Market may apply under section 102 (application to Registrar for continuance within the Abu Dhabi Global Market) to the Registrar for the issue to it of a certificate that it continues as a company registered under these Regulations, if it is authorised to make such an application by the laws of the jurisdiction under which it is incorporated outside the Abu Dhabi Global Market.
                  (2) Subject to section 101 (restrictions on continuance), a company which is formed or registered under these Regulations may apply under section 111 (application to Registrar for authorisation to seek continuance overseas) to the Registrar for authorisation to seek continuance as a body incorporated under the laws of another jurisdiction if permitted in that jurisdiction and if the proposal to apply in that other jurisdiction for continuance there is approved by the company and its members in accordance with section 108 (approval by company and members of proposal for continuance overseas).

                • 101. Restrictions on continuance

                  (1) An application may not be made under section 102 (application to Registrar for continuance within the Abu Dhabi Global Market), by a body corporate to which subsection(3)applies, for continuance as a company registered under these Regulations.
                  (2) An application may not be made under section 111 (application to Registrar for authorisation to seek continuance overseas), by a company to which subsection(3)applies, for authorisation to seek continuance in another jurisdiction.
                  (3) This subsection applies to a body corporate or company if—
                  (a) it is being wound up or is in liquidation,
                  (b) it is insolvent,
                  (c) a receiver, manager or administrator (by whatever name any such person is called) has been appointed, whether by a Court or in some other manner, in respect of any property of that body corporate or company,
                  (d) it has entered into a compromise or arrangement with a creditor (not being a compromise or arrangement approved by the Registrar) and that compromise or arrangement is in force, or
                  (e) an application is pending before a Court for the winding up or liquidation of that body corporate or company, or to have it declared insolvent, or for the appointment of such a receiver, manager or administrator or for the approval of such a compromise or arrangement.
                  (4) For the purposes of subsection(3), the jurisdiction in which—
                  (a) the body corporate is being wound up or is in liquidation,
                  (b) the receiver, manager or administrator has been appointed or the compromise or arrangement has been entered into, or
                  (c) the application before a Court is pending,
                  is immaterial.
                  (5) An application may not be made under section 102 by a body corporate whose members have unlimited liability unless such body corporate applies for continuance as an unlimited company.

                • 102. Application to Registrar for continuance within the Abu Dhabi Global Market

                  (1) An application to the Registrar under this section by a body incorporated outside the Abu Dhabi Global Market, for continuance as a company formed or registered under these Regulations, shall be accompanied by—
                  (a) a copy (certified, in a manner approved by the Registrar, to be a true copy) of the articles, or of the law or other instrument constituting or defining the constitution of the body corporate,
                  (b) articles of continuance which comply with section 103 (articles of continuance),
                  (c) a statement of solvency which is in accordance with section 114 (statement of solvency in respect of continuance),
                  (d) the name under which it is proposed to continue the body corporate as a company formed or registered under these Regulations,
                  (e) in relation to every person who is a director of the body corporate at the date of the application under this section or is to be a director of it upon its continuance as a company formed or registered under these Regulations—
                  (i) in the case of a director who is a natural person, the particulars specified in section 154 (particulars of directors to be registered: individuals),
                  (ii) in the case of a director which is a corporate director, the particulars specified in section 155 (particulars of directors to be registered: corporate directors and firms),
                  (f) in relation to each person who is a secretary of the body corporate at the date of the application under this section or is to be its secretary upon its continuance as a company formed or registered under these Regulations, the particulars specified in section 294 (particulars of secretaries to be registered: individuals) or 295 (particulars of secretaries to be registered: corporate secretaries and firms) (as the case may be) and his or her qualifications,
                  (g) such other information as the Registrar would require on an application to register the body corporate as a company under these Regulations,
                  (h) such other documents and information as the Registrar may require in respect of a particular application under this section, and
                  (i) any published application fee.
                  (2) The application under this section shall also be accompanied by evidence, satisfactory to the Registrar, of the following matters—
                  (a) that the body corporate is authorised, by the laws of the jurisdiction under which it is incorporated, to make the application to the Registrar,
                  (b) where the constitution of the body corporate or the law of that jurisdiction requires that any authorisation be given for the application to the Registrar, that it has been given,
                  (c) that if a certificate of continuance is issued under these Regulations pursuant to the application under this section, the body will thereupon cease to be incorporated under the other jurisdiction,
                  (d) that if a certificate of continuance is so issued, the interests of the members and the creditors of the body corporate will not be unfairly prejudiced, and
                  (e) that the body corporate is not prevented by section 101(restrictions on continuance) from making the application under this section.
                  (3) If an instrument which is submitted in accordance with subsection(1)(a) is not in the English language, the application under this section shall also be accompanied by a translation of the instrument into English.
                  (4) Every translation to which subsection(3) refers shall be certified, in a manner approved by the Registrar, to be a correct translation.

                • 103. Articles of continuance

                  (1) Articles of continuance shall state those amendments to be made to the articles of the body corporate, or to the instrument constituting or defining its constitution, which are necessary to conform to these Regulations.
                  (2) If any other amendments which are to be made to the articles, or to the instrument—
                  (a) have been approved by its members in the manner required by these Regulations for amendments to the articles of a company, and
                  (b) would be permitted under these Regulations if the body corporate were a company,
                  the articles of continuance shall also state those amendments.

                • 104. Proposed name

                  (1) After receiving an application under section 102 (application to Registrar for continuance within the Abu Dhabi Global Market), the Registrar shall decide whether that name is in its opinion in any way misleading or otherwise undesirable.
                  (2) If the applicant proposes that it shall continue as a company, its name must in any event comply with section 52 (public limited companies) or 53 (private limited companies) (as appropriate).

                • 105. Determination of application to Registrar for continuance within the Abu Dhabi Global Market

                  (1) If the Registrar, on an application under section 102(application to register for continuance within the Abu Dhabi Global Market) for continuance as a company formed or registered under these Regulations—
                  (a) is satisfied that the application complies with that section and with section 100(1) (bodies corporate which are eligible for continuance),
                  (b) is satisfied that the proposed name of the applicant is not in any way misleading or otherwise undesirable, and is also satisfied that the name complies with section 52 (public limited companies) or 53 (private limited companies) (as appropriate), and
                  (c) is satisfied that all other approvals and consents required by these Regulations for the issue of a certificate of continuance to the applicant have been given,
                  and, the applicant having paid all application fees, the Registrar may grant the application.
                  (2) On determining the application, the Registrar shall inform the applicant of its decision.

                • 106. Issue of certificate of continuance within the Abu Dhabi Global Market

                  (1) When the Registrar has granted an application for a certificate of continuance as a company formed or registered under these Regulations the Registrar shall register the application and the documents that accompanied the application.
                  (2) On registration, the Registrar shall immediately issue to the applicant a certificate of continuance which is signed by it and sealed with its seal.
                  (3) When the Registrar issues a certificate of continuance, the Registrar shall also immediately send a copy of it (electronically or by some other means of instantaneous transmission) to the appropriate official or public body in the jurisdiction to which section 102(2)(a)(application to Registrar for continuance within the Abu Dhabi Global Market) refers.

                • 107. Effect of issue of certificate of continuance within the Abu Dhabi Global Market

                  (1) Upon the issue of the certificate of continuance by the Registrar—
                  (a) the body corporate becomes a company registered under these Regulations, to which these Regulations apply accordingly, and
                  (b) the articles, or the instrument constituting or defining the constitution of the body corporate, as amended in accordance with its articles of continuance, become the articles of the continued company.
                  (2) When a body corporate is continued as a company formed or registered under these Regulations—
                  (a) all property and rights to which the body corporate was entitled immediately before the certificate of continuance is issued are the property and rights of the company,
                  (b) the company is subject to all criminal and civil liabilities, and all contracts, debts and other obligations, to which the body corporate was subject immediately before the certificate of continuance is issued, and
                  (c) all actions and other legal proceedings which, immediately before the issue of the certificate of continuance, were pending by or against the body corporate may be continued by or against the company.
                  (3) A certificate of continuance is conclusive evidence of the following matters—
                  (a) that the company is formed or registered under these Regulations,
                  (b) that the requirements of these Regulations have been complied with in respect of—
                  (i) the continuance of the company under these Regulations,
                  (ii) all matters precedent to its continuance as such a company, and
                  (iii) all matters incidental to its continuance as such a company, and
                  (c) if the certificate states that it is—
                  (i) a public company,
                  (ii) a private company limited by shares,
                  (iii) a private company limited by guarantee,
                  (iv) a restricted scope company, or
                  (v) an unlimited company,
                  that it is such a company.

                • 108. Approval by company and members of proposal for continuance overseas

                  (1) A proposal by a company to apply in another jurisdiction for continuance there shall be approved by a special resolution of the company and, where there is more than one class of members, by a special resolution of the members of each class passed at a separate meeting of the members of that class.
                  (2) Notice of each meeting—
                  (a) shall be accompanied by a copy or summary of the proposed application in the other jurisdiction for continuance there, and
                  (b) shall state that any member of the company who objects to the application may, within the time limit specified in section 110(2)(objections by members to continuance overseas), apply to the Court for an order under Part 28 on the ground that the proposed continuance would unfairly prejudice his or her interests.
                  (3) On a resolution to approve a proposed application in another jurisdiction for continuance—
                  (a) each member of the company shall be entitled to vote,
                  (b) on a show of hands, every person present in person at the meeting shall have one vote, and
                  (c) the right to demand a poll and the right to vote on a poll shall be determined in accordance with section 338 (right to demand a poll) and 340 (voting on a poll) respectively,
                  subject to any provision to the contrary in the articles of the company.

                • 109. Notice to creditors of application to Registrar for authorisation to seek continuance overseas

                  (1) At least 31 days before making an application under section 111(application to Registrar for authorisation to seek continuance overseas) to the Registrar for authorisation to seek continuance in another jurisdiction, a company shall give notice to its creditors in accordance with subsection(2).
                  (2) The notice—
                  (a) shall state that the company intends to make the application to the Registrar, and shall specify the jurisdiction in which it proposes to seek continuance,
                  (b) shall be sent in writing to each creditor of the company,
                  (c) shall be published once in a national newspaper or in such other manner as the Court may on application direct, and
                  (d) shall state that any creditor of the company who objects to the application may within 30 days of the date of the advertisement give notice of his or her objection to the company.
                  (3) A creditor who gives notice in accordance with subsection(2)(d) and whose claim against the company has not been discharged may, within 30 days after the date of the notice, apply to the Court for an order restraining the application by the company under section 111(application to Registrar for authorisation to seek continuance overseas) to the Registrar.
                  (4) On the creditor's application the Court, if satisfied that the interests of the creditor would be unfairly prejudiced by the proposed continuance, may make an order (subject to such terms, if any, as it may think fit) restraining the application by the company under section 111(application to Registrar for authorisation to seek continuance overseas) to the Registrar.

                • 110. Objections by members to continuance overseas

                  (1) If a company resolves to make an application under section 111(application to Registrar for authorisation to seek continuance overseas) to the Registrar for authorisation to seek continuance in another jurisdiction, any member of the company who objects to the application (other than a member who consented to or voted in favour of it) may apply to the Court for an order restricting the application by the company under section 111(application to Registrar for authorisation to seek continuance overseas) the ground that the proposed continuance would unfairly prejudice its interests.
                  (2) No such application may be made by a member after the expiration of the period of 30 days following the last of the resolutions of the company which are required under section 108 (approval by company and members of proposal for continuance overseas).

                • 111. Application to Registrar for authorisation to seek continuance overseas

                  (1) An application to the Registrar under this section for authorisation to seek continuance in another jurisdiction shall be accompanied by—
                  (a) a copy (certified, in a manner approved by the Registrar, to be a true copy) of each resolution which is required under section 108 (approval by company and members of proposal for continuance overseas),
                  (b) a statement of solvency which is made in accordance with section 114 (statement of solvency in respect of continuance),
                  (c) such other documents and information as the Registrar may require in respect of a particular application for such authorisation, and
                  (d) any published application fees.
                  (2) The application under this section shall also be accompanied by evidence, satisfactory to the Registrar, of the following matters—
                  (a) that the laws of the jurisdiction in which the company proposes to continue allow its continuance there as a body corporate incorporated under those laws,
                  (b) that those laws provide that upon the continuance of the company as a body corporate in that jurisdiction—
                  (i) all property and rights of the company will become the property and rights of the body corporate,
                  (ii) the body corporate will become subject to all criminal and civil liabilities, and all contracts, debts and other obligations, to which the company is subject, and
                  (iii) all actions and other legal proceedings which are pending by or against the company may be continued by or against the body corporate,
                  (c) that notice has been given to the creditors of the company in accordance with section 109(notice to creditors of application to Registrar for authorisation to seek continuance overseas) of the application to the Registrar under this section, and either—
                  (i) that no creditor has applied to the Court for an order restraining the application made to the Registrar under this section, or
                  (ii) that the application of every creditor who has so applied to the Court has been determined by the Court in a way which does not prevent the Registrar from granting the application made to it under this section,
                  (d) either—
                  (i) that no member of the company has applied to the Court for an order on the ground specified in section 110(1) (objections by members to continuance overseas), or
                  (ii) that the application of every member who has so applied to the Court has been determined by the Court in a way which does not prevent the Registrar from granting the application made to it under section109(3) (notice to creditors of application to Registrar for authorisation to seek continuance overseas),
                  (e) that the company has complied with such other conditions as may be prescribed, and
                  (f) that the company is not prevented by section 101(restrictions on continuance) from making the application.

                • 112. Determination of application to Registrar for authorisation to seek continuance outside of the Abu Dhabi Global Market

                  (1) If, on an application under section 111(application to Registrar for authorisation to seek continuance overseas) to the Registrar—
                  (a) it is satisfied that the application complies with that section and with section 100(2) (bodies corporate which are eligible for continuance), and
                  (b) the applicant has paid all application fees (if any),
                  the Registrar may grant the application on the condition specified in subsection (2) and on such other conditions (if any) as it may specify in its decision.
                  (2) It shall be a condition of the grant of any application made under section 111 (application to Registrar for authorisation to seek continuance overseas) that the applicant will ensure—
                  (a) that the Registrar is informed of the date on which continuance will be or is granted in the other jurisdiction, and
                  (b) that a copy of the instrument of continuance in the other jurisdiction, certified to be a true copy, is delivered to the Registrar,
                  in sufficient time to enable the Registrar to comply with section 113 (effect of continuance outside the Abu Dhabi Global Market).
                  (3) On determining the application, the Registrar shall inform the applicant of its decision.

                • 113. Effect of continuance outside the Abu Dhabi Global Market

                  When a company is, in accordance with the terms of authorisation of the Registrar under section 112 (determination of application to Registrar for authorisation to seek continuance outside of the Abu Dhabi Global Market), continued as a body corporate under the laws of the other jurisdiction to which the authorisation relates—

                  (a) it thereupon ceases to be a company formed or registered under these Regulations, and
                  (b) the Registrar shall on that date record that by virtue of subsection(a) of this section, it has ceased to be so formed or registered.

                • 114. Statements of solvency in respect of continuance

                  (1) A statement of solvency for the purposes of an application under section 102(application to Registrar for continuance within the Abu Dhabi Global Market) for continuance as a company formed or registered under these Regulations shall be signed by each person who is a director of the applicant and shall state that, having made full inquiry into the affairs of the applicant, that director reasonably believes—
                  (a) that the applicant is and, if the application is granted, will upon the issue to it of a certificate of continuance be able to discharge its liabilities as they fall due, and
                  (b) that, having regard to—
                  (i) the prospects of the company,
                  (ii) the intentions of the directors with respect to the management of the company's business, and
                  (iii) the amount and character of the financial resources that will in the directors' view be available to the company, the company will be able to—
                  (A) continue to carry on business, and
                  (B) discharge its liabilities as they fall due,
                  until the expiry of the period of 12 months immediately following the date on which the statement is signed.
                  (2) A statement of solvency for the purposes of an application under section 111(application to Registrar for authorisation to seek continuance overseas) for authorisation to seek continuance in another jurisdiction shall be signed by each person who is a director of the applicant and shall state that, having made full inquiry into the affairs of the applicant, that director reasonably believes—
                  (a) that the applicant is and, if the application is granted, will upon its incorporation under the laws of the other jurisdiction be able to discharge its liabilities as they fall due, and
                  (b) that, having regard to—
                  (i) the prospects of the applicant,
                  (ii) the intentions of the directors with respect to the management of the applicant's business, and
                  (iii) the amount and character of the financial resources that will in the directors' view be available to the applicant if the application is granted,
                  the applicant, if incorporated under the laws of the other jurisdiction, will be able to discharge its liabilities as they fall due until the expiry of the period of 12 months immediately following the date on which the statement is signed.
                  (3) A statement of solvency for the purposes of section 102(application to Registrar for continuance within the Abu Dhabi Global Market) or 111(application to Registrar for authorisation to seek continuance overseas) shall also be signed by each person who is to be a director of the applicant upon its continuance as proposed in the application and shall state that the person so signing has no reason to believe that anything in the statement is untrue.
                  (4) A director, or a person who is to be a director, who makes a statement under subsection (1) or (2) without having reasonable grounds for the opinion expressed in the statement is in contravention of these Regulations and shall be liable for a fine of up to level 7.
                  (5) A statement of solvency for the purposes of either section 102 or 111 shall be made no more than 14 days prior to the date the relevant application is delivered to the Registrar.

                • 115. Provisions relating to continuance

                  (1) The Board may prescribe for the purposes of this Part—
                  (a) conditions to be complied with in respect of applications under section 111 (application to Registrar for authorisation to seek continuance overseas) to the Registrar for authorisation to seek continuance under the laws of other jurisdictions, and
                  (b) the manner in which records are to be kept, by the Registrar, of bodies that have ceased under section 113(effect of continuance outside the Abu Dhabi Global Market) to be companies formed or registered under these Regulations.
                  (2) Without prejudice to the generality of subsection(1), conditions to which subsection(1)(a) of that subsection refers—
                  (a) may relate to matters to be complied with on or before the making of such applications to the Registrar, or after the grant of such applications, and
                  (b) may require applicants to appoint and maintain authorised representatives in the Abu Dhabi Global Market for such periods, whether before or after their applications to the Registrar are determined, as may be prescribed.
                  (3) The Registrar may publish for the purposes of this Part details of—
                  (a) the forms of statements of solvency,
                  (b) any other document or information that is to be provided on applications relating to continuance within or outside the Abu Dhabi Global Market,
                  (c) how applicants must verify documents or information so provided, and
                  (d) the application fees that are payable to the Registrar.

                • 116. Contravention of the Regulations relating to continuance

                  Any person who on or in connection with an application under this Part knowingly or recklessly provides to the Registrar—

                  (a) any information which is false, misleading or deceptive in a material particular, or
                  (b) any document containing any such information,

                  is in contravention of these Regulations and shall be liable for a fine of up to level 8.

            • PART 8 A COMPANY'S MEMBERS

              • CHAPTER 1 THE MEMBERS OF A COMPANY

                • 117. The members of a company

                  (1) The initial members of a company are deemed to have agreed to become members of the company, and on its registration become members and must be entered as such in its register of members.
                  (2) Every other person who agrees to become a member of a company, and whose name is entered in its register of members, is a member of the company.

              • CHAPTER 2 REGISTER OF MEMBERS

                • General

                  • 118. Register of members

                    (1) Every company must keep a register of its members.
                    (2) There must be entered in the register—
                    (a) the names and addresses of the members,
                    (b) the date on which each person was registered as a member, and
                    (c) the date at which any person ceased to be a member.
                    (3) In the case of a company having a share capital, there must be entered in the register, with the names and addresses of the members, a statement of—
                    (a) the shares held by each member, distinguishing each share—
                    (i) by its number (so long as the share has a number), and
                    (ii) where the company has more than one class of issued shares, by its class, and
                    (b) the amount paid or agreed to be considered as paid on the shares of each member.
                    (4) In the case of joint holders of shares in a company, the company's register of members must state the names of each joint holder. In other respects joint holders are regarded for the purposes of this Chapter as a single member (so that the register must show a single address).
                    (5) In the case of a company that does not have a share capital but has more than one class of members, there must be entered in the register, with the names and addresses of the members, a statement of the class to which each member belongs.
                    (6) If a company makes default in complying with this section a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (7) A person who commits the contravention referred to in subsection (7) shall be liable to a level 2 fine.

                  • 119. Register to be kept available for inspection

                    (1) A company's register of members must be kept available for inspection—
                    (a) at its registered office, or
                    (b) at a place specified in rules made by the Board under section 996 (rules about where certain company records to be kept available for inspection).
                    (2) A company must give notice to the Registrar of the place where its register of members is kept available for inspection and of any change in that place.
                    (3) No such notice is required if the register has, at all times since it came into existence been kept available for inspection at the company's registered office.
                    (4) If a company makes default for 14 days in complying with subsection (2), a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 1 fine.

                  • 120. List of members

                    (1) Every company having more than 50 members must keep a list of the names of the members of the company, unless the register of members is in such a form as to constitute in itself an list.
                    (2) The company must make any necessary alteration in the list within 14 days after the date on which any alteration is made in the register of members.
                    (3) The list must contain, in respect of each member, a sufficient indication to enable the account of that member in the register to be readily found.
                    (4) The list must be at all times kept available for inspection at the same place as the register of members.
                    (5) If default is made in complying with this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 1 fine.

                  • 121. Rights to inspect and require copies

                    (1) The register and the list of members' names must be open to the inspection—
                    (a) of any member of the company without charge, and
                    (b) except in the case of a restricted scope company, of any other person on payment of such fee as may be prescribed in rules made by the Registrar.
                    (2) Any person may require a copy of a company's register of members, or of any part of it, on payment of such fee as may be prescribed in rules made by the Registrar.
                    (3) A person seeking to exercise either of the rights conferred by this section must make a request to the company to that effect.
                    (4) The request must contain the following information—
                    (a) in the case of an individual, his name and address,
                    (b) in the case of an organisation, the name and address of an individual responsible for making the request on behalf of the organisation,
                    (c) the purpose for which the information is to be used, and
                    (d) whether the information will be disclosed to any other person, and if so—
                    (i) where that person is an individual, his name and address,
                    (ii) where that person is an organisation, the name and address of an individual responsible for receiving the information on its behalf, and
                    (iii) the purpose for which the information is to be used by that person.

                  • 122. Register of members: response to request for inspection or copy

                    (1) Where a company receives a request under section 121(rights to inspect and require copies), it must within five working days either—
                    (a) comply with the request, or
                    (b) apply to the Court.
                    A restricted scope company may decline any request made under section 121(rights to inspect and require copies)by a person who is not a member without any need to apply to the Court.
                    (2) If it applies to the Court it must notify the person making the request.
                    (3) If on an application under this section the Court is satisfied that the inspection or copy is not sought for a proper purpose—
                    (a) it shall direct the company not to comply with the request, and
                    (b) it may further order that the company's costs on the application be paid in whole or in part by the person who made the request, even if he is not a party to the application.
                    (4) If the Court makes such a direction and it appears to the Court that the company is or may be subject to other requests made for a similar purpose (whether made by the same person or different persons), it may direct that the company is not to comply with any such request.

                    The order must contain such provision as appears to the Court appropriate to identify the requests to which it applies.
                    (5) If on an application under this section the Court does not direct the company not to comply with the request, the company must comply with the request immediately upon the Court giving its decision or, as the case may be, the proceedings being discontinued.

                  • 123. Register of members: refusal of inspection or default in providing copy

                    (1) If an inspection required under section 121(rights to inspect and require copies) is refused or default is made in providing a copy required under that section, otherwise than in accordance with an order of the Court, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (2) A person who commits the contravention referred to in subsection (1) shall be liable to a level 2 fine.
                    (3) In the case of any such refusal or default the Court may by order compel an immediate inspection or, as the case may be, direct that the copy required be sent to the person requesting it.

                  • 124. Register of members: contraventions in connection with request for or disclosure of information

                    (1) It is a contravention of these Regulations for a person knowingly or recklessly to make in a request under section 121(rights to inspect or require copies) a statement that is misleading, false or deceptive in a material particular.
                    (2) It is a contravention of these Regulations for a person in possession of information obtained by exercise of either of the rights conferred by that section—
                    (a) to do anything that results in the information being disclosed to another person, or
                    (b) to fail to do anything with the result that the information is disclosed to another person,
                    knowing, or having reason to suspect, that person may use the information for a purpose that is not a proper purpose.
                    (3) A person who commits either of the contraventions referred to in subsections (1) and (2) shall be liable to a fine of up to level 4.

                  • 125. Information as to state of register and list of members' names

                    (1) When a person inspects the register, or the company provides him with a copy of the register or any part of it, the company must inform him of the most recent date (if any) on which alterations were made to the register and there were no further alterations to be made.
                    (2) When a person inspects the list of members' names, the company must inform him whether there is any alteration to the register that is not reflected in the list.
                    (3) If a company fails to provide the information required under subsection (1) or (2), a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 1 fine.
                    (5) This section does not apply to restricted scope companies.

                  • 126. Removal of entries relating to former members

                    An entry relating to a former member of the company may be removed from the register after the expiration of ten years from the date on which he ceased to be a member.

                  • 127. Single member companies

                    (1) If a limited company is formed under these Regulations with only one member there shall be entered in the company's register of members, with the name and address of the sole member, a statement that the company has only one member.
                    (2) If the number of members of a limited company falls to one, or if an unlimited company with only one member becomes a limited company on re-registration, there shall upon the occurrence of that event be entered in the company's register of members, with the name and address of the sole member—
                    (a) a statement that the company has only one member, and
                    (b) the date on which the company became a company having only one member.
                    (3) If the membership of a limited company increases from one to two or more members, there shall upon the occurrence of that event be entered in the company's register of members, with the name and address of the person who was formerly the sole member—
                    (a) a statement that the company has ceased to have only one member, and
                    (b) the date on which that event occurred.
                    (4) If a company makes default in complying with this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 1 fine.

                  • 128. Company holding its own shares as treasury shares

                    (1) Where a company purchases its own shares in circumstances in which section 666 (treasury shares) applies—
                    (a) the requirements of section 118 (register of members) need not be complied with if the company cancels all of the shares forthwith after the purchase, and
                    (b) if the company does not cancel all of the shares forthwith after the purchase, any share that is so cancelled shall be disregarded for the purposes of that section.
                    (2) Subject to subsection (1), where a company holds shares as treasury shares the company must be entered in the register as the member holding those shares.

                  • 129. Power of Court to rectify register

                    (1) If—
                    (a) the name of any person is, without sufficient cause, entered in or omitted from a company's register of members, or
                    (b) default is made or unnecessary delay takes place in entering on the register the fact of any person having ceased to be a member,
                    the person aggrieved, or any member of the company, or the company, may apply to the Court for rectification of the register.
                    (2) The Court may either refuse the application or may order rectification of the register and payment by the company of any damages sustained by any party aggrieved.
                    (3) On such an application the Court may decide any question relating to the title of a person who is a party to the application to have his name entered in or omitted from the register, whether the question arises between members or alleged members, or between members or alleged members on the one hand and the company on the other hand, and generally may decide any question necessary or expedient to be decided for rectification of the register.
                    (4) In the case of a company required by these Regulations to send a list of its members to the Registrar of companies, the Court, when making an order for rectification of the register, shall by its order direct notice of the rectification to be given to the Registrar.

                  • 130. Trusts not to be entered on register

                    No notice of any trust, expressed, implied or constructive, shall be entered on the register of members of a company or be receivable by the Registrar.

                  • 131. Register to be evidence

                    The register of members is prima facie evidence of any matters which are by these Regulations directed or authorised to be inserted in it.

                  • 132. Time limit for claims arising from entry in register

                    (1) Liability incurred by a company—
                    (a) from the making or deletion of an entry in the register of members, or
                    (b) from a failure to make or delete any such entry,
                    is not enforceable more than ten years after the date on which the entry was made or deleted or, as the case may be, the failure first occurred.
                    (2) This is without prejudice to any lesser period of limitation.

              • CHAPTER 3 PROHIBITION ON SUBSIDIARY BEING MEMBER OF ITS HOLDING COMPANY

                • General prohibition

                  • 133. Prohibition on subsidiary being a member of its holding company

                    (1) Except as provided by this Chapter—
                    (a) a body corporate cannot be a member of a company that is its holding company, and
                    (b) any allotment or transfer of shares in a company to its subsidiary is void.
                    (2) The exceptions are provided for in—
                    (a) section 134(subsidiary acting as personal representative or trustee), and
                    (b) section 137 (subsidiary acting as authorised dealer in securities).

                • Subsidiary acting as personal representative or trustee

                  • 134. Subsidiary acting as personal representative or trustee

                    (1) The prohibition in section 133(prohibition on subsidiary being a member of its holding company) does not apply where the subsidiary is concerned only—
                    (a) as personal representative, or
                    (b) as trustee,
                    unless, in the latter case, the holding company or a subsidiary of it is beneficially interested under the trust.
                    (2) For the purpose of ascertaining whether the holding company or a subsidiary is so interested, there shall be disregarded—
                    (a) any interest held only by way of security for the purposes of a transaction entered into by the holding company or subsidiary in the ordinary course of a business that includes the lending of money,
                    (b) any interest within—

                    section 135 (interests to be disregarded: residual interest under pension scheme or employees' share scheme), or

                    section 136 (interests to be disregarded: employer's rights of recovery under pension scheme or employees' share scheme),
                    (c) any rights that the company or subsidiary has in its capacity as trustee, including in particular—
                    (i) any right to recover its expenses or be remunerated out of the trust property, and
                    (ii) any right to be indemnified out of the trust property for any liability incurred by reason of any act or omission in the performance of its duties as trustee.

                  • 135. Interests to be disregarded: residual interest under pension scheme or employees' share scheme

                    (1) Where shares in a company are held on trust for the purposes of a pension scheme or employees' share scheme, there shall be disregarded for the purposes of section 134(subsidiary acting as personal representative or trustee) any residual interest that has not vested in possession.
                    (2) A "residual interest" means a right of the company or subsidiary ("the residual beneficiary") to receive any of the trust property in the event of—
                    (a) all the liabilities arising under the scheme having been satisfied or provided for, or
                    (b) the residual beneficiary ceasing to participate in the scheme, or
                    (c) the trust property at any time exceeding what is necessary for satisfying the liabilities arising or expected to arise under the scheme.
                    (3) In subsection (2)—
                    (a) the reference to a right includes a right dependent on the exercise of a discretion vested by the scheme in the trustee or another person, and
                    (b) the reference to liabilities arising under a scheme includes liabilities that have resulted, or may result, from the exercise of any such discretion.
                    (4) For the purposes of this section a residual interest vests in possession—
                    (a) in a case within subsection (2)(a), on the occurrence of the event mentioned there (whether or not the amount of the property receivable pursuant to the right is ascertained),
                    (b) in a case within subsection (2)(b) or (c), when the residual beneficiary becomes entitled to require the trustee to transfer to him any of the property receivable pursuant to the right.
                    (5) In this section "pension scheme" means a scheme for the provision of benefits consisting of or including relevant benefits for or in respect of employees or former employees.
                    (6) In subsection (5)—
                    (a) "relevant benefits" means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death or in anticipation of retirement or, in connection with past service, after retirement or death, and
                    (b) "employee" shall be read as if a director of a company were employed by it.

                  • 136. Interests to be disregarded: employer's rights of recovery under pension scheme or employees' share scheme

                    (1) Where shares in a company are held on trust for the purposes of a pension scheme or employees' share scheme, there shall be disregarded for the purposes of section 134(subsidiary acting as personal representative or trustee) any charge or lien on, or set-off against, any benefit or other right or interest under the scheme for the purpose of enabling the employer or former employer of a member of the scheme to obtain the discharge of a monetary obligation due to him from the member.
                    (2) In this section "pension scheme" means a scheme for the provision of benefits consisting of or including relevant benefits for or in respect of employees or former employees.

                    "Relevant benefits" here means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death or in anticipation of retirement or, in connection with past service, after retirement or death.
                    (3) In this section "employer" and "employee" shall be read as if a director of a company were employed by it.

                  • 137. Subsidiary acting as authorised dealer in securities

                    (1) The prohibition in section 133(prohibition on subsidiary being a member of its holding company) does not apply where the shares are held by the subsidiary in the ordinary course of its business as an intermediary.
                    (2) For this purpose a person is an intermediary if he—
                    (a) carries on a bona fide business of dealing in securities,
                    (b) is a member of or has access to a recognised investment exchange, and
                    (c) does not carry on an excluded business.
                    (3) The following are excluded businesses—
                    (a) a business that consists wholly or mainly in the making or managing of investments,
                    (b) a business that consists wholly or mainly in, or is carried on wholly or mainly for the purposes of, providing services to persons who are connected with the person carrying on the business,
                    (c) a business that consists in insurance business,
                    (d) a business that consists in managing or acting as trustee in relation to a pension scheme, or that is carried on by the manager or trustee of such a scheme in connection with or for the purposes of the scheme,
                    (e) a business that consists in operating or acting as trustee in relation to a collective investment scheme, or that is carried on by the operator or trustee of such a scheme in connection with and for the purposes of the scheme.
                    (4) For the purposes of this section—
                    (a) "insurance business" means business that consists in the effecting or carrying out of contracts of insurance,
                    (b) "securities" includes, without limitation,—
                    (i) options,
                    (ii) futures, and
                    (iii) contracts for differences,
                    and rights or interests in those investments.

                  • 138. Protection of third parties in other cases where subsidiary acting as dealer in securities

                    (1) This section applies where—
                    (a) a subsidiary that is a dealer in securities has purportedly acquired shares in its holding company in contravention of the prohibition in section 133 (prohibition on subsidiary being a member of its holding company), and
                    (b) a person acting in good faith has agreed, for value and without notice of the contravention, to acquire shares in the holding company—
                    (i) from the subsidiary, or
                    (ii) from someone who has purportedly acquired the shares after their disposal by the subsidiary.
                    (2) A transfer to that person of the shares mentioned in subsection (1)(a) has the same effect as it would have had if their original acquisition by the subsidiary had not been in contravention of the prohibition.

                  • 139. Application of provisions to companies not limited by shares

                    In relation to a company other than a company limited by shares, the references in this Chapter to shares shall be read as references to the interest of its members as such, whatever the form of that interest.

                  • 140. Application of provisions to nominees

                    The provisions of this Chapter apply to a nominee acting on behalf of a subsidiary as to the subsidiary itself.

            • PART 9 EXERCISE OF MEMBERS' RIGHTS

              • Effect of provisions in company's articles

                • 141. Effect of provisions of articles as to enjoyment or exercise of members' rights

                  (1) This section applies where provision is made by a company's articles enabling a member to nominate another person or persons as entitled to enjoy or exercise all or any specified rights of the member in relation to the company.
                  (2) So far as is necessary to give effect to that provision, anything required or authorised by any provision of these Regulations to be done by or in relation to the member shall instead be done, or (as the case may be) may instead be done, by or in relation to the nominated person (or each of them) as if he were a member of the company.
                  (3) This applies, in particular, to the rights conferred by—
                  (a) sections308(circulation of written resolutions proposed by directors) and 310(circulation of written resolutions proposed by members),
                  (b) section 309 (members' power to require circulation of written resolution),
                  (c) section 320 (members' power to require directors to call general meeting),
                  (d) section 327 (persons entitled to receive notice of meetings),
                  (e) section 331 (members' power to require circulation of statements),
                  (f) section 342 (rights to appoint proxies),
                  (g) section 357 (public companies: members' power to require circulation of resolutions for AGMs),and
                  (h) section 405(duty to circulate copies of annual accounts and reports).
                  (4) This section and any such provision as is mentioned in subsection (1)—
                  (a) do not confer rights enforceable against the company by anyone other than the member, and
                  (b) do not affect the requirements for an effective transfer or other disposition of the whole or part of a member's interest in the company.

              • Exercise of rights where shares held on behalf of others

                • 142. Exercise of rights where shares held on behalf of others: exercise in different ways

                  (1) Where a member holds shares in a company on behalf of more than one person—
                  (a) rights attached to the shares, and
                  (b) rights under any law or regulation applicable to the Abu Dhabi Global Market exercisable by virtue of holding the shares,
                  need not all be exercised, and if exercised, need not all be exercised in the same way.
                  (2) A member who exercises such rights but does not exercise all his rights, must inform the company to what extent he is exercising the rights.
                  (3) A member who exercises such rights in different ways must inform the company of the ways in which he is exercising them and to what extent they are exercised in each way.
                  (4) If a member exercises such rights without informing the company—
                  (a) that he is not exercising all his rights, or
                  (b) that he is exercising his rights in different ways,
                  the company is entitled to assume that he is exercising all his rights and is exercising them in the same way.

                • 143. Exercise of rights where shares held on behalf of others: members' requests

                  (1) This section applies for the purposes of—
                  (a) section331(members' power to require circulation of statements), and
                  (b) section357(public companies: power to require circulation of resolution for AGMs).
                  (2) A company is required to act under any of those sections if it receives a request in relation to which the following conditions are met—
                  (a) it is made by at least 100 persons,
                  (b) it is authenticated by all the persons making it,
                  (c) in the case of any of those persons who is not a member of the company, it is accompanied by a statement—
                  (i) of the full name and address of a person ("the member") who is a member of the company and holds shares on behalf of that person,
                  (ii) that the member is holding those shares on behalf of that person in the course of a business,
                  (iii) of the number of shares in the company that the member holds on behalf of that person,
                  (iv) of the total amount paid up on those shares,
                  (v) that those shares are not held on behalf of anyone else or, if they are, that the other person or persons are not among the other persons making the request,
                  (vi) that some or all of those shares confer voting rights that are relevant for the purposes of making a request under the section in question, and
                  (vii) that the person has the right to instruct the member how to exercise those rights,
                  (d) in the case of any of those persons who is a member of the company, it is accompanied by a statement—
                  (i) that he holds shares otherwise than on behalf of another person, or
                  (ii) that he holds shares on behalf of one or more other persons but those persons are not among the other persons making the request,
                  (e) it is accompanied by such evidence as the company may reasonably require of the matters mentioned in subsection (c) and (d),
                  (f) the total amount of the sums paid up on—
                  (i) shares held as mentioned in subsection (c), and
                  (ii) shares held as mentioned in subsection (d),
                  divided by the number of persons making the request, is not less than 100 US dollars,
                  (g) the request complies with any other requirements of the section in question as to contents, timing and otherwise.

            • PART 10 A COMPANY'S DIRECTORS

              • CHAPTER 1 APPOINTMENT AND REMOVAL OF DIRECTORS

                • Requirement to have directors

                  • 144. Companies required to have directors

                    (1) A private company must have at least one director.
                    (2) A public company must have at least two directors.

                  • 145. Companies required to have at least one director who is a natural person

                    A company must have at least one director who is a natural person.

                  • 146. "Director"

                    In these Regulations "director" includes any person occupying the position of director, by whatever name called.

                  • 147. "Shadow director"

                    (1) In these Regulations "shadow director", in relation to a company, means a person in accordance with whose directions or instructions the directors of the company are accustomed to act.
                    (2) A person is not to be regarded as a shadow director by reason only that the directors act on advice given by him in a professional capacity.
                    (3) A body corporate is not to be regarded as a shadow director of any of its subsidiary companies for the purposes of—
                    (a) Chapter 2 (general duties of directors),
                    (b) Chapter 4 (transactions requiring members' approval), or
                    (c) Chapter 6 (contract with sole member who is also a director),
                    by reason only that the directors of the subsidiary are accustomed to act in accordance with its directions or instructions.

                  • 148. Direction requiring company to make appointment

                    (1) If it appears to the Registrar that a company is in breach of section 144 (companies required to have directors) or section 145 (companies required to have at least one director who is a natural person) the Registrar may give the company a direction under this section.
                    (2) The direction must specify—
                    (a) the section of these Regulations of which the company appears to be in breach,
                    (b) what the company must do in order to comply with the direction, and
                    (c) the period within which it must do so.
                    That period must be not less than one month or more than three months after the date on which the direction is given.
                    (3) The direction must also inform the company of the consequences of failing to comply.
                    (4) Where the company is in breach of sections 144 (companies required to have directors) or 145 (companies required to have at least one director who is a natural person) it must comply with the direction by—
                    (a) making the necessary appointment or appointments, and
                    (b) giving notice of such appointment or appointments if required under section 157 (duty to notify Registrar of changes),
                    before the end of the period specified in the direction.
                    (5) If the company has already made the necessary appointment or appointments (or so far as it has done so), it must comply with the direction by giving notice of it under section 157 (duty to notify Registrar of changes) before the end of the period specified in the direction.
                    (6) If a company fails to comply with a direction under this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    For this purpose a shadow director is treated as an officer of the company.
                    (7) A person who commits the contravention referred to in subsection (6) shall be liable to a fine of up to level 4.

                • Appointment

                  • 149. Minimum age for natural persons for appointment as director

                    (1) A natural person may not be appointed a director of a company unless he has attained the age of 18 years.
                    (2) This does not affect the validity of an appointment that is not to take effect until the person appointed attains that age.
                    (3) Where the office of director of a company is held by a corporation sole, or otherwise by virtue of another office, the appointment to that other office of a person who has not attained the age of 18 years is not effective also to make him a director of the company until he attains the age of 18 years.
                    (4) An appointment made in contravention of this section is void.
                    (5) Nothing in this section affects any liability of a person under any provision of these Regulations if he—
                    (a) purports to act as director, or
                    (b) acts as a shadow director,
                    although he could not, by virtue of this section, be validly appointed as a director.
                    (6) This section has effect subject to section 150 (power to provide for exceptions from minimum age requirement).

                  • 150. Power to provide for exceptions from minimum age requirement

                    (1) The Board may make rules providing for cases in which a person who has not attained the age of 18 years may be appointed a director of a company.
                    (2) The rules must specify the circumstances in which, and any conditions subject to which, the appointment may be made.
                    (3) If the specified circumstances cease to obtain, or any specified conditions cease to be met, a person who was appointed by virtue of the rules and who has not since attained the age of 18 years ceases to hold office.

                  • 151. Appointment of directors of public company to be voted on individually

                    (1) At a general meeting of a public company a motion for the appointment of two or more persons as directors of the company by a single resolution must not be made unless a resolution that it should be so made has first been agreed to by the meeting without any vote being given against it.
                    (2) A resolution moved in contravention of this section is void, whether or not its being so moved was objected to at the time, but where a resolution so moved is passed, no provision for the automatic reappointment of retiring directors in default of another appointment applies.
                    (3) For the purposes of this section a motion for approving a person's appointment, or for nominating a person for appointment, is treated as a motion for his appointment.
                    (4) Nothing in this section applies to a resolution amending the company's articles.

                  • 152. Validity of acts of directors

                    (1) The acts of a person acting as a director are valid notwithstanding that it is afterwards discovered—
                    (a) that there was a defect in his appointment,
                    (b) that he was disqualified from holding office,
                    (c) that he had ceased to hold office, and
                    (d) that he was not entitled to vote on the matter in question.
                    (2) This applies even if the resolution for his appointment is void under section151 (appointment of directors of public company to be voted on individually).

                  • 153. Register of directors

                    (1) Every company must keep a register of its directors.
                    (2) The register must contain the required particulars (see sections 154 (particulars of directors to be registered: individuals), 155 (particulars of directors to be registered: corporate directors and firms) and 156 (register of directors' residential addresses)) of each person who is a director of the company.
                    (3) The register must be kept available for inspection—
                    (a) at the company's registered office, or
                    (b) at a place specified in rules made by the Board under section 996 (rules about where certain company records to be kept available for inspection).
                    (4) The company must give notice to the Registrar—
                    (a) of the place at which the register is kept available for inspection, and
                    (b) of any change in that place,
                    unless it has at all times been kept at the company's registered office.
                    (5) The register must be open to the inspection—
                    (a) of any member of the company without charge, and
                    (b) of any other person on payment of such fee as may be prescribed.
                    (6) If default is made in complying with subsection (1), (2) or (3) or if default is made for 14 days in complying with subsection (4), or if an inspection required under subsection (5) is refused, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    For this purpose a shadow director is treated as an officer of the company.
                    (7) A person who commits the contravention referred to in subsection (6) is liable to a level 1 fine.
                    (8) In the case of a refusal of inspection of the register, the Court may by order compel an immediate inspection of it.
                    (9) Subsection (5)(b) shall not apply to a restricted scope company.

                  • 154. Particulars of directors to be registered: individuals

                    (1) A company's register of directors must contain the following particulars in the case of an individual—
                    (a) name and any former name,
                    (b) a service address, which must be a PO Box address for directors resident in the United Arab Emirates,
                    (c) the country or state in which he is usually resident,
                    (d) nationality,
                    (e) business occupation (if any),
                    (f) date of birth.
                    (2) For the purposes of this section "name" means a person's forename and surname.
                    (3) For the purposes of this section a "former name" means a name by which the individual was formerly known for business purposes. Where a person is or was formerly known by more than one such name, each of them must be stated.
                    (4) It is not necessary for the register to contain particulars of a former name in the following cases—
                    (a) in the case of any person, where the former name—
                    (i) was changed or disused before the person attained the age of 18 years, or
                    (ii) has been changed or disused for 20 years or more.
                    (5) A person's service address may be stated as the company's registered office.

                  • 155. Particulars of directors to be registered: corporate directors and firms

                    A company's register of directors must contain the following particulars in the case of a body corporate, or a firm that is a legal person under the law by which it is governed—

                    (a) corporate or firm name,
                    (b) registered or principal office,
                    (c) particulars of—
                    (i) the legal form of the company or firm and the law by which it is governed, and
                    (ii) if applicable, the register in which it is entered (including details of the state) and its registration number in that register.

                  • 156. Register of directors' residential addresses

                    (1) Every company must keep a register of directors' residential addresses.
                    (2) The register must state the usual residential address of each of the company's directors.
                    (3) If a director's usual residential address is the same as his service address (as stated in the company's register of directors), the register of directors' residential addresses need only contain an entry to that effect. This does not apply if his service address is stated to be "The company's registered office".
                    (4) If default is made in complying with this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    For this purpose a shadow director is treated as an officer of the company.
                    (5) A person who commits the contravention referred to in subsection (4) is liable to a level 1 fine.
                    (6) This section applies only to directors who are individuals, not where the director is a body corporate or a firm that is a legal person under the law by which it is governed.

                  • 157. Duty to notify Registrar of changes

                    (1) A company must, within the period of 14 days from—
                    (a) a person becoming or ceasing to be a director, or
                    (b) the occurrence of any change in the particulars contained in its register of directors or its register of directors' residential addresses,
                    give notice to the Registrar of the change and of the date on which it occurred.
                    (2) Notice of a person having become a director of the company must—
                    (a) contain a statement of the particulars of the new director that are required to be included in the company's register of directors and its register of directors' residential addresses, and
                    (b) be accompanied by a consent, by that person, to act in that capacity.
                    (3) Where—
                    (a) a company gives notice of a change of a director's service address as stated in the company's register of directors, and
                    (b) the notice is not accompanied by notice of any resulting change in the particulars contained in the company's register of directors' residential addresses,
                    the notice must be accompanied by a statement that no such change is required.
                    (4) If default is made in complying with this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    For this purpose a shadow director is treated as an officer of the company.
                    (5) A person who commits the contravention referred to in subsection (4) is liable to a level 1 fine.

                  • 158. Resolution to remove director

                    (1) A company may by ordinary resolution at a meeting remove a director before the expiration of his period of office, notwithstanding anything in any agreement between it and him.
                    (2) Special notice is required of a resolution to remove a director under this section or to appoint somebody instead of a director so removed at the meeting at which he is removed.
                    (3) A vacancy created by the removal of a director under this section, if not filled at the meeting at which he is removed, may be filled as a casual vacancy.
                    (4) A person appointed director in place of a person removed under this section is treated, for the purpose of determining the time at which he or any other director is to retire, as if he had become director on the day on which the person in whose place he is appointed was last appointed a director.
                    (5) This section is not to be taken—
                    (a) as depriving a person removed under it of compensation or damages payable to him in respect of the termination of his appointment as director or of any appointment terminating with that as director, or
                    (b) as derogating from any power to remove a director that may exist apart from this section.

                  • 159. Director's right to protest against removal

                    (1) On receipt of notice of an intended resolution to remove a director under section 158, (resolution to remove director) the company must forthwith send a copy of the notice to the director concerned.
                    (2) The director (whether or not a member of the company) is entitled to be heard on the resolution at the meeting.
                    (3) Where notice is given of an intended resolution to remove a director under that section, and the director concerned makes with respect to it representations in writing to the company (not exceeding a reasonable length) and requests their notification to members of the company, the company shall, unless the representations are received by it too late for it to do so—
                    (a) in any notice of the resolution given to members of the company state the fact of the representations having been made, and
                    (b) send a copy of the representations to every member of the company to whom notice of the meeting is sent (whether before or after receipt of the representations by the company).
                    (4) If a copy of the representations is not sent as required by subsection (3) because received too late or because of the company's default, the director may (without prejudice to his right to be heard orally) require that the representations shall be read out at the meeting.
                    (5) Copies of the representations need not be sent out and the representations need not be read out at the meeting if, on the application either of the company or of any other person who claims to be aggrieved, the Court is satisfied that the rights conferred by this section are being abused.
                    (6) The Court may order the company's costs on an application under subsection (5) to be paid in whole or in part by the director, notwithstanding that he is not a party to the application.

              • CHAPTER 2 GENERAL DUTIES OF DIRECTORS

                • Introductory

                  • 160. Scope and nature of general duties

                    (1) The general duties specified in sections 161 (duty to act within powers) to 167 (duty to declare interest in proposed transaction or arrangement) are owed by a director of a company to the company.
                    (2) A person who ceases to be a director continues to be subject—
                    (a) to the duty in section 165 (duty to avoid conflicts of interest) as regards the exploitation of any property, information or opportunity of which he became aware at a time when he was a director, and
                    (b) to the duty in section 166 (duty not to accept benefits from third parties) as regards things done or omitted by him before he ceased to be a director.
                    To that extent those duties apply to a former director as to a director, subject to any necessary adaptations.
                    (3) The general duties are based on certain common law rules and equitable principles as they apply in relation to directors and have effect in place of those rules and principles as regards the duties owed to a company by a director.
                    (4) The general duties shall be interpreted and applied in the same way as common law rules or equitable principles, and regard shall be had to the corresponding common law rules and equitable principles in interpreting and applying the general duties.
                    (5) The general duties apply to shadow directors where, and to the extent that, the corresponding common law rules or equitable principles so apply.

                  • 161. Duty to act within powers

                    A director of a company must—

                    (a) act in accordance with the company's constitution, and
                    (b) only exercise powers for the purposes for which they are conferred.

                  • 162. Duty to promote the success of the company

                    (1) A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to—
                    (a) the likely consequences of any decision in the long term,
                    (b) the interests of the company's employees,
                    (c) the need to foster the company's business relationships with suppliers, customers and others,
                    (d) the impact of the company's operations on the community and the environment,
                    (e) the desirability of the company maintaining a reputation for high standards of business conduct, and
                    (f) the need to act fairly as between members of the company.
                    (2) Where or to the extent that the purposes of the company consist of or include purposes other than the benefit of its members, subsection (1) has effect as if the reference to promoting the success of the company for the benefit of its members were to achieving those purposes.
                    (3) The duty imposed by this section has effect subject to any rule of law applicable in the Abu Dhabi Global Market requiring directors, in certain circumstances, to consider or act in the interests of creditors of the company.

                  • 163. Duty to exercise independent judgment

                    (1) A director of a company must exercise independent judgment.
                    (2) This duty is not infringed by his acting—
                    (a) in accordance with an agreement duly entered into by the company that restricts the future exercise of discretion by its directors, or
                    (b) in a way authorised by the company's constitution.

                  • 164. Duty to exercise reasonable care, skill and diligence

                    (1) A director of a company must exercise reasonable care, skill and diligence.
                    (2) This means the care, skill and diligence that would be exercised by a reasonably diligent person with—
                    (a) the general knowledge, skill and experience that may reasonably be expected of a person carrying out the functions carried out by the director in relation to the company, and
                    (b) the general knowledge, skill and experience that the director has.

                  • 165. Duty to avoid conflicts of interest

                    (1) A director of a company must not act on behalf of a company, or exercise any of his powers as a director, in relation to any matter in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company.
                    (2) This applies in particular to the exploitation of any property, information or opportunity (and it is immaterial whether the company could take advantage of the property, information or opportunity).
                    (3) This duty does not apply to a conflict of interest arising in relation to a transaction or arrangement with the company.
                    (4) This duty is not infringed—
                    (a) if the situation cannot reasonably be regarded as likely to give rise to a conflict of interest, or
                    (b) if the matter has been authorised by the directors who do not have a direct or indirect interest that conflicts with the interests of the company in such matter ("non-conflicted directors"), or
                    (c) if the matter is authorised by the members.
                    (5) Authorisation may be given by the non-conflicted directors—
                    (a) where the company is a private company and nothing in the company's constitution invalidates such authorisation, by the matter being proposed to and authorised by the non-conflicted directors, or
                    (b) where the company is a public company and its constitution includes provision enabling the non-conflicted directors to authorise the matter, by the matter being proposed to and authorised by them in accordance with the constitution.
                    (6) The authorisation is effective only if—
                    (a) any requirement as to the quorum at the meeting at which the matter is considered is met without counting the director in question or any other director with a direct or indirect interest that conflicts with the interests of the company in such matter, and
                    (b) the matter was agreed to without their voting or would have been agreed to if their votes had not been counted.
                    (7) Any reference in this section to a conflict of interest includes a conflict of interest and duty and a conflict of duties.

                  • 166. Duty not to accept benefits from third parties

                    (1) A director of a company must not accept a benefit from a third party conferred by reason of—
                    (a) his being a director, or
                    (b) his doing (or not doing) anything as director.
                    (2) A "third party" means a person other than the company, an associated body corporate or a person acting on behalf of the company or an associated body corporate.
                    (3) Benefits received by a director from a person by whom his services (as a director or otherwise) are provided to the company are not regarded as conferred by a third party.
                    (4) This duty is not infringed if the acceptance of the benefit cannot reasonably be regarded as likely to give rise to a conflict of interest.
                    (5) Any reference in this section to a conflict of interest includes a conflict of interest and duty and a conflict of duties.

                  • 167. Duty to declare interest in proposed transaction or arrangement

                    (1) If a director of a company is in any way, directly or indirectly, interested in a proposed transaction or arrangement with the company, he must declare the nature and extent of that interest to the other directors.
                    (2) The declaration may (but need not) be made—
                    (a) at a meeting of the directors, or
                    (b) by notice to the directors in accordance with—
                    (i) section 173 (declaration made by notice in writing), or
                    (ii) section174 (general notice treated as sufficient declaration).
                    (3) If a declaration of interest under this section proves to be, or becomes, inaccurate or incomplete, a further declaration must be made.
                    (4) Any declaration required by this section must be made before the company enters into the transaction or arrangement.
                    (5) This section does not require a declaration of an interest of which the director is not aware or where the director is not aware of the transaction or arrangement in question.

                    For this purpose a director is treated as being aware of matters of which he ought reasonably to be aware.
                    (6) A director need not declare an interest—
                    (a) if it cannot reasonably be regarded as likely to give rise to a conflict of interest,
                    (b) if, or to the extent that, the other directors are already aware of it (and for this purpose the other directors are treated as aware of anything of which they ought reasonably to be aware), or
                    (c) if, or to the extent that, it concerns terms of his service contract that have been or are to be considered—
                    (i) by a meeting of the directors, or
                    (ii) by a committee of the directors appointed for the purpose under the company's constitution.

                  • 168. Consequences of breach of general duties

                    (1) The consequences of breach (or threatened breach) of sections 161 (duty to act within powers) to 167 (duty to declare interest in proposed transaction or arrangement) are the same as would apply if the corresponding common law rule or equitable principle applied pursuant to the laws applicable in the Abu Dhabi Global Market.
                    (2) The duties in those sections, (with the exception of section 164 (duty to exercise reasonable care, skill and diligence)), are, accordingly, enforceable in the same way as any other fiduciary duty owed to a company by its directors.

                  • 169. Cases within more than one of the general duties

                    Except as otherwise provided, more than one of the general duties may apply in any given case.

                  • 170. Consent, approval or authorisation by members

                    (1) In a case where—
                    (a) section165 (duty to avoid conflicts of interest) is complied with by authorisation by the directors, or
                    (b) section167 (duty to declare interest in proposed transaction or arrangement) is complied with,
                    the transaction or arrangement is not liable to be set aside by virtue of any common law rule or equitable principle requiring the consent or approval of the members of the company.

                    This is without prejudice to any law or regulation applicable to the Abu Dhabi Global Market, or provision of the company's constitution, requiring such consent or approval.
                    (2) The application of the general duties is not affected by the fact that the case also falls within Chapter 4 (transactions requiring approval of members), except that where either of those Chapters applies and—
                    (a) approval is given under the Chapter concerned, or
                    (b) the matter is one as to which it is provided that approval is not needed,
                    it is not necessary also to comply with section 165 (duty to avoid conflicts of interest) or section 166 (duty not to accept benefits from third parties).
                    (3) Compliance with the general duties does not remove the need for approval under any applicable provision of Chapter 4 (transactions requiring approval of members).
                    (4) The general duties—
                    (a) have effect subject to any rule of law enabling the company to give authority, specifically or generally, for anything to be done (or omitted) by the directors, or any of them, that would otherwise be a breach of duty, and
                    (b) where the company's articles contain provisions for dealing with conflicts of interest, are not infringed by anything done (or omitted) by the directors, or any of them, in accordance with those provisions.
                    (5) Otherwise, the general duties have effect (except as otherwise provided or the context otherwise requires) notwithstanding any rule of law applicable in the Abu Dhabi Global Market.

              • CHAPTER 3 DECLARATION OF INTEREST IN EXISTING TRANSACTION OR ARRANGEMENT

                • 171. Declaration of interest in existing transaction or arrangement

                  (1) Where a director of a company is in any way, directly or indirectly, interested in a transaction or arrangement that has been entered into by the company, he must declare the nature and extent of the interest to the other directors in accordance with this section.

                  This section does not apply if or to the extent that the interest has been declared under section 167 (duty to declare interest in proposed transaction or arrangement).
                  (2) The declaration must be made—
                  (a) at a meeting of the directors, or
                  (b) by notice in writing (see section 173 (declaration made by notice in writing)), or
                  (c) by general notice (see section 174 (general notice treated as sufficient declaration)).
                  (3) If a declaration of interest under this section proves to be, or becomes, inaccurate or incomplete, a further declaration must be made.
                  (4) Any declaration required by this section must be made as soon as is reasonably practicable.

                  Failure to comply with this requirement does not affect the underlying duty to make the declaration.
                  (5) This section does not require a declaration of an interest of which the director is not aware or where the director is not aware of the transaction or arrangement in question.

                  For this purpose a director is treated as being aware of matters of which he ought reasonably to be aware.
                  (6) A director need not declare an interest under this section—
                  (a) if it cannot reasonably be regarded as likely to give rise to a conflict of interest,
                  (b) if, or to the extent that, the other directors are already aware of it (and for this purpose the other directors are treated as aware of anything of which they ought reasonably to be aware), or
                  (c) if, or to the extent that, it concerns terms of his service contract that have been or are to be considered—
                  (i) by a meeting of the directors, or
                  (ii) by a committee of the directors appointed for the purpose under the company's constitution.

                • 172. Failure to declare interest

                  (1) A director who fails to comply with the requirements of section 171 (declaration of interest in existing transaction or arrangement) commits a contravention of these Regulations.
                  (2) A person who commits the contravention referred to in subsection (1) shall be liable to a level 2 fine.

                • 173. Declaration made by notice in writing

                  (1) This section applies to a declaration of interest made by notice in writing.
                  (2) The director must send the notice to the other directors.
                  (3) The notice may be sent in hard copy form or, if the recipient has agreed to receive it in electronic form, in an agreed electronic form.
                  (4) The notice may be sent—
                  (a) by hand or by post, or
                  (b) if the recipient has agreed to receive it by electronic means, by agreed electronic means.
                  (5) Where a director declares an interest by notice in writing in accordance with this section—
                  (a) the making of the declaration is deemed to form part of the proceedings at the next meeting of the directors after the notice is given, and
                  (b) the provisions of section 272 (minutes of directors' meetings) apply as if the declaration had been made at that meeting.

                • 174. General notice treated as sufficient declaration

                  (1) General notice in accordance with this section is a sufficient declaration of interest in relation to the matters to which it relates.
                  (2) General notice is notice given to the directors of a company to the effect that the director—
                  (a) has an interest (as member, officer, employee or otherwise) in a specified body corporate or firm and is to be regarded as interested in any transaction or arrangement that may, after the date of the notice, be made with that body corporate or firm, or
                  (b) is connected with a specified person (other than a body corporate or firm) and is to be regarded as interested in any transaction or arrangement that may, after the date of the notice, be made with that person.
                  (3) The notice must state the nature and extent of the director's interest in the body corporate or firm or, as the case may be, the nature of his connection with the person.
                  (4) General notice is not effective unless—
                  (a) it is given at a meeting of the directors, or
                  (b) the director takes reasonable steps to secure that it is brought up and read at the next meeting of the directors after it is given.

                • 175. Declaration of interest in case of company with sole director

                  (1) Where a declaration of interest under section 171 (declaration of interest in existing transaction or arrangement) is required of a sole director of a company that is required to have more than one director—
                  (a) the declaration must be recorded in writing,
                  (b) the making of the declaration is deemed to form part of the proceedings at the next meeting of the directors after the notice is given, and
                  (c) the provisions of section 272 (minutes of directors' meetings) apply as if the declaration had been made at that meeting.
                  (2) Nothing in this section affects the operation of section 218 (contract with sole member who is also a director).

                • 176. Declaration of interest in existing transaction by shadow director

                  (1) The provisions of this Chapter relating to the duty under section 171 (declaration of interest in existing transaction or arrangement) apply to a shadow director as to a director, but with the following adaptations.
                  (2) Subsection (2)(a) at section 171 (declaration of interest in existing transaction or arrangement) does not apply.
                  (3) In section 174 (general notice treated as sufficient declaration), subsection (4) (notice to be given at or brought up and read at meeting of directors) does not apply.
                  (4) General notice by a shadow director is not effective unless given by notice in writing in accordance with section 173 (declaration made by notice in writing).

              • CHAPTER 4 TRANSACTIONS WITH DIRECTORS REQUIRING APPROVAL OF MEMBERS

                • Service contracts

                  • 177. Directors' long-term service contracts: requirement of members' approval

                    (1) This section applies to provision under which the guaranteed term of a director's employment—
                    (a) with the company of which he is a director, or
                    (b) where he is the director of a holding company, within the group consisting of that company and its subsidiaries,
                    is, or may be, longer than two years.
                    (2) A company may not agree to such provision unless it has been approved—
                    (a) by resolution of the members of the company, and
                    (b) in the case of a director of a holding company, by resolution of the members of that company.
                    (3) The guaranteed term of a director's employment is—
                    (a) the period (if any) during which the director's employment—
                    (i) is to continue, or may be continued otherwise than at the instance of the company (whether under the original agreement or under a new agreement entered into in pursuance of it), and
                    (ii) cannot be terminated by the company by notice, or can be so terminated only in specified circumstances, or
                    (b) in the case of employment terminable by the company by notice, the period of notice required to be given,
                    or, in the case of employment having a period within subsection(3)(a) and a period within subsection (3)(b), the aggregate of those periods.
                    (4) If more than six months before the end of the guaranteed term of a director's employment the company enters into a further service contract (otherwise than in pursuance of a right conferred, by or under the original contract, on the other party to it), this section applies as if there were added to the guaranteed term of the new contract the unexpired period of the guaranteed term of the original contract.
                    (5) A resolution approving provision to which this section applies must not be passed unless a memorandum setting out the proposed contract incorporating the provision is made available to members—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (6) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market,
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.
                    (7) In this section "employment" means any employment under a director's service contract.

                  • 178. Directors' long-term service contracts: consequences of contravention

                    If a company agrees to provision in contravention of section 177 (directors' long-term service contracts)—

                    (a) the provision is void, to the extent of the contravention, and
                    (b) the contract is deemed to contain a term entitling the company to terminate it at any time by the giving of reasonable notice.

                • Substantial property transactions

                  • 179. Substantial property transactions: requirement of members' approval

                    (1) A company may not enter into an arrangement under which—
                    (a) a director of the company or of its holding company, or a person connected with such a director, acquires or is to acquire from the company (directly or indirectly) a substantial non-cash asset, or
                    (b) the company acquires or is to acquire a substantial non-cash asset (directly or indirectly) from such a director or a person so connected,
                    unless the arrangement has been approved by a resolution of the members of the company or is conditional on such approval being obtained.

                    For the meaning of "substantial non-cash asset" see section 180 (meaning of substantial).
                    (2) If the director or connected person is a director of the company's holding company or a person connected with such a director, the arrangement must also have been approved by a resolution of the members of the holding company or be conditional on such approval being obtained.
                    (3) A company shall not be subject to any liability by reason of a failure to obtain approval required by this section.
                    (4) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market,
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.
                    (5) For the purposes of this section—
                    (a) an arrangement involving more than one non-cash asset, or
                    (b) an arrangement that is one of a series involving non-cash assets,
                    shall be treated as if they involved a non-cash asset of a value equal to the aggregate value of all the non-cash assets involved in the arrangement or, as the case may be, the series.
                    (6) This section does not apply to a transaction so far as it relates—
                    (a) to anything to which a director of a company is entitled under his service contract, or
                    (b) to payment for loss of office as defined in section 203 (payments for loss of office).

                  • 180. Meaning of "substantial"

                    (1) This section explains what is meant in section 179 (substantial property transactions) by a "substantial non-cash asset".
                    (2) An asset is a substantial asset in relation to a company if its value—
                    (a) exceeds 10% of the company's asset value and is more than 5,000 US dollars, or
                    (b) exceeds 100,000 US dollars.
                    (3) For this purpose a company's "asset value" at any time is—
                    (a) the value of the company's net assets determined by reference to its most recent statutory accounts, or
                    (b) if no statutory accounts have been prepared or are required to be prepared, the amount of the company's called-up share capital.
                    (4) A company's "statutory accounts" means its annual accounts prepared in accordance with Part 14, and its "most recent" statutory accounts means those in relation to which the time for sending them out to members (see section 406 (time allowed for sending out copies of accounts and reports)) is most recent.
                    (5) Whether an asset is a substantial asset shall be determined as at the time the arrangement is entered into.

                  • 181. Exception for transactions with members or other group companies

                    Approval is not required under section 179 (substantial property transactions)—

                    (a) for a transaction between a company and a person in his character as a member of that company, or
                    (b) for a transaction between—
                    (i) a holding company and its wholly-owned subsidiary, or
                    (ii) two wholly-owned subsidiaries of the same holding company.

                  • 182. Exception in case of company in winding up or administration

                    (1) This section applies to a company—
                    (a) that is being wound up (unless the winding up is a members' voluntary winding up), or
                    (b) that is in administration within the meaning of the Insolvency Regulations 2015.
                    (2) Approval is not required under section 179 (substantial property transactions)—
                    (a) on the part of the members of a company to which this section applies, or
                    (b) for an arrangement entered into by a company to which this section applies.

                  • 183. Exception for transactions on recognised investment exchange

                    (1) Approval is not required under section 179 (substantial property transactions) for a transaction on a recognised investment exchange effected by a director, or a person connected with him, through the agency of a person who in relation to the transaction acts as an independent broker.
                    (2) For this purpose "independent broker" means a person who, independently of the director or any person connected with him, selects the person with whom the transaction is to be effected.

                  • 184. Property transactions: consequences of contravention

                    (1) This section applies where a company enters into an arrangement in contravention of section 179 (substantial property transactions).
                    (2) The arrangement, and any transaction entered into in pursuance of the arrangement (whether by the company or any other person), is voidable at the instance of the company, unless—
                    (a) restitution of any money or other asset that was the subject matter of the arrangement or transaction is no longer possible,
                    (b) the company has been indemnified in pursuance of this section by any other persons for the loss or damage suffered by it, or
                    (c) rights acquired in good faith, for value and without actual notice of the contravention by a person who is not a party to the arrangement or transaction would be affected by the avoidance.
                    (3) Whether or not the arrangement or any such transaction has been avoided, each of the persons specified in subsection (4) is liable—
                    (a) to account to the company for any gain that he has made directly or indirectly by the arrangement or transaction, and
                    (b) (jointly and severally with any other person so liable under this section) to indemnify the company for any loss or damage resulting from the arrangement or transaction.
                    (4) The persons so liable are—
                    (a) any director of the company or of its holding company with whom the company entered into the arrangement in contravention of section179 (substantial property transactions),
                    (b) any person with whom the company entered into the arrangement in contravention of that section who is connected with a director of the company or of its holding company,
                    (c) the director of the company or of its holding company with whom any such person is connected, and
                    (d) any other director of the company who authorised the arrangement or any transaction entered into in pursuance of such an arrangement.
                    (5) Subsections (3) and (4) are subject to the following two subsections.
                    (6) In the case of an arrangement entered into by a company in contravention of section 179 (substantial property transactions) with a person connected with a director of the company or of its holding company, that director is not liable by virtue of subsection (4)(c) if he shows that he took all reasonable steps to secure the company's compliance with that section.
                    (7) In any case—
                    (a) a person so connected is not liable by virtue of subsection (4)(b), and
                    (b) a director is not liable by virtue of subsection (4)(d),
                    if he shows that, at the time the arrangement was entered into, he did not know the relevant circumstances constituting the contravention.
                    (8) Nothing in this section shall be read as excluding the operation of any rule of law applicable in the Abu Dhabi Global Market by virtue of which the arrangement or transaction may be called in question or any liability to the company may arise.

                  • 185. Property transactions: effect of subsequent affirmation

                    Where a transaction or arrangement is entered into by a company in contravention of section 179 (substantial property transactions) but, within a reasonable period, it is affirmed—

                    (a) in the case of a contravention of subsection (1) of that section, by resolution of the members of the company, and
                    (b) in the case of a contravention of subsection (2) of that section, by resolution of the members of the holding company,

                    the transaction or arrangement may no longer be avoided under section 184 (property transactions: consequences of contravention).

                • Loans, quasi-loans and credit transactions

                  • 186. Loans to directors: requirement of members' approval

                    (1) A company may not—
                    (a) make a loan to a director of the company or of its holding company, or
                    (b) give a guarantee or provide security in connection with a loan made by any person to such a director,
                    unless the transaction has been approved by a resolution of the members of the company or is conditional on such approval being obtained.
                    (2) If the director is a director of the company's holding company, the transaction must also have been approved by a resolution of the members of the holding company.
                    (3) A resolution approving a transaction to which this section applies must not be passed unless a memorandum setting out the matters mentioned in subsection (4) is made available to members—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (4) The matters to be disclosed are—
                    (a) the nature of the transaction,
                    (b) the amount of the loan and the purpose for which it is required, and
                    (c) the extent of the company's liability under any transaction connected with the loan.
                    (5) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market,
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.

                  • 187. Quasi-loans to directors: requirement of members' approval

                    (1) This section applies to a company if it is—
                    (a) a public company, or
                    (b) a company associated with a public company.
                    (2) A company to which this section applies may not—
                    (a) make a quasi-loan to a director of the company or of its holding company, or
                    (b) give a guarantee or provide security in connection with a quasi-loan made by any person to such a director,
                    unless the transaction has been approved by a resolution of the members of the company.
                    (3) If the director is a director of the company's holding company, the transaction must also have been approved by a resolution of the members of the holding company.
                    (4) A resolution approving a transaction to which this section applies must not be passed unless a memorandum setting out the matters mentioned in subsection (5) is made available to members—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (5) The matters to be disclosed are—
                    (a) the nature of the transaction,
                    (b) the amount of the quasi-loan and the purpose for which it is required, and
                    (c) the extent of the company's liability under any transaction connected with the quasi-loan.
                    (6) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market, or
                    (b) is a wholly-owned subsidiary of another body corporate.
                    (c) is a restricted scope company

                  • 188. Meaning of "quasi-loan" and related expressions

                    (1) A "quasi-loan" is a transaction under which one party ("the creditor") agrees to pay, or pays otherwise than in pursuance of an agreement, a sum for another ("the borrower") or agrees to reimburse, or reimburses otherwise than in pursuance of an agreement, expenditure incurred by another party for another ("the borrower")—
                    (a) on terms that the borrower (or a person on his behalf) will reimburse the creditor, or
                    (b) in circumstances giving rise to a liability on the borrower to reimburse the creditor.
                    (2) Any reference to the person to whom a quasi-loan is made is a reference to the borrower.
                    (3) The liabilities of the borrower under a quasi-loan include the liabilities of any person who has agreed to reimburse the creditor on behalf of the borrower.

                  • 189. Loans or quasi-loans to persons connected with directors: requirement of members' approval

                    (1) This section applies to a company if it is—
                    (a) a public company, or
                    (b) a company associated with a public company.
                    (2) A company to which this section applies may not—
                    (a) make a loan or quasi-loan to a person connected with a director of the company or of its holding company, or
                    (b) give a guarantee or provide security in connection with a loan or quasi-loan made by any person to a person connected with such a director,
                    unless the transaction has been approved by a resolution of the members of the company.
                    (3) If the connected person is a person connected with a director of the company's holding company, the transaction must also have been approved by a resolution of the members of the holding company.
                    (4) A resolution approving a transaction to which this section applies must not be passed unless a memorandum setting out the matters mentioned in subsection (5) is made available to members—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (5) The matters to be disclosed are—
                    (a) the nature of the transaction,
                    (b) the amount of the loan or quasi-loan and the purpose for which it is required, and
                    (c) the extent of the company's liability under any transaction connected with the loan or quasi-loan.
                    (6) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market, or
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.

                  • 190. Credit transactions: requirement of members' approval

                    (1) This section applies to a company if it is—
                    (a) a public company, or
                    (b) a company associated with a public company.
                    (2) A company to which this section applies may not—
                    (a) enter into a credit transaction as creditor for the benefit of a director of the company or of its holding company, or a person connected with such a director, or
                    (b) give a guarantee or provide security in connection with a credit transaction entered into by any person for the benefit of such a director, or a person connected with such a director,
                    unless the transaction (that is, the credit transaction, the giving of the guarantee or the provision of security, as the case may be) has been approved by a resolution of the members of the company.
                    (3) If the director or connected person is a director of its holding company or a person connected with such a director, the transaction must also have been approved by a resolution of the members of the holding company.
                    (4) A resolution approving a transaction to which this section applies must not be passed unless a memorandum setting out the matters mentioned in subsection (5) is made available to members—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (5) The matters to be disclosed are—
                    (a) the nature of the transaction,
                    (b) the value of the credit transaction and the purpose for which the land, goods or services sold or otherwise disposed of, leased, hired or supplied under the credit transaction are required, and
                    (c) the extent of the company's liability under any transaction connected with the credit transaction.
                    (6) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market,
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.

                  • 191. Meaning of "credit transaction"

                    (1) A "credit transaction" is a transaction under which one party ("the creditor")—
                    (a) supplies any goods or sells any land under a hire-purchase agreement or a conditional sale agreement,
                    (b) leases or hires any land or goods in return for periodical payments, or
                    (c) otherwise disposes of land or supplies goods or services on the understanding that payment (whether in a lump sum or instalments or by way of periodical payments or otherwise) is to be deferred.
                    (2) Any reference to the person for whose benefit a credit transaction is entered into is to the person to whom goods, land or services are supplied, sold, leased, hired or otherwise disposed of under the transaction.
                    (3) In this section-

                    "conditional sale agreement" means an agreement for the sale of goods or land under which the purchase price or part of it is payable by instalments, and the property in the goods or land is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods or land) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled, and

                    "services" means anything other than goods or land.

                  • 192. Related arrangements: requirement of members' approval

                    (1) A company may not—
                    (a) take part in an arrangement under which—
                    (i) another person enters into a transaction that, if it had been entered into by the company, would have required approval under section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions), and
                    (ii) that person, in pursuance of the arrangement, obtains a benefit from the company or a body corporate associated with it, or
                    (b) arrange for the assignment to it, or assumption by it, of any rights, obligations or liabilities under a transaction that, if it had been entered into by the company, would have required such approval,
                    unless the arrangement in question has been approved by a resolution of the members of the company.
                    (2) If the director or connected person for whom the transaction is entered into is a director of its holding company or a person connected with such a director, the arrangement must also have been approved by a resolution of the members of the holding company.
                    (3) A resolution approving an arrangement to which this section applies must not be passed unless a memorandum setting out the matters mentioned in subsection (4) is made available to members—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (4) The matters to be disclosed are—
                    (a) the matters that would have to be disclosed if the company were seeking approval of the transaction to which the arrangement relates,
                    (b) the nature of the arrangement, and
                    (c) the extent of the company's liability under the arrangement or any transaction connected with it.
                    (5) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market, or
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.
                    (6) In determining for the purposes of this section whether a transaction is one that would have required approval under section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions) if it had been entered into by the company, the transaction shall be treated as having been entered into on the date of the arrangement.

                  • 193. Exception for expenditure on company business

                    (1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions) for anything done by a company—
                    (a) to provide a director of the company or of its holding company, or a person connected with any such director, with funds to meet expenditure incurred or to be incurred by him—
                    (i) for the purposes of the company, or
                    (ii) for the purpose of enabling him properly to perform his duties as an officer of the company, or
                    (b) to enable any such person to avoid incurring such expenditure.
                    (2) This section does not authorise a company to enter into a transaction if the aggregate of—
                    (a) the value of the transaction in question, and
                    (b) the value of any other relevant transactions or arrangements,
                    exceeds 50,000 US dollars.

                  • 194. Exception for expenditure on defending proceedings etc.

                    (1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions) for anything done by a company—
                    (a) to provide a director of the company or of its holding company with funds to meet expenditure incurred or to be incurred by him—
                    (i) in defending any criminal or civil proceedings, or
                    (ii) in connection with an application for relief (see subsection (5)), or
                    (b) to enable any such director to avoid incurring such expenditure,
                    if it is done on the following terms.
                    (2) The terms are—
                    (a) that the loan is to be repaid, or (as the case may be) any liability of the company incurred under any transaction connected with the thing done is to be discharged, in the event of—
                    (i) the director being convicted in the proceedings,
                    (ii) judgment being given against him in the proceedings, or
                    (iii) the Court refusing to grant him relief on the application, and
                    (b) that it is to be so repaid or discharged not later than—
                    (i) the date when the conviction becomes final,
                    (ii) the date when the judgment becomes final, or
                    (iii) the date when the refusal of relief becomes final.
                    (3) For this purpose a conviction, judgment or refusal of relief becomes final—
                    (a) if not appealed against, at the end of the period for bringing an appeal,
                    (b) if appealed against, when the appeal (or any further appeal) is disposed of.
                    (4) An appeal is disposed of—
                    (a) if it is determined and the period for bringing any further appeal has ended, or
                    (b) if it is abandoned or otherwise ceases to have effect.
                    (5) The reference in subsection (1)(a)(ii) to an application for relief is to an application for relief under section 601(3) or (4)(liability of others where nominee fails to make payment in respect of shares).

                  • 195. Exception for expenditure in connection with regulatory action or investigation

                    Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions) for anything done by a company—

                    (a) to provide a director of the company or of its holding company with funds to meet expenditure incurred or to be incurred by him in defending himself—
                    (i) in an investigation by a regulatory authority, or
                    (ii) against action proposed to be taken by a regulatory authority,
                    in connection with any alleged negligence, default, breach of duty or breach of trust by him in relation to the company or an associated company, or
                    (b) to enable any such director to avoid incurring such expenditure.

                  • 196. Exceptions for minor and business transactions

                    (1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors) or 189 (loans or quasi-loans to persons connected with directors) for a company to make a loan or quasi-loan, or to give a guarantee or provide security in connection with a loan or quasi-loan, if the aggregate of—
                    (a) the value of the transaction, and
                    (b) the value of any other relevant transactions or arrangements,
                    does not exceed 10,000 US dollars.
                    (2) Approval is not required under section 190 (credit transactions) for a company to enter into a credit transaction, or to give a guarantee or provide security in connection with a credit transaction, if the aggregate of—
                    (a) the value of the transaction (that is, of the credit transaction, guarantee or security), and
                    (b) the value of any other relevant transactions or arrangements,
                    does not exceed 15,000 US dollars.
                    (3) Approval is not required under section 190 (credit transactions) for a company to enter into a credit transaction, or to give a guarantee or provide security in connection with a credit transaction, if—
                    (a) the transaction is entered into by the company in the ordinary course of the company's business, and
                    (b) the value of the transaction is not greater, and the terms on which it is entered into are not more favourable, than it is reasonable to expect the company would have offered to, or in respect of, a person of the same financial standing but unconnected with the company.

                  • 197. Exceptions for intra-group transactions

                    (1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors) or 189 (loans or quasi-loans to persons connected with directors) for—
                    (a) the making of a loan or quasi-loan to an associated body corporate, or
                    (b) the giving of a guarantee or provision of security in connection with a loan or quasi-loan made to an associated body corporate.
                    (2) Approval is not required under section 190 (credit transactions)—
                    (a) to enter into a credit transaction as creditor for the benefit of an associated body corporate, or
                    (b) to give a guarantee or provide security in connection with a credit transaction entered into by any person for the benefit of an associated body corporate.

                  • 198. Exceptions for money-lending companies

                    (1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors) or 189 (loans or quasi-loans to persons connected with directors) for the making of a loan or quasi-loan, or the giving of a guarantee or provision of security in connection with a loan or quasi-loan, by a money-lending company if—
                    (a) the transaction (that is, the loan, quasi-loan, guarantee or security) is entered into by the company in the ordinary course of the company's business, and
                    (b) the value of the transaction is not greater, and its terms are not more favourable, than it is reasonable to expect the company would have offered to a person of the same financial standing but unconnected with the company.
                    (2) A "money-lending company" means a company whose ordinary business includes the making of loans or quasi-loans, or the giving of guarantees or provision of security in connection with loans or quasi-loans.
                    (3) The condition specified in subsection (1)(b) does not of itself prevent a company from making a home loan—
                    (a) to a director of the company or of its holding company, or
                    (b) to an employee of the company,
                    if loans of that description are ordinarily made by the company to its employees and the terms of the loan in question are no more favourable than those on which such loans are ordinarily made.
                    (4) For the purposes of subsection (3) a "home loan" means a loan—
                    (a) for the purpose of facilitating the purchase, for use as the only or main residence of the person to whom the loan is made, of the whole or part of any dwelling-house together with any land to be occupied and enjoyed with it,
                    (b) for the purpose of improving a dwelling-house or part of a dwelling-house so used or any land occupied and enjoyed with it, or
                    (c) in substitution for any loan made by any person and falling within subsection (4)(a) or (b).

                  • 199. Other relevant transactions or arrangements

                    (1) This section has effect for determining what are "other relevant transactions or arrangements" for the purposes of any exception to section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions).

                    In the following provisions "the relevant exception" means the exception for the purposes of which that falls to be determined.
                    (2) Other relevant transactions or arrangements are those previously entered into, or entered into at the same time as the transaction or arrangement in question in relation to which the following conditions are met.
                    (3) Where the transaction or arrangement in question is entered into—
                    (a) for a director of the company entering into it, or
                    (b) for a person connected with such a director,
                    the conditions are that the transaction or arrangement was (or is) entered into for that director, or a person connected with him, by virtue of the relevant exception by that company or by any of its subsidiaries.
                    (4) Where the transaction or arrangement in question is entered into—
                    (a) for a director of the holding company of the company entering into it, or
                    (b) for a person connected with such a director,
                    the conditions are that the transaction or arrangement was (or is) entered into for that director, or a person connected with him, by virtue of the relevant exception by the holding company or by any of its subsidiaries.
                    (5) A transaction or arrangement entered into by a company that at the time it was entered into—
                    (a) was a subsidiary of the company entering into the transaction or arrangement in question, or
                    (b) was a subsidiary of that company's holding company,
                    is not a relevant transaction or arrangement if, at the time the question arises whether the transaction or arrangement in question falls within a relevant exception, it is no longer such a subsidiary.

                  • 200. The person for whom a transaction or arrangement is entered into

                    For the purposes of sections 186 (loans to directors) to 202 (loans etc.: effect of subsequent affirmation) the person for whom a transaction or arrangement is entered into is—

                    (a) in the case of a loan or quasi-loan, the person to whom it is made,
                    (b) in the case of a credit transaction, the person to whom goods, land or services are supplied, sold, hired, leased or otherwise disposed of under the transaction,
                    (c) in the case of a guarantee or security, the person for whom the transaction is made in connection with which the guarantee or security is entered into,
                    (d) in the case of an arrangement within section 192 (related arrangements), the person for whom the transaction is made to which the arrangement relates.

                  • 201. Loans etc.: consequences of contravention

                    (1) This section applies where a company enters into a transaction or arrangement in contravention of section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors), 190 (credit transactions) or 192 (related arrangements).
                    (2) The transaction or arrangement is voidable at the instance of the company, unless—
                    (a) restitution of any money or other asset that was the subject matter of the transaction or arrangement is no longer possible,
                    (b) the company has been indemnified for any loss or damage resulting from the transaction or arrangement, or
                    (c) rights acquired in good faith, for value and without actual notice of the contravention by a person who is not a party to the transaction or arrangement would be affected by the avoidance.
                    (3) Whether or not the transaction or arrangement has been avoided, each of the persons specified in subsection (4) is liable—
                    (a) to account to the company for any gain that he has made directly or indirectly by the transaction or arrangement, and
                    (b) (jointly and severally with any other person so liable under this section) to indemnify the company for any loss or damage resulting from the transaction or arrangement.
                    (4) The persons so liable are—
                    (a) any director of the company or of its holding company with whom the company entered into the transaction or arrangement in contravention of section 186 (loans to directors), 187 (quasi-loans to directors), 190 (credit transactions) or 192 (related arrangements),
                    (b) any person with whom the company entered into the transaction or arrangement in contravention of any of those sections who is connected with a director of the company or of its holding company,
                    (c) the director of the company or of its holding company with whom any such person is connected, and
                    (d) any other director of the company who authorised the transaction or arrangement.
                    (5) Subsections (3) and (4) are subject to the following two subsections.
                    (6) In the case of a transaction or arrangement entered into by a company in contravention of section 189 (loans or quasi-loans to persons connected with directors), 190 (credit transactions) or 192 (related arrangements) with a person connected with a director of the company or of its holding company, that director is not liable by virtue of subsection (4)(c) if he shows that he took all reasonable steps to secure the company's compliance with the section concerned.
                    (7) In any case—
                    (a) a person so connected is not liable by virtue of subsection (4)(b), and
                    (b) a director is not liable by virtue of subsection (4)(d),
                    if he shows that, at the time the transaction or arrangement was entered into, he did not know the relevant circumstances constituting the contravention.
                    (8) Nothing in this section shall be read as excluding the operation of any rule of law applicable in the Abu Dhabi Global Market by virtue of which the transaction or arrangement may be called in question or any liability to the company may arise.

                  • 202. Loans etc.: effect of subsequent affirmation

                    Where a transaction or arrangement is entered into by a company in contravention of section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors), 190 (credit transactions) or 192 (related arrangements) but, within a reasonable period, it is affirmed—

                    (a) in the case of a contravention of the requirement for a resolution of the members of the company, by a resolution of the members of the company, and
                    (b) in the case of a contravention of the requirement for a resolution of the members of the company's holding company, by a resolution of the members of the holding company,

                    the transaction or arrangement may no longer be avoided under section201 (loans etc.: consequences of contravention).

                • Payments for loss of office

                  • 203. Payments for loss of office

                    (1) In this Chapter a "payment for loss of office" means a payment made to a director or past director of a company—
                    (a) by way of compensation for loss of office as director of the company,
                    (b) by way of compensation for loss, while director of the company or in connection with his ceasing to be a director of it, of—
                    (i) any other office or employment in connection with the management of the affairs of the company, or
                    (ii) any office (as director or otherwise) or employment in connection with the management of the affairs of any subsidiary undertaking of the company,
                    (c) as consideration for or in connection with his retirement from his office as director of the company, or
                    (d) as consideration for or in connection with his retirement, while director of the company or in connection with his ceasing to be a director of it, from—
                    (i) any other office or employment in connection with the management of the affairs of the company, or
                    (ii) any office (as director or otherwise) or employment in connection with the management of the affairs of any subsidiary undertaking of the company.
                    (2) The references to compensation and consideration include benefits otherwise than in cash and references in this Chapter to payment have a corresponding meaning.
                    (3) For the purposes of sections 205 (payment by company) to 209 (exception for small payments)—
                    (a) payment to a person connected with a director, or
                    (b) payment to any person at the direction of, or for the benefit of, a director or a person connected with him,
                    is treated as payment to the director.
                    (4) References in those sections to payment by a person include payment by another person at the direction of, or on behalf of, the person referred to.

                  • 204. Amounts taken to be payments for loss of office

                    (1) This section applies where in connection with any such transfer as is mentioned in section 206 (payment in connection with transfer of undertaking etc.) or 207 (payment in connection with share transfer) a director of the company—
                    (a) is to cease to hold office, or
                    (b) is to cease to be the holder of—
                    (i) any other office or employment in connection with the management of the affairs of the company, or
                    (ii) any office (as director or otherwise) or employment in connection with the management of the affairs of any subsidiary undertaking of the company.
                    (2) If in connection with any such transfer—
                    (a) the price to be paid to the director for any shares in the company held by him is in excess of the price which could at the time have been obtained by other holders of like shares, or
                    (b) any valuable consideration is given to the director by a person other than the company,
                    the excess or, as the case may be, the money value of the consideration is taken for the purposes of those sections to have been a payment for loss of office.

                  • 205. Payment by company: requirement of members' approval

                    (1) A company may not make a payment for loss of office to a director of the company unless the payment has been approved by a resolution of the members of the company.
                    (2) A company may not make a payment for loss of office to a director of its holding company unless the payment has been approved by a resolution of the members of each of those companies.
                    (3) A resolution approving a payment to which this section applies must not be passed unless a memorandum setting out particulars of the proposed payment (including its amount) is made available to the members of the company whose approval is sought—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by the members both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (4) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market,
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.

                  • 206. Payment in connection with transfer of undertaking etc.: requirement of members' approval

                    (1) No payment for loss of office may be made by any person to a director of a company in connection with the transfer of the whole or any part of the undertaking or property of the company unless the payment has been approved by a resolution of the members of the company.
                    (2) No payment for loss of office may be made by any person to a director of a company in connection with the transfer of the whole or any part of the undertaking or property of a subsidiary of the company unless the payment has been approved by a resolution of the members of each of the companies.
                    (3) A resolution approving a payment to which this section applies must not be passed unless a memorandum setting out particulars of the proposed payment (including its amount) is made available to the members of the company whose approval is sought—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by the members both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (4) No approval is required under this section on the part of the members of a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market,
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.
                    (5) A payment made in pursuance of an arrangement—
                    (a) entered into as part of the agreement for the transfer in question, or within one year before or two years after that agreement, and
                    (b) to which the company whose undertaking or property is transferred, or any person to whom the transfer is made, is privy,
                    is presumed, except in so far as the contrary is shown, to be a payment to which this section applies.

                  • 207. Payment in connection with share transfer: requirement of members' approval

                    (1) No payment for loss of office may be made by any person to a director of a company in connection with a transfer of shares in the company, or in a subsidiary of the company, resulting from a takeover bid unless the payment has been approved by a resolution of the relevant shareholders.
                    (2) The relevant shareholders are the holders of the shares to which the bid relates and any holders of shares of the same class as any of those shares.
                    (3) A resolution approving a payment to which this section applies must not be passed unless a memorandum setting out particulars of the proposed payment (including its amount) is made available to the members of the company whose approval is sought—
                    (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him,
                    (b) in the case of a resolution at a meeting, by being made available for inspection by the members both—
                    (i) at the company's registered office for not less than 15 days ending with the date of the meeting, and
                    (ii) at the meeting itself.
                    (4) Neither the person making the offer, nor any associated company of his, is entitled to vote on the resolution, but—
                    (a) where the resolution is proposed as a written resolution, they are entitled (if they would otherwise be so entitled) to be sent a copy of it, and
                    (b) at any meeting to consider the resolution they are entitled (if they would otherwise be so entitled) to be given notice of the meeting, to attend and speak and if present (in person or by proxy) to count towards the quorum.
                    (5) If at a meeting to consider the resolution a quorum is not present, and after the meeting has been adjourned to a later date a quorum is again not present, the payment is (for the purposes of this section) deemed to have been approved.
                    (6) No approval is required under this section on the part of shareholders in a body corporate that—
                    (a) is not a company registered in the Abu Dhabi Global Market, or
                    (b) is a wholly-owned subsidiary of another body corporate, or
                    (c) is a restricted scope company.
                    (7) A payment made in pursuance of an arrangement—
                    (a) entered into as part of the agreement for the transfer in question, or within one year before or two years after that agreement, and
                    (b) to which the company whose shares are the subject of the bid, or any person to whom the transfer is made, is privy,
                    is presumed, except in so far as the contrary is shown, to be a payment to which this section applies.

                  • 208. Exception for payments in discharge of legal obligations etc.

                    (1) Approval is not required under section 205 (payment by company), 206 (payment in connection with transfer of undertaking etc.) or 207 (payment in connection with share transfer) for a payment made in good faith—
                    (a) in discharge of an existing legal obligation (as defined below),
                    (b) by way of damages for breach of such an obligation,
                    (c) by way of settlement or compromise of any claim arising in connection with the termination of a person's office or employment, or
                    (d) by way of pension in respect of past services.
                    (2) In relation to a payment within section 205 (payment by company) an existing legal obligation means an obligation of the company, or any body corporate associated with it, that was not entered into in connection with, or in consequence of, the event giving rise to the payment for loss of office.
                    (3) In relation to a payment within section 206 (payment in connection with transfer of undertaking etc.) or 207 (payment in connection with share transfer) an existing legal obligation means an obligation of the person making the payment that was not entered into for the purposes of, in connection with or in consequence of, the transfer in question.
                    (4) In the case of a payment within both section 205 (payment by company) and section 206 (payment in connection with transfer of undertaking etc.), or within both section205 (payment by company) and section 207 (payment in connection with share transfer), subsection (2) above applies and not subsection (3).
                    (5) A payment part of which falls within subsection (1) above and part of which does not is treated as if the parts were separate payments.

                  • 209. Exception for small payments

                    (1) Approval is not required under section 205 (payment by company), 206 (payment in connection with transfer of undertaking etc.) or 207 (payment in connection with share transfer) if—
                    (a) the payment in question is made by the company or any of its subsidiaries, and
                    (b) the amount or value of the payment, together with the amount or value of any other relevant payments, does not exceed 300 US dollars.
                    (2) For this purpose "other relevant payments" are payments for loss of office in relation to which the following conditions are met.
                    (3) Where the payment in question is one to which section 205 (payment by company) applies, the conditions are that the other payment was or is paid—
                    (a) by the company making the payment in question or any of its subsidiaries,
                    (b) to the director to whom that payment is made, and
                    (c) in connection with the same event.
                    (4) Where the payment in question is one to which section 206 (payment in connection with transfer of undertaking etc.) or 207 (payment in connection with share transfer), the conditions are that the other payment was (or is) paid in connection with the same transfer—
                    (a) to the director to whom the payment in question was made, and
                    (b) by the company making the payment or any of its subsidiaries.

                  • 210. Payments made without approval: consequences

                    (1) If a payment is made in contravention of section 207 (payment by company)—
                    (a) it is held by the recipient on trust for the company making the payment, and
                    (b) any director who authorised the payment is jointly and severally liable to indemnify the company that made the payment for any loss resulting from it.
                    (2) If a payment is made in contravention of section 206 (payment in connection with transfer of undertaking etc.), it is held by the recipient on trust for the company whose undertaking or property is or is proposed to be transferred.
                    (3) If a payment is made in contravention of section 207 (payment in connection with share transfer)—
                    (a) it is held by the recipient on trust for persons who have sold their shares as a result of the offer made, and
                    (b) the expenses incurred by the recipient in distributing that sum amongst those persons shall be borne by him and not retained out of that sum.
                    (4) If a payment is made in contravention of section 205 (payment by company) and section 206 (payment in connection with transfer of undertaking etc.), subsection (2) of this section applies rather than subsection (1).
                    (5) If a payment is made in contravention of section 205 (payment by company) and section 207 (payment in connection with share transfer), subsection (3) of this section applies rather than subsection (1), unless the Court directs otherwise.

                • Supplementary

                  • 211. Transactions requiring members' approval: application of provisions to shadow directors

                    (1) For the purposes of—
                    (a) sections 177 and 178 (directors' long-term service contracts),
                    (b) sections 179 to 185 (property transactions),
                    (c) sections 186 to 202 (loans etc.), and
                    (d) sections 203 to 210 (payments for loss of office),
                    a shadow director is treated as a director.
                    (2) Any reference in those provisions to loss of office as a director does not apply in relation to loss of a person's status as a shadow director.

                  • 212. Approval by written resolution: accidental failure to send memorandum

                    (1) Where—
                    (a) approval under this Chapter is sought by written resolution, and
                    (b) a memorandum is required under this Chapter to be sent or submitted to every eligible member before the resolution is passed,
                    any accidental failure to send or submit the memorandum to one or more members shall be disregarded for the purpose of determining whether the requirement has been met.

                    Subsection (1) has effect subject to any provision of the company's articles.

                  • 213. Cases where approval is required under more than one provision

                    (1) Approval may be required under more than one provision of this Chapter.
                    (2) If so, the requirements of each applicable provision must be met.
                    (3) This does not require a separate resolution for the purposes of each provision.

              • CHAPTER 5 DIRECTORS' SERVICE CONTRACTS

                • 214. Directors' service contracts

                  (1) For the purposes of this Part a director's "service contract", in relation to a company, means a contract under which—
                  (a) a director of the company undertakes personally to perform services (as director or otherwise) for the company, or for a subsidiary of the company, or
                  (b) services (as director or otherwise) that a director of the company undertakes personally to perform are made available by a third party to the company, or to a subsidiary of the company.
                  (2) The provisions of this Part relating to directors' service contracts apply to the terms of a person's appointment as a director of a company.

                  They are not restricted to contracts for the performance of services outside the scope of the ordinary duties of a director.
                  (3) The provisions of Chapter 5 shall not apply to a restricted scope company.

                • 215. Copy of contract or memorandum of terms to be available for inspection

                  (1) A company must keep available for inspection—
                  (a) a copy of every director's service contract with the company or with a subsidiary of the company, or
                  (b) if the contract is not in writing, a written memorandum setting out the terms of the contract.
                  (2) All the copies and memoranda must be kept available for inspection at—
                  (a) the company's registered office, or
                  (b) a place specified in rules made by the Board under section 996 (rules about where certain company records to be kept available for inspection).
                  (3) The copies and memoranda must be retained by the company for at least one year from the date of termination or expiry of the contract and must be kept available for inspection during that time.
                  (4) The company must give notice to the Registrar—
                  (a) of the place at which the copies and memoranda are kept available for inspection, and
                  (b) of any change in that place,
                  unless they have at all times been kept at the company's registered office.
                  (5) If default is made in complying with subsection (1), (2) or (3), or default is made for 14 days in complying with subsection (4), a contravention of these Regulations is committed by every officer of the company who is in default.
                  (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 1 fine.
                  (7) The provisions of this section apply to a variation of a director's service contract as they apply to the original contract.

                • 216. Right of member to inspect and request copy

                  (1) Every copy or memorandum required to be kept under section 215 (copy of contract or memorandum of terms to be available for inspection) must be open to inspection by any member of the company without charge.
                  (2) Any member of the company is entitled, on request and on payment of such fee as may be prescribed, to be provided with a copy of any such copy or memorandum.

                  The copy must be provided within seven days after the request is received by the company.
                  (3) If an inspection required under subsection (1) is refused, or default is made in complying with subsection (2), a contravention of these Regulations is committed by every officer of the company who is in default.
                  (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 2 fine.

                  In the case of any such refusal or default the Court may by order compel an immediate inspection or, as the case may be, direct that the copy required be sent to the person requiring it.

                • 217. Directors' service contracts: application of provisions to shadow directors

                  A shadow director is treated as a director for the purposes of the provisions of this Chapter.

              • CHAPTER 6 CONTRACTS WITH SOLE MEMBERS WHO ARE DIRECTORS

                • 218. Contract with sole member who is also a director

                  (1) This section applies where—
                  (a) a non-restricted scope company or a public company having only one member enters into a contract with the sole member,
                  (b) the sole member is also a director of the company, and
                  (c) the contract is not entered into in the ordinary course of the company's business.
                  (2) The company must, unless the contract is in writing, ensure that the terms of the contract are either—
                  (a) set out in a written memorandum, or
                  (b) recorded in the minutes of the first meeting of the directors of the company following the making of the contract.
                  (3) If a company fails to comply with this section a contravention of these Regulations is committed by every officer of the company who is in default.
                  (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 1 fine.
                  (5) For the purposes of this section a shadow director is treated as a director.
                  (6) Failure to comply with this section in relation to a contract does not affect the validity of the contract.
                  (7) Nothing in this section shall be read as excluding the operation of any rule of law applicable in the Abu Dhabi Global Market applying to contracts between a company and a director of the company.

              • CHAPTER 7 DIRECTORS' LIABILITIES

                • Provision protecting directors from liability

                  • 219. Provisions protecting directors from liability

                    (1) Any provision that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.
                    (2) Any provision by which a company directly or indirectly provides an indemnity (to any extent) for a director of the company, or of an associated company, against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is void, except as permitted by—
                    (a) section 220 (provision of insurance),
                    (b) section 221 (qualifying third party indemnity provision), or
                    (c) section 222 (qualifying pension scheme indemnity provision).
                    (3) This section applies to any provision, whether contained in a company's articles or in any contract with the company or otherwise.

                  • 220. Provision of insurance

                    Section 219(2) (voidness of provisions for indemnifying directors) does not prevent a company from purchasing and maintaining for a director of the company, or of an associated company, insurance against any such liability as is mentioned in that subsection.

                  • 221. Qualifying third party indemnity provision

                    (1) Section 219(2) (voidness of provisions for indemnifying directors) does not apply to qualifying third party indemnity provision.
                    (2) Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.

                    Such provision is qualifying third party indemnity provision if the following requirements are met.
                    (3) The provision must not provide any indemnity against—
                    (a) any liability of the director to pay—
                    (i) a fine imposed in criminal proceedings, or
                    (ii) a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising), or
                    (b) any liability incurred by the director—
                    (i) in defending criminal proceedings in which he is convicted, or
                    (ii) in defending civil proceedings brought by the company, or an associated company, in which judgment is given against him, or
                    (iii) in connection with an application for relief (see subsection (6)) in which the Court refuses to grant him relief.
                    (4) The references in subsection (3)(b) to a conviction, judgment or refusal of relief are to the final decision in the proceedings.
                    (5) For this purpose—
                    (a) a conviction, judgment or refusal of relief becomes final—
                    (i) if not appealed against, at the end of the period for bringing an appeal, or
                    (ii) if appealed against, at the time when the appeal (or any further appeal) is disposed of, and
                    (b) an appeal is disposed of—
                    (i) if it is determined and the period for bringing any further appeal has ended, or
                    (ii) if it is abandoned or otherwise ceases to have effect.
                    (6) The reference in subsection (3)(b)(iii) to an application for relief is to an application for relief under section 601(3) or (4)(liability of others where nominee fails to make payment in respect of shares).

                  • 222. Qualifying pension scheme indemnity provision

                    (1) Section 219(2)(voidness of provisions for indemnifying directors) does not apply to qualifying pension scheme indemnity provision.
                    (2) Pension scheme indemnity provision means provision indemnifying a director of a company that is a trustee of an occupational pension scheme against liability incurred in connection with the company's activities as trustee of the scheme.

                    Such provision is qualifying pension scheme indemnity provision if the following requirements are met.
                    (3) The provision must not provide any indemnity against—
                    (a) any liability of the director to pay—
                    (i) a fine imposed in criminal proceedings, or
                    (ii) a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising), or
                    (b) any liability incurred by the director in defending criminal proceedings in which he is convicted.
                    (4) The reference in subsection (3)(b) to a conviction is to the final decision in the proceedings.
                    (5) For this purpose—
                    (a) a conviction becomes final—
                    (i) if not appealed against, at the end of the period for bringing an appeal, or
                    (ii) if appealed against, at the time when the appeal (or any further appeal) is disposed of, and
                    (b) an appeal is disposed of—
                    (i) if it is determined and the period for bringing any further appeal has ended, or
                    (ii) if it is abandoned or otherwise ceases to have effect.
                    (6) In this section "occupational pension scheme" means a pension scheme established under a trust by an employer or employers and having or capable of having effect so as to provide benefits to or in respect of any or all of the employees of—
                    (a) that employer or those employers, or
                    (b) any other employer,(whether or not it also has or is capable of having effect so as to provide benefits to or in respect of other persons).
                    (7) "Pension scheme" means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of persons—
                    (a) on retirement,
                    (b) on death,
                    (c) on having reached a particular age,
                    (d) on the onset of serious ill-health or incapacity, or
                    (e) in similar circumstances.

                  • 223. Copy of qualifying indemnity provision to be available for inspection

                    (1) This section has effect where qualifying indemnity provision is made for a director of a company, and applies—
                    (a) to the company of which he is a director (whether the provision is made by that company or an associated company), and
                    (b) where the provision is made by an associated company, to that company.
                    (2) That company or, as the case may be, each of them must keep available for inspection—
                    (a) a copy of the qualifying indemnity provision, or
                    (b) if the provision is not in writing, a written memorandum setting out its terms.
                    (3) The copy or memorandum must be kept available for inspection at—
                    (a) the company's registered office, or
                    (b) a place specified in rules made by the Board under section996 (rules about where certain company records to be kept available for inspection).
                    (4) The copy or memorandum must be retained by the company for at least one year from the date of termination or expiry of the provision and must be kept available for inspection during that time.
                    (5) The company must give notice to the Registrar—
                    (a) of the place at which the copy or memorandum is kept available for inspection, and
                    (b) of any change in that place,
                    unless it has at all times been kept at the company's registered office.
                    (6) If default is made in complying with subsection (2) or (3), a contravention of these Regulations is committed by every officer of the company who is in default.
                    (7) A person who commits the contravention referred to in subsection (6) shall be liable to a level 2 fine.
                    (8) If default is made for 14 days in complying with subsection (5), a contravention of these Regulations is committed by every officer of the company who is in default.
                    (9) A person who commits the contravention referred to in subsection (8) shall be liable to a level 1 fine.
                    (10) The provisions of this section apply to a variation of a qualifying indemnity provision as they apply to the original provision.
                    (11) In this section "qualifying indemnity provision" means—
                    (a) qualifying third party indemnity provision, and
                    (b) qualifying pension scheme indemnity provision.

                  • 224. Right of member to inspect and request copy

                    (1) Every copy or memorandum required to be kept by a company under section 223 (copy of qualifying indemnity provision to be available for inspection) must be open to inspection by any member of the company without charge.
                    (2) Any member of the company is entitled, on request and on payment of such fee as may be prescribed, to be provided with a copy of any such copy or memorandum.

                    The copy must be provided within seven days after the request is received by the company.
                    (3) If an inspection required under subsection (1) is refused, or default is made in complying with subsection (2), a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 2 fine.
                    (5) In the case of any such refusal or default the Court may by order compel an immediate inspection or, as the case may be, direct that the copy required be sent to the person requiring it.

                • Ratification of acts giving rise to liability

                  • 225. Ratification of acts of directors

                    (1) This section applies to the ratification by a company of conduct by a director amounting to negligence, default, breach of duty or breach of trust in relation to the company.
                    (2) The decision of the company to ratify such conduct must be made by resolution of the members of the company.
                    (3) Where the resolution is proposed as a written resolution neither the director (if a member of the company) nor any member connected with him is an eligible member.
                    (4) Where the resolution is proposed at a meeting, it is passed only if the necessary majority is obtained disregarding votes in favour of the resolution by the director (if a member of the company) and any member connected with him.

                    This does not prevent the director or any such member from attending, being counted towards the quorum and taking part in the proceedings at any meeting at which the decision is considered.
                    (5) For the purposes of this section—
                    (a) "conduct" includes acts and omissions,
                    (b) "director" includes a former director,
                    (c) a shadow director is treated as a director, and
                    (d) in section 274 (meaning of "connected person"), subsection (3) does not apply (exclusion of person who is himself a director).
                    (6) Nothing in this section affects—
                    (a) the validity of a decision taken by unanimous consent of the members of the company, or
                    (b) any power of the directors to agree not to sue, or to settle or release a claim made by them on behalf of the company.
                    (7) This section does not affect any rule of law applicable in the Abu Dhabi Global Market imposing additional requirements for valid ratification or any rule of law as to acts that are incapable of being ratified by the company.

              • CHAPTER 8 DIRECTORS' RESIDENTIAL ADDRESSES: PROTECTION FROM DISCLOSURE

                • 226. Protected information

                  (1) This Chapter makes provision for protecting, in the case of a company director who is an individual—
                  (a) information as to his usual residential address, and
                  (b) the information that his service address is his usual residential address.
                  (2) That information is referred to in this Chapter as "protected information".
                  (3) Information does not cease to be protected information on the individual ceasing to be a director of the company.

                  References in this Chapter to a director include, to that extent, a former director.

                • 227. Protected information: restriction on use or disclosure by company

                  (1) A company must not use or disclose protected information about any of its directors, except—
                  (a) for communicating with the director concerned,
                  (b) in order to comply with any requirement of these Regulations as to particulars to be sent to the Registrar,
                  (c) in order to comply with any request for disclosure from the Registrar, or
                  (d) in accordance with section 230 (disclosure under Court order).
                  (2) Subsection (1) does not prohibit any use or disclosure of protected information with the consent of the director concerned.

                • 228. Protected information: restriction on use or disclosure by Registrar

                  (1) The Registrar must omit protected information from the material on the register that is available for inspection where—
                  (a) it is contained in a document delivered to him in which such information is required to be stated, and
                  (b) in the case of a document having more than one part, it is contained in a part of the document in which such information is required to be stated.
                  (2) The Registrar is not obliged—
                  (a) to check other documents or (as the case may be) other parts of the document to ensure the absence of protected information, or
                  (b) to omit from the material that is available for public inspection anything registered before this Chapter comes into force.
                  (3) The Registrar must not use or disclose protected information except—
                  (a) as permitted by section 229 (permitted use or disclosure by Registrar), or
                  (b) in accordance with section 230 (disclosure under Court order).

                • 229. Permitted use or disclosure by the Registrar

                  (1) The Registrar may use protected information for communicating with the director in question.
                  (2) The Registrar may disclose information—
                  (a) to a public authority specified for the purposes of this section by rules made by the Board, or
                  (b) to a credit reference agency.
                  (3) The Registrar may make rules—
                  (a) specifying conditions for the disclosure of protected information in accordance with this section, and
                  (b) providing for the charging of fees.
                  (4) The Board may make rules requiring the Registrar, on application, to refrain from disclosing protected information relating to a director to a credit reference agency.
                  (5) Rules under subsection (4) may make provision as to—
                  (a) who may make an application,
                  (b) the grounds on which an application may be made,
                  (c) the information to be included in and documents to accompany an application, and
                  (d) how an application is to be determined.
                  (6) Provision under subsection (5)(d) may in particular—
                  (a) confer a discretion on the Registrar,
                  (b) provide for a question to be referred to a person other than the Registrar for the purposes of determining the application.
                  (7) In this section-

                  "credit reference agency" means a person carrying on a business comprising the furnishing of information relevant to the financial standing of individuals, being information collected by the agency for that purpose, and

                  "public authority" includes any person or body having functions of a public nature.

                • 230. Disclosure under Court order

                  (1) The Court may make an order for the disclosure of protected information by the company or by the Registrar if—
                  (a) there is evidence that service of documents at a service address other than the director's usual residential address is not effective to bring them to the notice of the director, or
                  (b) it is necessary or expedient for the information to be provided in connection with the enforcement of an order or decree of the Court,
                  and the Court is otherwise satisfied that it is appropriate to make the order.
                  (2) An order for disclosure by the Registrar is to be made only if the company—
                  (a) does not have the director's usual residential address, or
                  (b) has been dissolved.
                  (3) The order may be made on the application of a liquidator, creditor or member of the company, or any other person appearing to the Court to have a sufficient interest.
                  (4) The order must specify the persons to whom, and purposes for which, disclosure is authorised.

                • 231. Circumstances in which Registrar may put address on the public record

                  (1) With regard to public companies and non-restricted scope companies only, the Registrar may put a director's usual residential address on the public record if—
                  (a) communications sent by the Registrar to the director and requiring a response within a specified period remain unanswered,
                  (b) there is evidence that service of documents at a service address provided in place of the director's usual residential address is not effective to bring them to the notice of the director, or
                  (c) there is evidence that service of documents on a restricted scope company at its registered office is not effective to bring them to the notice of the director.
                  (2) The Registrar must give notice of the proposal—
                  (a) to the director, and
                  (b) to every company of which the Registrar has been notified that the individual is a director.
                  (3) The notice must—
                  (a) state the grounds on which it is proposed to put the director's usual residential address on the public record, and
                  (b) specify a period within which representations may be made before that is done.
                  (4) It must be sent to the director at his usual residential address, unless it appears to the Registrar that service at that address may be ineffective to bring it to the individual's notice, in which case it may be sent to any service address provided in place of that address.
                  (5) The Registrar must take account of any representations received within the specified period.
                  (6) What is meant by putting the address on the public record is explained in section 232 (putting the address on the public record).

                • 232. Putting the address on the public record

                  (1) The Registrar, on deciding in accordance with section 231 (circumstances in which Registrar may put address on the public record) that a director's usual residential address is to be put on the public record, shall proceed as if notice of a change of registered particulars had been given—
                  (a) stating that address as the director's service address, and
                  (b) stating that the director's usual residential address is the same as his service address.
                  (2) The Registrar must give notice of having done so—
                  (a) to the director, and
                  (b) to the company.
                  (3) On receipt of the notice the company must—
                  (a) enter the director's usual residential address in its register of directors as his service address, and
                  (b) state in its register of directors' residential addresses that his usual residential address is the same as his service address.
                  (4) If the company has been notified by the director in question of a more recent address as his usual residential address, it must—
                  (a) enter that address in its register of directors as the director's service address, and
                  (b) give notice to the Registrar as on a change of registered particulars.
                  (5) If a company fails to comply with subsection (3) or (4), a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 2 fine.
                  (7) A director whose usual residential address has been put on the public record by the Registrar under this section may not register a service address other than his usual residential address for a period of five years from the date of the Registrar's decision.

              • CHAPTER 9 DISQUALIFICATION OF DIRECTORS

                • 233. Disqualification orders: general

                  (1) In the circumstances specified below the Registrar may, and under section shall238 (duty of Registrar to disqualify unfit directors of insolvent companies), make against a person a disqualification order that, for a period specified in the order —
                  (a) he shall not be a director of a company, act as receiver of a company's property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company unless (in each case) he has permission to do so from the Registrar, and
                  (b) he shall not act as an insolvency practitioner.
                  (2) In each section of these Regulations which gives the Registrar the power or, as the case may be, imposes on him the duty to make a disqualification order, there is specified the maximum (and, in section 238 (duty of Registrar to disqualify unfit directors of insolvent companies), the minimum) period of disqualification which may or (as the case may be) must be imposed by means of the order.
                  (3) Unless the Registrar otherwise specifies, the period of disqualification so imposed shall begin at the end of the period of 21 days beginning with the date of the order.
                  (4) Where a disqualification order is made against a person who is already subject to such an order or to a disqualification undertaking, the periods specified in those orders or, as the case may be, in the order and the undertaking shall run concurrently.
                  (5) A disqualification order may be made on grounds which are or include matters other than criminal convictions, notwithstanding that the person in respect of whom it is to be made may be criminally liable in respect of those matters.
                  (6) The Registrar may make an order (a "delegation order") for the purpose of enabling functions of the Registrar under this chapter to be exercised by the Financial Services Regulator.
                  (7) A delegation order has the effect of transferring to the Financial Services Regulator designated by it all functions of the Registrar under this chapter subject to such exceptions and reservations as may be specified in the order.
                  (8) A delegation order may confer on the Financial Services Regulator such other functions supplementary or incidental to those transferred as appear to the Registrar to be appropriate.
                  (9) A delegation order may be amended or, if it appears to the Registrar that it is no longer in the public interest that the order should remain in force, revoked by a further order under this section.
                  (10) Where functions are transferred or resumed, the Registrar may by order confer or, as the case may be, take away such other functions supplementary or incidental to those transferred or resumed as appear to him to be appropriate.

                • 234. Disqualification undertakings: general

                  (1) In the circumstances specified in sections 239 (disqualification order or undertaking; and reporting provisions) and 240 (disqualification of persons unfit to be directors) the Registrar may accept a disqualification undertaking, that is to say an undertaking by any person that, for a period specified in the undertaking, the person—
                  (a) will not be a director of a company, act as receiver of a company's property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company unless (in each case) he has permission to do so from the Registrar, and
                  (b) will not act as an insolvency practitioner.
                  (2) The maximum period which may be specified in a disqualification undertaking is 15 years, and the minimum period which may be specified in a disqualification undertaking under section239 (disqualification order or undertaking; and reporting provisions) is two years.
                  (3) Where a disqualification undertaking by a person who is already subject to such an undertaking or to a disqualification order is accepted, the periods specified in those undertakings or (as the case may be) the undertaking and the order shall run concurrently.
                  (4) In determining whether to accept a disqualification undertaking by any person, the Registrar may take account of matters other than criminal convictions, notwithstanding that the person may be criminally liable in respect of those matters.

                • 235. Disqualification on conviction of criminal offence

                  (1) The Registrar may make a disqualification order against a person where he is convicted of a criminal offence in the United Arab Emirates in connection with the promotion, formation, management, liquidation or striking off of a company with the receivership of a company's property or with his being an administrative receiver of a company.
                  (2) The maximum period of disqualification under this section is 15 years.

                • 236. Disqualification for persistent breaches of companies legislation

                  (1) The Registrar may make a disqualification order against a person if it is satisfied that he has been persistently in default in relation to provisions of any law or regulation in the Abu Dhabi Global Market requiring any return, account or other document to be filed with, delivered or sent, or notice of any matter to be given, to the Registrar.
                  (2) The maximum period of disqualification under this section is 15 years.

                • 237. Disqualification for fraud, etc.

                  (1) The Registrar may make a disqualification order against a person if it is satisfied that he—
                  (a) has been guilty of breach of section 857 (fraudulent trading), or
                  (b) has otherwise committed, while an officer or liquidator of the company receiver of the company's property or administrative receiver of the company, any fraud in relation to the company or any breach of his duty as such officer, liquidator, receiver or administrative receiver.
                  (2) The maximum period of disqualification under this section is 15 years.

                • 238. Duty of Registrar to disqualify unfit directors of insolvent companies

                  (1) The Registrar shall make a disqualification order against a person in any case where it is satisfied—
                  (a) that he is or has been a director of a company which has at any time become insolvent (whether while he was a director or subsequently), and
                  (b) that his conduct as a director of that company (either taken alone or taken together with his conduct as a director of any other company or companies) makes him unfit to be concerned in the management of a company.
                  (2) For the purposes of this section and section 239 (disqualification order or undertaking; and reporting provisions), a company becomes insolvent if—
                  (a) the company goes into liquidation at a time when its assets are insufficient for the payment of its debts and other liabilities and the expenses of the winding up,
                  (b) the company enters administration,
                  (c) an administrative receiver of the company is appointed,
                  and references to a person's conduct as a director of any company or companies include, where that company or any of those companies has become insolvent, that person's conduct in relation to any matter connected with or arising out of the insolvency of that company.
                  (3) In this section and section 239 (disqualification order or undertaking; and reporting provisions), "director" includes a shadow director.
                  (4) Under this section the minimum period of disqualification is 2 years, and the maximum period is 15 years.

                • 239. Disqualification order or undertaking; and reporting provisions

                  (1) A disqualification order under section 243 (participation in wrongful trading) shall not be made after the end of the period of 2 years beginning with the day on which the company of which that person is or has been a director became insolvent.
                  (2) If it appears to the Registrar that the conditions mentioned in section234(1) (disqualification undertakings: general) are satisfied as respects any person who has offered to give a disqualification undertaking, it may accept the undertaking if it appears to the Registrar that it is expedient in the public interest that it should do so (instead of making a disqualification order).
                  (3) If it appears to the office-holder responsible under this section, that is to say—
                  (a) in the case of a company which is being wound up, the liquidator or provisional liquidator,
                  (b) in the case of a company which is in administration, the administrator, or
                  (c) in the case of a company of which there is an administrative receiver, that receiver,
                  that the conditions mentioned in section 238(1) (duty of Registrar to disqualify unfit directors of insolvent companies) are satisfied as respects a person who is or has been a director of that company, the office-holder shall forthwith report the matter to the Registrar.
                  (4) The Registrar may require the liquidator, provisional liquidator, administrator or administrative receiver of a company, or the former liquidator, provisional liquidator, administrator or administrative receiver of a company—
                  (a) to furnish him with such information with respect to any person's conduct as a director of the company, and
                  (b) to produce and permit inspection of such books, papers and other records relevant to that person's conduct as such a director,
                  as the Registrar may reasonably require for the purpose of determining whether to exercise, or of exercising, any of its functions under this section.

                • 240. Disqualification of persons unfit to be directors

                  (1) The Registrar may make a disqualification order against a person who is, or has been, a director or shadow director of a company, where it is satisfied that his conduct in relation to the company makes him unfit to be concerned in the management of a company and it is in the public interest to make the order.
                  (2) Where it appears to the Registrar that, in the case of a person who has offered to give a disqualification undertaking—
                  (a) the conduct of the person in relation to a body corporate of which the person is or has been a director or shadow director makes him unfit to be concerned in the management of a company, and
                  (b) it is in the public interest that he should accept the undertaking (instead of making a disqualification order),
                  it may accept the undertaking.
                  (3) The maximum period of disqualification under this section is 15 years.

                • 241. Variation etc. of disqualification undertaking

                  The Registrar may, on the application of a person who is subject to a disqualification undertaking—

                  (a) reduce the period for which the undertaking is to be in force, or
                  (b) provide for it to cease to be in force.

                • 242. Matters for determining unfitness of directors

                  (1) Where it falls to the Registrar to determine whether a person's conduct as a director of any particular company or companies makes him unfit to be concerned in the management of a company, the Registrar shall, as respects his conduct as a director of that company or, as the case may be, each of those companies, have regard in particular—
                  (a) to the matters mentioned in Part I of Schedule 2 to these Regulations, and
                  (b) where the company has become insolvent, to the matters mentioned in Part II of that Schedule,
                  and references in that Schedule to the director and the company are to be read accordingly.
                  (2) In determining whether it may accept a disqualification undertaking from any person the Registrar shall, as respects the person's conduct as a director of any company concerned, have regard in particular—
                  (a) to the matters mentioned in Part I of Schedule 2 to these Regulations, and
                  (b) where the company has become insolvent, to the matters mentioned in Part II of that Schedule,
                  and references in that Schedule to the director and the company are to be read accordingly.
                  (3) Section 238(2) applies for the purposes of this section and Schedule 2 as it applies for the purposes of section 238(duty of Registrar to disqualify unfit directors of insolvent companies) and 239 (disqualification order or undertaking; and reporting provisions) and in this section and that Schedule "director" includes a shadow director.
                  (4) The Board may make rules modifying any of the provisions of Schedule 2, and such rules may contain such transitional provisions as may appear to the Board to be necessary or expedient.

                • 243. Participation in wrongful trading

                  (1) Where the Court makes a declaration under Part 4 (protection of assets in liquidation and administration) of the Insolvency Regulations 2015 that a person is liable to make a contribution to a company's assets, the Registrar may, if it thinks fit, make a disqualification order against the person to whom the declaration relates.
                  (2) The maximum period of disqualification under this section is 15 years.

                • 244. Penalties

                  If a person acts in contravention of a disqualification order or disqualification undertaking, he shall be liable to a fine of up to level 5.

                • 245. Breach by a body corporate

                  (1) Where a body corporate is acts in contravention of a disqualification order or disqualification undertaking, and it is proved that the contravention occurred with the consent or connivance of, or was attributable to any neglect on the part of any director, manager, secretary or other similar officer of the body corporate, or any person who was purporting to act in any such capacity he, as well as the body corporate, commits the contravention and is liable to be proceeded against and punished accordingly.
                  (2) Where the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body corporate.

                • 246. Personal liability for company's debts where person acts while disqualified

                  (1) A person is personally responsible for all the relevant debts of a company if at any time—
                  (a) in contravention of a disqualification order or disqualification undertaking he is involved in the management of the company, or
                  (b) as a person who is involved in the management of the company, he acts or is willing to act on instructions given without the permission of the Registrar by a person whom he knows at that time—
                  (i) to be the subject of a disqualification order made or disqualification undertaking accepted under these Regulations, or
                  (ii) to be an undischarged bankrupt.
                  (2) Where a person is personally responsible under this section for the relevant debts of a company, he is jointly and severally liable in respect of those debts with the company and any other person who, whether under this section or otherwise, is so liable.
                  (3) For the purposes of this section the relevant debts of a company are—
                  (a) in relation to a person who is personally responsible under subsection (1)(a), such debts and other liabilities of the company as are incurred at a time when that person was involved in the management of the company, and
                  (b) in relation to a person who is personally responsible under subsection(1)(b), such debts and other liabilities of the company as are incurred at a time when that person was acting or was willing to act on instructions given as mentioned in that subsection.
                  (4) For the purposes of this section, a person is involved in the management of a company if he is a director of the company or if he is concerned, whether directly or indirectly, or takes part, in the management of the company.
                  (5) For the purposes of this section a person who, as a person involved in the management of a company, has at any time acted on instructions given without the permission of the Registrar by a person whom he knew at that time—
                  (a) to be the subject of a disqualification order made or disqualification undertaking accepted under these Regulations, or
                  (b) to be an undischarged bankrupt,
                  is presumed, unless the contrary is shown, to have been willing at any time thereafter to act on any instructions given by that person.

                • 247. Proposal to make disqualification order

                  (1) If the Registrar proposes to make a disqualification order against a person, it must give him a warning notice.
                  (2) A warning notice must state the period of disqualification under the proposed disqualification order.

                • 248. Decision notice

                  (1) If the Registrar decides to make a disqualification order against a person, it must without delay give him a decision notice.
                  (2) The decision notice must state the period of disqualification under the disqualification order.
                  (3) If a Registrar decides to make a disqualification order against a person, that person may refer the matter to the Court.

                • 249. Statements of policy

                  (1) The Registrar must prepare and issue a statement of its policy with respect to—
                  (a) the making of disqualification orders under this Part; and
                  (b) the acceptance of disqualification undertakings under this Part.
                  (2) The Registrar may at any time alter or replace a statement issued by it under this section.
                  (3) If a statement issued under this section is altered or replaced by the Registrar, the Registrar must issue the altered or replacement statement.
                  (4) The Registrar must, without delay, give the Board a copy of any statement which it publishes under this section.
                  (5) A statement issued under this section by the Registrar must be published by the Registrar in the way appearing to the Registrar to be best calculated to bring it to the attention of the public.
                  (6) In exercising, or deciding whether to exercise its power under this Part, the Registrar must have regard to any statement published by it under this section and in force at the time when the conduct giving rise to the exercise of its power under this Part occurred.
                  (7) The Registrar may charge a reasonable fee for providing a person with a copy of the statement.

                • 250. Statements of policy: procedure

                  (1) Before the Registrar issues a statement under section 249 (statements of policy), the Registrar must publish a draft of the proposed statement in the way appearing to the Registrar to be best calculated to bring it to the attention of the public.
                  (2) The draft must be accompanied by notice that representations about the proposal may be made to the Registrar within a specified time.
                  (3) Before issuing the proposed statement, the Registrar must have regard to any representations made to it in accordance with subsection (2).
                  (4) If the Registrar issues the proposed statement it must publish an account, in general terms, of—
                  (a) the representations made to it in accordance with subsection (2); and
                  (b) its response to them.
                  (5) If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the Registrar, significant, the Registrar must (in addition to complying with subsection (4)) publish details of the difference.
                  (6) The Registrar may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
                  (7) This section also applies to a proposal to alter or replace a statement.

                • 251. Warning notices

                  (1) A warning notice must—
                  (a) state the action which the Registrar proposes to take;
                  (b) be in writing;
                  (c) give reasons for the proposed action;
                  (d) state whether section 257 (access to material) applies; and
                  (e) if that section applies, describe its effect and state whether any secondary material exists to which the person receiving the notice must be allowed access under it.
                  (2) A warning notice must specify a reasonable period (which may not be less than 14 days) within which the person to whom it is given may make representations to the Registrar.
                  (3) The Registrar may extend the period specified in the notice.
                  (4) The Registrar must then decide, within a reasonable period, whether to give the person receiving the warning notice a decision notice.

                • 252. Decision notices

                  A decision notice must—

                  (a) be in writing;
                  (b) give the reasons of the Registrar for the decision to take the action to which the notice relates;
                  (c) state whether section 257 (access to material) applies;
                  (d) if that section applies, describe its effect and state whether any secondary material exists to which the person receiving the notice must be allowed access under it; and
                  (e) give an indication of—
                  (i) any right to have the matter referred to the Court which is given by these Regulations; and
                  (ii) the procedure on such a reference.

                • 253. Notices of discontinuance

                  (1) If the Registrar decides not to take—
                  (a) the action proposed in a warning notice given by it, or
                  (b) the action to which a decision notice given by it relates,
                  it must give a notice of discontinuance to the person to whom the warning notice or decision notice was given.
                  (2) A notice of discontinuance must identify the proceedings which are being discontinued.

                • 254. Appeals

                  (1) A person may appeal to the Court from any decision of the Registrar to issue a decision notice to him under section 252 (decision notices).
                  (2) If notice of appeal is given against a decision notice, the effect of the Registrar's notice is suspended.
                  (3) On appeal the Court may (as the case may require) specify the terms of the final notice to be issued under section 255 (final notices), remit the matter to the Registrar or make any order or determination that the Registrar might have made.

                • 255. Final notices

                  (1) If the Registrar has given a person a decision notice and the matter was not referred to the Court within 28 days, the Registrar must, on taking the action to which the decision notice relates, give such person and any person to whom the decision notice was copied a final notice.
                  (2) If the Registrar has given a person a decision notice and the matter was referred to the Court within 28 days, the Registrar must, on taking action in accordance with any directions given by the Court give that person and any person to whom the decision notice was copied a notice required by subsection (3).
                  (3) The notice required by this subsection is—
                  (a) in a case where the Court has upheld an appeal against a decision notice, a discontinuation notice, and
                  (b) in any other case, a final notice.
                  (4) A final notice must state the period of disqualification under the disqualification order.

                • 256. Third party rights

                  (1) If any of the reasons contained in a warning notice relates to a matter which—
                  (a) identifies a person ("the third party") other than the person to whom the notice is given, and
                  (b) in the opinion of the Registrar, is prejudicial to the third party,
                  a copy of the notice must be given to the third party.
                  (2) Subsection (1) does not require a copy to be given to the third party if the Registrar—
                  (a) has given him a separate warning notice in relation to the same matter; or
                  (b) gives him such a notice at the same time as it gives the warning notice which identifies him.
                  (3) The notice copied to a third party under subsection (1) must specify a reasonable period (which may not be less than 14 days) within which he may make representations to the Registrar.
                  (4) If any of the reasons contained in a decision notice to which this section applies relates to a matter which—
                  (a) identifies a person ("the third party") other than the person to whom the decision notice is given, and
                  (b) in the opinion of the Registrar, is prejudicial to the third party,
                  a copy of the notice must be given to the third party.
                  (5) If the decision notice was preceded by a warning notice, a copy of the decision notice must (unless it has been given under subsection (4)) be given to each person to whom the warning notice was copied.
                  (6) Subsection (4) does not require a copy to be given to the third party if the Registrar—
                  (a) has given him a separate decision notice in relation to the same matter; or
                  (b) gives him such a notice at the same time as it gives the decision notice which identifies him.
                  (7) Neither subsection (1) nor subsection (4) requires a copy of a notice to be given to a third party if the Registrar considers it impracticable to do so.
                  (8) Subsections (9) to (11) apply if the person to whom a decision notice is given has a right to refer the matter to the Court.
                  (9) A person to whom a copy of the notice is given under this section may refer to the Court—
                  (a) the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or
                  (b) any opinion expressed by the Registrar in relation to him.
                  (10) The copy must be accompanied by an indication of the third party's right to make a reference under subsection (9) and of the procedure on such a reference.
                  (11) A person who alleges that a copy of the notice should have been given to him, but was not, may refer to the Court the alleged failure and—
                  (a) the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or
                  (b) any opinion expressed by the Registrar in relation to him.
                  (12) Section 257 (access to material) applies to a third party as it applies to the person to whom the notice to which this section applies was given, in so far as the material to which access must be given under that section relates to the matter which identifies the third party.
                  (13) A copy of a notice given to a third party under this section must be accompanied by a description of the effect of section 257 (access to material) as it applies to him.
                  (14) Any person to whom a warning notice or decision notice was copied under this section must be given a copy of a notice of discontinuance applicable to the proceedings to which the warning notice or decision notice related.

                • 257. Access to material

                  (1) If the Registrar gives a person ("A") a warning notice or a decision notice, it must—
                  (a) allow him access to the material on which it relied in taking the decision which gave rise to the obligation to give the notice;
                  (b) allow him access to any secondary material which, in the Registrar's opinion, might undermine that decision.
                  (2) But the Registrar does not have to allow A access to material under subsection (1) if the material is excluded material or it—
                  (a) relates to a case involving a person other than A; and
                  (b) was taken into account by the Registrar in A's case only for purposes of comparison with other cases.
                  (3) The Registrar may refuse A access to particular material which it would otherwise have to allow him access to if, in its opinion, allowing him access to the material—
                  (a) would not be in the public interest; or
                  (b) would not be fair, having regard to—
                  (i) the likely significance of the material to A in relation to the matter in respect of which he has been given a notice; and
                  (ii) the potential prejudice to the commercial interests of a person other than A which would be caused by the material's disclosure.
                  (4) If the Registrar does not allow A access to material because it is excluded material consisting of a protected item, it must give A written notice of—
                  (a) the existence of the protected item; and
                  (b) the Registrar's decision not to allow him access to it.
                  (5) If the Registrar refuses under subsection (3) to allow A access to material, it must give him written notice of—
                  (a) the refusal; and
                  (b) the reasons for it.
                  (6) "Secondary material" means material, other than material falling within subsection (1)(a) which—
                  (a) was considered by the Registrar in reaching the decision mentioned in that subsection; or
                  (b) was obtained by the Registrar in connection with the matter to which that notice relates but which was not considered by it in reaching that decision.
                  (7) "Excluded material" means material which is a protected item (as defined in section 260 (protected items).

                • 258. The Registrar's procedures

                  (1) The Registrar must determine the procedure that it proposes to follow in relation to a decision which gives rise to an obligation for it to give a warning notice or decision notice.
                  (2) That procedure must be designed to secure, among other things, that a decision falling within subsection (1) is taken—
                  (a) by a person not directly involved in establishing the evidence on which the decision is based, or
                  (b) by 2 or more persons who include a person not directly involved in establishing that evidence.
                  (3) The Registrar must issue a statement of its procedure.
                  (4) The statement must be published in the way appearing to the Registrar to be best calculated to bring the statement to the attention of the public.
                  (5) The Registrar may charge a reasonable fee for providing a person with a copy of the statement.
                  (6) The Registrar must, without delay, give the Board a copy of the statement.
                  (7) When the Registrar gives a warning notice or decision notice, the Registrar must follow its stated procedure.
                  (8) If the Registrar changes its procedure in a material way, it must publish a revised statement.
                  (9) The Registrar's failure in a particular case to follow its procedure as set out in the latest published statement does not affect the validity of a notice given in that case.
                  (10) But subsection (9) does not prevent the Court from taking into account any such failure in considering a matter referred to it.

                • 259. Statements under section 258: consultation

                  (1) Before issuing a statement of its procedure under section 258 (the Registrar's procedures), the Registrar must publish a draft of the proposed statement in the way appearing to it to be best calculated to bring the draft to the attention of the public.
                  (2) The draft must be accompanied by notice that representations about the proposal may be made to the Registrar within a specified time.
                  (3) Before the Registrar issues the proposed statement of its procedure, it must have regard to any representations made to it in accordance with subsection (2).
                  (4) If the Registrar issues the proposed statement of its procedure, it must publish an account, in general terms, of—
                  (a) the representations made to it in accordance with subsection (2); and
                  (b) its response to them.
                  (5) If the statement of the Registrar's procedure differs from the draft published by it under subsection (1) in a way which is, in its opinion, significant, it must (in addition to complying with subsection (4)) publish details of the difference.
                  (6) The Registrar may charge a reasonable fee for providing a person with a copy of the draft published under subsection (1).
                  (7) This section also applies to a proposal to revise a statement of policy.

                • 260. Protected items

                  (1) A person may not be required under these Regulations to produce, disclose or permit the inspection of protected items.
                  (2) "Protected items" means—
                  (a) communications between a professional legal adviser and his client or any person representing his client which fall within subsection (3);
                  (b) communications between a professional legal adviser, his client or any person representing his client and any other person which fall within subsection (3) (as a result of subsection(3)(b));
                  (c) items which—
                  (i) are enclosed with, or referred to in, such communications;
                  (ii) fall within subsection (3); and
                  (iii) are in the possession of a person entitled to possession of them.
                  (3) A communication or item falls within this subsection if it is made—
                  (a) in connection with the giving of legal advice to the client; or
                  (b) in connection with, or in contemplation of, legal proceedings and for the purposes of those proceedings.
                  (4) A communication or item is not a protected item if it is held with the intention of furthering a criminal purpose.

                • 261. Register of disqualification orders and undertakings

                  (1) The Registrar shall maintain a register of disqualification orders made under these Regulations, and of cases in which permission is granted by the Registrar for a person subject to a disqualification order to do any thing which otherwise the order prohibits him from doing.
                  (2) The Registrar must include in the register such particulars as it considers appropriate of—
                  (a) disqualification undertakings accepted by him under sections239 (disqualification order or undertaking; and reporting provisions) and 240 (disqualification of persons unfit to be directors),
                  (b) cases in which permission is granted by the Registrar for a person subject to such an undertaking to do anything which otherwise the undertaking prohibits him from doing.
                  (3) When an order or undertaking of which entry is made in the register ceases to be in force, the Registrar shall delete the entry from the register and all particulars relating to it which have been furnished to it under this section or any previous corresponding provision and, in the case of a disqualification undertaking, any other particulars it has included in the register.
                  (4) The register shall be open to inspection on payment of such fee as may be specified by the Board in rules made under this section.

                • 262. Admissibility in evidence of statements

                  In any proceedings (whether or not under these Regulations), any statement made in pursuance of a requirement imposed by or under these Regulations, or by or under rules made for the purposes of these Regulations under the Insolvency Regulations 2015, may be used in evidence against any person making or concurring in making the statement.

              • CHAPTER 10 COMPANY DIRECTORS: NON-ABU DHABI GLOBAL MARKET DISQUALIFICATION ETC.

                • Introductory

                  • 263. Persons subject to non-Abu Dhabi Global Market restrictions

                    (1) This section defines what is meant by references in this Chapter to a person being subject to foreign restrictions.
                    (2) A person is subject to non-Abu Dhabi Global Market restrictions if under the laws of the United Arab Emirates as applicable outside of the Abu Dhabi Global Market, or of a country or territory outside the Abu Dhabi Global Market—
                    (a) he is, by reason of misconduct or unfitness, disqualified to any extent from acting in connection with the affairs of a non-ADGM company,
                    (b) he is, by reason of misconduct or unfitness, required—
                    (i) to obtain permission from a Court or other authority, or
                    (ii) to meet any other condition,
                    before acting in connection with the affairs of a non-ADGM company, or
                    (c) he has, by reason of misconduct or unfitness, given undertakings to a Court or other authority of a country or territory outside the Abu Dhabi Global Market—
                    (i) not to act in connection with the affairs of a non-ADGM company, or
                    (ii) restricting the extent to which, or the way in which, he may do so.
                    (3) The references in subsection (2) to acting in connection with the affairs of a non-ADGM company are to doing any of the following—
                    (a) being a director of a company,
                    (b) acting as receiver of a company's property, or
                    (c) being concerned or taking part in the promotion, formation or management of a company.
                    (4) In this section—
                    (a) "non-ADGM company" has the meaning given to that term in section 1028 (minor definitions: general), and
                    (b) in relation to such a non-ADGM company—

                    "director" means the holder of an office corresponding to that of director of a company incorporated under these Regulations, and

                    "receiver" includes any corresponding officer under the law of that country or territory.

                • Power to disqualify

                  • 264. Disqualification of persons subject to non-Abu Dhabi Global Market restrictions

                    (1) The Board may make rules disqualifying a person subject to non-Abu Dhabi Global Market restrictions from—
                    (a) being a director of a company,
                    (b) acting as receiver of a company's property, or
                    (c) in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company.
                    (2) The rules may provide that a person subject to non-Abu Dhabi Global Market restrictions—
                    (a) is disqualified automatically by virtue of the rules, or
                    (b) may be disqualified by order made by the Registrar.
                    (3) The rules may provide that the Registrar may accept an undertaking (a "disqualification undertaking") from a person subject to non-Abu Dhabi Global Market restrictions that he will not do anything which would be in breach of a disqualification under subsection (1).
                    (4) In this Part—
                    (a) a "person disqualified under this Part" is a person—
                    (i) disqualified as mentioned in subsection (2)(a) or (b), or
                    (ii) who has given and is subject to a disqualification undertaking,
                    (b) references to a breach of a disqualification include a breach of a disqualification undertaking.
                    (5) The rules may provide for applications to the Registrar by persons disqualified under this Part for permission to act in a way which would otherwise be in breach of the disqualification.
                    (6) The rules must provide that a person ceases to be disqualified under this Part on his ceasing to be subject to non-Abu Dhabi Global Market restrictions.

                  • 265. Disqualification rules: supplementary

                    (1) Rules made under section 264 (disqualification of persons subject to non-Abu Dhabi Global Market restrictions) may make different provision for different cases and may in particular distinguish between cases by reference to—
                    (a) the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions,
                    (b) the nature of the non-Abu Dhabi Global Market restrictions,
                    (c) the country or territory under whose law the non-Abu Dhabi Global Market restrictions were imposed.
                    (2) Rules made under section 264 (5) (provision for applications to the Registrar)—
                    (a) must specify the grounds on which an application may be made,
                    (b) may specify factors to which the Registrar shall have regard in determining an application.
                    (3) The rules may, in particular, require the Registrar to have regard to the following factors—
                    (a) whether the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions would, if done in relation to a company, have led the Registrar to make a disqualification order pursuant to law or regulation applicable in the Abu Dhabi Global Market,
                    (b) in a case in which the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions would not be unlawful if done in relation to a company, the fact that the person acted unlawfully under non-Abu Dhabi Global Market law,
                    (c) whether the person's activities in relation to companies began after he became subject to non-Abu Dhabi Global Market restrictions, or
                    (d) whether the person's activities (or proposed activities) in relation to companies are undertaken (or are proposed to be undertaken) outside the Abu Dhabi Global Market.
                    (4) Rules made under section 264(3) (provision as to undertakings given to the Registrar) may include provision allowing the Registrar, in determining whether to accept an undertaking, to take into account matters other than criminal convictions notwithstanding that the person may be liable in respect of those matters.

                  • 266. Contravention of breach of disqualification

                    (1) Rules made under section 264 (disqualification of persons subject to non-Abu Dhabi Global Market restrictions) may provide that a person disqualified under this Part who acts in breach of the disqualification is in contravention of these Regulations.
                    (2) A person who commits the contravention referred to in subsection (1) is liable to a fine up to level 5.

                • Power to make persons liable for company's debts

                  • 267. Personal liability for debts of company

                    (1) The Board may make rules providing that a person who, at a time when he is subject to non-Abu Dhabi Global Market restrictions—
                    (a) is a director of a company, or
                    (b) is involved in the management of a company,
                    is personally responsible for all debts and other liabilities of the company incurred during that time.
                    (2) A person who is personally responsible by virtue of this section for debts and other liabilities of a company is jointly and severally liable in respect of those debts and liabilities with—
                    (a) the company, and
                    (b) any other person who (whether by virtue of this section or otherwise) is so liable.
                    (3) For the purposes of this section a person is involved in the management of a company if he is concerned, whether directly or indirectly, or takes part, in the management of the company.
                    (4) Rules made under this section may make different provision for different cases and may in particular distinguish between cases by reference to—
                    (a) the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions,
                    (b) the nature of the non-Abu Dhabi Global Market restrictions,
                    (c) the country or territory under whose law the non-Abu Dhabi Global Market restrictions were imposed.

                • Power to require statements to be sent to the Registrar of companies

                  • 268. Statements from persons subject to non-Abu Dhabi Global Market restrictions

                    (1) The Board may make rules requiring a person who—
                    (a) is subject to non-Abu Dhabi Global Market restrictions, and
                    (b) is not disqualified under this Part,
                    to send a statement to the Registrar if he does anything that, if done by a person disqualified under this Part, would be in breach of the disqualification.
                    (2) The statement must include such information as may be specified in the rules relating to—
                    (a) the person's activities in relation to companies, and
                    (b) the non-Abu Dhabi Global Market restrictions to which the person is subject.
                    (3) The statement must be sent to the Registrar within such period as may be specified in the rules.
                    (4) The rules may make different provision for different cases and may in particular distinguish between cases by reference to—
                    (a) the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions,
                    (b) the nature of the non-Abu Dhabi Global Market restrictions,
                    (c) the country or territory under whose law the non-Abu Dhabi Global Market restrictions were imposed.

                  • 269. Statements: whether to be made public

                    (1) Rules made under section 268 (statements from a person subject to non-Abu Dhabi Global Market restrictions) may provide that a statement sent to the Registrar under such rules is to be treated as a record subject to enhanced disclosure requirements for the purposes of section952 (documents subject to enhanced disclosure requirements).
                    (2) The rules may make provision as to the circumstances in which such a statement is to be, or may be—
                    (a) withheld from public inspection, or
                    (b) removed from the register.
                    (3) The rules may, in particular, provide that a statement is not to be withheld from public inspection or removed from the register unless the person to whom it relates provides such information, and satisfies such other conditions, as may be specified.

                  • 270. Contraventions

                    (1) Rules made under section 268 (statements from a person subject to non-Abu Dhabi Global Market restrictions) may provide that it is a contravention o f these Regulations for a person—
                    (a) to fail to comply with a requirement under the rules to send a statement to the Registrar,
                    (b) knowingly or recklessly to send a statement under the rules to the Registrar that is misleading, false or deceptive in a material particular.
                    (2) The rules may provide that a person who commits the contravention referred to in subsection (1)(a) is liable to a fine of up to level 5.
                    (3) The rules may provide that a person who commits the contravention referred to in subsection (1)(b) is liable to a fine of up to level 8.

              • CHAPTER 11 SUPPLEMENTARY PROVISIONS

                • Provision for employees on cessation or transfer of business

                  • 271. Power to make provision for employees on cessation or transfer of business

                    (1) The powers of the directors of a company include (if they would not otherwise do so) power to make provision for the benefit of persons employed or formerly employed by the company, or any of its subsidiaries, in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the company or that subsidiary.
                    (2) This power is exercisable notwithstanding the general duty imposed by section 162 (duty to promote the success of the company).
                    (3) In the case of a company that is a charity it is exercisable notwithstanding any restrictions on the directors' powers (or the company's capacity) flowing from the objects of the company.
                    (4) The power may only be exercised if sanctioned—
                    (a) by a resolution of the company, or
                    (b) by a resolution of the directors,
                    in accordance with the following provisions.
                    (5) A resolution of the directors—
                    (a) must be authorised by the company's articles, and
                    (b) is not sufficient sanction for payments to or for the benefit of directors, former directors or shadow directors.
                    (6) Any other requirements of the company's articles as to the exercise of the power conferred by this section must be complied with.
                    (7) Any payment under this section must be made—
                    (a) before the commencement of any winding up of the company, and
                    (b) out of profits of the company that are available for dividend.

                • Records of meetings of directors

                  • 272. Minutes of directors' meetings

                    (1) Every company must cause minutes of all proceedings at meetings of its directors to be recorded.
                    (2) The records must be kept for at least ten years from the date of the meeting.
                    (3) If a company fails to comply with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 3 fine.

                  • 273. Minutes as evidence

                    (1) Minutes recorded in accordance with section 272 (minutes of directors' meetings), if purporting to be authenticated by the chairman of the meeting or by the chairman of the next directors' meeting, are evidence of the proceedings at the meeting.
                    (2) Where minutes have been made in accordance with that section of the proceedings of a meeting of directors, then, until the contrary is proved—
                    (a) the meeting is deemed duly held and convened,
                    (b) all proceedings at the meeting are deemed to have duly taken place, and
                    (c) all appointments at the meeting are deemed valid.

                  • 274. Persons connected with a director

                    (1) This section defines what is meant by references in this Part to a person being "connected" with a director of a company (or a director being "connected" with a person).
                    (2) The following persons (and only those persons) are connected with a director of a company—
                    (a) members of the director's family (see section 275 (members of a director's family)),
                    (b) a body corporate with which the director is connected (as defined in section 276 (director "connected with" a body corporate)),
                    (c) a person acting in his capacity as trustee of a trust—
                    (i) the beneficiaries of which include the director or a person who by virtue of subsection(2)(a) or (b) is connected with him, or
                    (ii) the terms of which confer a power on the trustees that may be exercised for the benefit of the director or any such person,
                    other than a trust for the purposes of an employees' share scheme or a pension scheme,
                    (d) a person acting in his capacity as partner—
                    (i) of the director, or
                    (ii) of a person who, by virtue of subsection (2)(a), (b) or (c), is connected with that director,
                    (e) a firm that is a legal person under the law by which it is governed and in which—
                    (i) the director is a partner,
                    (ii) a partner is a person who, by virtue of subsection (2)(a), (b) or (c) is connected with the director, or
                    (iii) a partner is a firm in which the director is a partner or in which there is a partner who, by virtue of subsection (2)(a), (b) or (c), is connected with the director.
                    (3) References in this Part to a person connected with a director of a company do not include a person who is himself a director of the company.

                  • 275. Members of a director's family

                    (1) This section defines what is meant by references in this Part to members of a director's family.
                    (2) For the purposes of this Part the members of a director's family are—
                    (a) the director's spouse,
                    (b) the director's children or step-children,
                    (c) the director's parents.

                  • 276. Director "connected with" a body corporate

                    (1) This section defines what is meant by references in this Part to a director being "connected with" a body corporate.
                    (2) A director is connected with a body corporate if, but only if, he and the persons connected with him together—
                    (a) are interested in shares comprised in the equity share capital of that body corporate equal in value to at least 20% of that share capital, or
                    (b) are entitled to exercise or control the exercise of more than 20% of the voting power at any general meeting of that body.
                    (3) The rules set out in Schedule 1 (references to interest in shares or debentures) apply for the purposes of this section.
                    (4) References in this section to voting power the exercise of which is controlled by a director include voting power whose exercise is controlled by a body corporate controlled by him.
                    (5) Shares in a company held as treasury shares, and any voting rights attached to such shares, are disregarded for the purposes of this section.
                    (6) For the avoidance of circularity in the application of section 274 (persons connected with a director)—
                    (a) a body corporate with which a director is connected is not treated for the purposes of this section as connected with him unless it is also connected with him by virtue of subsection (2)(c) or (d) of that section (connection as trustee or partner), and
                    (b) a trustee of a trust the beneficiaries of which include (or may include) a body corporate with which a director is connected is not treated for the purposes of this section as connected with a director by reason only of that fact.

                  • 277. Director "controlling" a body corporate

                    (1) This section defines what is meant by references in this Part to a director "controlling" a body corporate.
                    (2) A director of a company is taken to control a body corporate if, but only if—
                    (a) he or any person connected with him—
                    (i) is interested in any part of the equity share capital of that body, or
                    (ii) is entitled to exercise or control the exercise of any part of the voting power at any general meeting of that body, and
                    (b) he, the persons connected with him and the other directors of that company, together—
                    (i) are interested in more than 50% of that share capital, or
                    (ii) are entitled to exercise or control the exercise of more than 50% of that voting power.
                    (3) The rules set out in Schedule 1 (references to interest in shares or debentures) apply for the purposes of this section.
                    (4) References in this section to voting power the exercise of which is controlled by a director include voting power whose exercise is controlled by a body corporate controlled by him.
                    (5) Shares in a company held as treasury shares, and any voting rights attached to such shares, are disregarded for the purposes of this section.
                    (6) For the avoidance of circularity in the application of section 274 (persons connected with a director)—
                    (a) a body corporate with which a director is connected is not treated for the purposes of this section as connected with him unless it is also connected with him by virtue of subsection (2)(c) or (d) of that section (connection as trustee or partner), and
                    (b) a trustee of a trust the beneficiaries of which include (or may include) a body corporate with which a director is connected is not treated for the purposes of this section as connected with a director by reason only of that fact.

                  • 278. Associated bodies corporate

                    For the purposes of this Part—

                    (a) bodies corporate are associated if one is a subsidiary of the other or both are subsidiaries of the same body corporate, and
                    (b) companies are associated if one is a subsidiary of the other or both are subsidiaries of the same body corporate.

                  • 279. References to company's constitution

                    (1) References in this Part to a company's constitution include—
                    (a) any resolution or other decision come to in accordance with the constitution, and
                    (b) any decision by the members of the company, or a class of members, that is treated by virtue of any rule of law applicable in the Abu Dhabi Global Market as equivalent to a decision by the company.
                    (2) This is in addition to the matters mentioned insection 15 (a company's constitution).

                  • 280. Power to increase financial limits

                    If the Board makes rules substituting any sum of money specified in this Part for a larger sum specified in those rules, those rules do not have effect in relation to anything done or not done before they come into force.

                    Accordingly, proceedings in respect of any liability incurred before that time may be continued or instituted as if those rules had not been made.

                  • 281. Transactions under foreign law

                    For the purposes of this Part it is immaterial whether the law that (apart from these Regulations) governs an arrangement or transaction is the law of the Abu Dhabi Global Market or not.

            • PART 11 DERIVATIVE CLAIMS AND PROCEEDINGS BY MEMBERS

              • CHAPTER 1 DERIVATIVE CLAIMS

                • 282. Derivative claims

                  (1) This Chapter applies to proceedings by a member of a company—
                  (a) in respect of a cause of action vested in the company, and
                  (b) seeking relief on behalf of the company.
                  This is referred to in this Chapter as a "derivative claim".
                  (2) A derivative claim may only be brought—
                  (a) under this Chapter, or
                  (b) in pursuance of an order of the Court in proceedings under Part 28.
                  (3) A derivative claim under this Chapter may be brought only by:
                  (a) a member holding 5% or more of the share capital of the company, or
                  (b) a member with the written consent of members holding together with the first mentioned member 5% or more of the share capital of the company
                  (an "eligible member") in respect of a cause of action arising from an actual or proposed act or omission involving negligence, default, breach of duty or breach of trust by a director of the company.

                  The cause of action may be against the director or another person (or both).
                  (4) It is immaterial whether the cause of action arose before or after the person seeking to bring or continue the derivative claim became an eligible member of the company.
                  (5) For the purposes of this Chapter—
                  (a) "director" includes a former director,
                  (b) a shadow director is treated as a director, and
                  (c) references to a member of a company include a person who is not a member but to whom shares in the company have been transferred or transmitted by operation of law.

                • 283. Application for permission to continue derivative claim

                  (1) An eligible member of a company who brings a derivative claim under this Chapter must apply to the Court for permission to continue it.
                  (2) If it appears to the Court that the application and the evidence filed by the applicant in support of it do not disclose a prima facie case for giving permission, the Court—
                  (a) must dismiss the application, and
                  (b) may make any consequential order it considers appropriate.
                  (3) If the application is not dismissed under subsection (2), the Court—
                  (a) may give directions as to the evidence to be provided by the company, and
                  (b) may adjourn the proceedings to enable the evidence to be obtained.
                  (4) On hearing the application, the Court may—
                  (a) give permission to continue the claim on such terms as it thinks fit,
                  (b) refuse permission and dismiss the claim, or
                  (c) adjourn the proceedings on the application and give such directions as it thinks fit.

                • 284. Application for permission to continue claim as a derivative claim

                  (1) This section applies where—
                  (a) a company has brought a claim, and
                  (b) the cause of action on which the claim is based could be pursued as a derivative claim under this Chapter.
                  (2) An eligible member of the company may apply to the Court for permission to continue the claim as a derivative claim on the ground that—
                  (a) the manner in which the company commenced or continued the claim amounts to an abuse of the process of the Court,
                  (b) the company has failed to prosecute the claim diligently, and
                  (c) it is appropriate for the member to continue the claim as a derivative claim.
                  (3) If it appears to the Court that the application and the evidence filed by the applicant in support of it do not disclose a prima facie case for giving permission, the Court—
                  (a) must dismiss the application, and
                  (b) may make any consequential order it considers appropriate.
                  (4) If the application is not dismissed under subsection (3), the Court—
                  (a) may give directions as to the evidence to be provided by the company, and
                  (b) may adjourn the proceedings to enable the evidence to be obtained.
                  (5) On hearing the application, the Court may—
                  (a) give permission to continue the claim as a derivative claim on such terms as it thinks fit,
                  (b) refuse permission and dismiss the application, or
                  (c) adjourn the proceedings on the application and give such directions as it thinks fit.

                • 285. Whether permission to be given

                  (1) The following provisions have effect where a member of a company applies for permission under section 283 (application for permission to continue derivative claim) or 284 (application for permission to continue claim as a derivative claim).
                  (2) Permission must be refused if the Court is satisfied—
                  (a) that a person acting in accordance with section 162 (duty to promote the success of the company) would not seek to continue the claim, or
                  (b) where the cause of action arises from an act or omission that is yet to occur, that the act or omission has been authorised by the company, or
                  (c) where the cause of action arises from an act or omission that has already occurred, that the act or omission—
                  (i) was authorised by the company before it occurred, or
                  (ii) has been ratified by the company since it occurred.
                  (3) In considering whether to give permission the Court must take into account, in particular—
                  (a) whether the eligible member is acting in good faith in seeking to continue the claim,
                  (b) the importance that a person acting in accordance with section 162 (duty to promote the success of the company) would attach to continuing it,
                  (c) where the cause of action results from an act or omission that is yet to occur, whether the act or omission could be, and in the circumstances would be likely to be—
                  (i) authorised by the company before it occurs, or
                  (ii) ratified by the company after it occurs,
                  (d) where the cause of action arises from an act or omission that has already occurred, whether the act or omission could be, and in the circumstances would be likely to be, ratified by the company,
                  (e) whether the company has decided not to pursue the claim,
                  (f) whether the act or omission in respect of which the claim is brought gives rise to a cause of action that the member could pursue in his own right rather than on behalf of the company.
                  (4) In considering whether to give permission the Court shall have particular regard to any evidence before it as to the views of members of the company who have no personal interest, direct or indirect, in the matter.

                • 286. Application for permission to continue derivative claim brought by another eligible member

                  (1) This section applies where an eligible member of a company ("the claimant")—
                  (a) has brought a derivative claim,
                  (b) has continued as a derivative claim a claim brought by the company, or
                  (c) has continued a derivative claim under this section.
                  (2) Another eligible member of the company ("the applicant") may apply to the Court for permission to continue the claim on the ground that—
                  (a) the manner in which the proceedings have been commenced or continued by the claimant amounts to an abuse of the process of the Court,
                  (b) the claimant has failed to prosecute the claim diligently, and
                  (c) it is appropriate for the applicant to continue the claim as a derivative claim.
                  (3) If it appears to the Court that the application and the evidence filed by the applicant in support of it do not disclose a prima facie case for giving permission, the Court —
                  (a) must dismiss the application, and
                  (b) may make any consequential order it considers appropriate.
                  (4) If the application is not dismissed under subsection (3), the Court—
                  (a) may give directions as to the evidence to be provided by the company, and
                  (b) may adjourn the proceedings to enable the evidence to be obtained.
                  (5) On hearing the application, the Court may—
                  (a) give permission to continue the claim on such terms as it thinks fit,
                  (b) refuse permission and dismiss the application, or
                  (c) adjourn the proceedings on the application and give such directions as it thinks fit.

            • PART 12 COMPANY SECRETARIES

              • CHAPTER 1 COMPANY SECRETARIES

                • 287. Private company not required to have secretary

                  (1) A private company is not required to have a secretary.
                  (2) References in these Regulations to a private company "without a secretary" are to a private company that for the time being is taking advantage of the exemption in subsection (1), and references to a private company "with a secretary" shall be construed accordingly.
                  (3) In the case of a private company without a secretary—
                  (a) anything authorised or required to be given or sent to, or served on, the company by being sent to its secretary—
                  (i) may be given or sent to, or served on, the company itself, and
                  (ii) if addressed to the secretary shall be treated as addressed to the company, and
                  (b) anything else required or authorised to be done by or to the secretary of the company may be done by or to—
                  (i) a director, or
                  (ii) a person authorised generally or specifically in that behalf by the directors.

                • 288. Public company required to have secretary

                  A public company must have a secretary.

                • 289. Direction requiring public company to appoint secretary

                  (1) If it appears to the Registrar that a public company is in breach of section 288 (public company required to have secretary), the Registrar may give the company a direction under this section.
                  (2) The direction must state that the company appears to be in breach of that section and specify—
                  (a) what the company must do in order to comply with the direction, and
                  (b) the period within which it must do so.
                  That period must be not less than one month or more than three months after the date on which the direction is given.
                  (3) The direction must also inform the company of the consequences of failing to comply.
                  (4) Where the company is in breach of section 288 (public company required to have secretary) it must comply with the direction by—
                  (a) making the necessary appointment, and
                  (b) giving notice of it under section 293 (duty to notify Registrar of changes),
                  before the end of the period specified in the direction.
                  (5) If the company has already made the necessary appointment, it must comply with the direction by giving notice of it under section 293 (duty to notify Registrar of changes) before the end of the period specified in the direction.
                  (6) If a company fails to comply with a direction under this section, a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  For this purpose a shadow director is treated as an officer of the company.
                  (7) A person who commits the contravention referred to in subsection (6) shall be liable to a level 3 fine.

                • 290. Qualifications of secretaries of public companies

                  It is the duty of the directors of a public company to take all reasonable steps to secure that the secretary (or each joint secretary) of the company is a person who appears to them to have the requisite knowledge and experience to discharge the functions of secretary of the company.

                • 291. Discharge of functions where office vacant or secretary unable to act

                  Where in the case of any company the office of secretary is vacant, or there is for any other reason no secretary capable of acting, anything required or authorised to be done by or to the secretary may be done—

                  (a) by or to an assistant or deputy secretary (if any), or
                  (b) if there is no assistant or deputy secretary or none capable of acting, by or to any person authorised generally or specifically in that behalf by the directors.

                • 292. Duty to keep register of secretaries

                  (1) A company must keep a register of its secretaries.
                  (2) The register must contain the required particulars (see section 294 (particulars of secretaries to be registered: individuals)) of the person who is, or persons who are, the secretary or joint secretaries of the company.
                  (3) The register must be kept available for inspection—
                  (a) at the company's registered office, or
                  (b) at a place specified in rules made by the Board under section 996 (rules about where certain company records to be kept available for inspection).
                  (4) The company must give notice to the Registrar—
                  (a) of the place at which the register is kept available for inspection, and
                  (b) of any change in that place,
                  unless it has at all times been kept at the company's registered office.
                  (5) The register must be open to the inspection—
                  (a) of any member of the company without charge, and
                  (b) of any other person on payment of such fee as may be prescribed.
                  (6) If default is made in complying with subsection (1) a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  For this purpose a shadow director is treated as an officer of the company.
                  (7) A person who commits the contravention referred to in subsection (6) shall be liable to a level 2 fine.
                  (8) If default is made in complying with subsection (3), or if default is made for 14 days in complying with subsection (4), a contravention of these Regulations is committed by—
                  (a) the company, and
                  (b) every officer of the company who is in default.
                  For this purpose a shadow director is treated as an officer of the company.
                  (9) A person who commits the contravention referred to in subsection (8) shall be liable to a level 1 fine.
                  (10) In the case of a refusal of inspection of the register, the Court may by order compel an immediate inspection of it.

                • 293. Duty to notify Registrar of changes

                  (1) A company must, within the period of 14 days from—
                  (a) a person becoming or ceasing to be its secretary or one of its joint secretaries, or
                  (b) the occurrence of any change in the particulars contained in its register of secretaries,
                  give notice to the Registrar of the change and of the date on which it occurred.
                  (2) Notice of a person having become secretary, or one of joint secretaries, of the company must be accompanied by a consent by that person to act in the relevant capacity.
                  (3) If default is made in complying with subsection (1)(a), a contravention of these Regulations is committed by every officer of the company who is in default. For this purpose a shadow director is treated as an officer of the company.
                  (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 2 fine.
                  (5) If default is made in complying with subsection (1)(b), a contravention of these Regulations is committed by every officer of the company who is in default. For this purpose a shadow director is treated as an officer of the company.
                  (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 1 fine.

                • 294. Particulars of secretaries to be registered: individuals

                  (1) A company's register of secretaries must contain the following particulars in the case of an individual—
                  (a) name and any former name,
                  (b) address.
                  (2) For the purposes of this section "name" means a person's forename and family name.
                  (3) For the purposes of this section a "former name" means a name by which the individual was formerly known for business purposes.

                  Where a person is or was formerly known by more than one such name, each of them must be stated.
                  (4) It is not necessary for the register to contain particulars of a former name in the following cases where the former name—
                  (a) was changed or disused before the person attained the age of 18 years, or
                  (b) has been changed or disused for 20 years or more.
                  (5) The address required to be stated in the register is a service address.

                  This may be stated to be "The company's registered office".

                • 295. Particulars of secretaries to be registered: corporate secretaries and firms

                  (1) A company's register of secretaries must contain the following particulars in the case of a body corporate, or a firm that is a legal person under the law by which it is governed—
                  (a) corporate or firm name,
                  (b) registered or principal office,
                  (c) in any other case, particulars of—
                  (i) the legal form of the company or firm and the law by which it is governed, and
                  (ii) if applicable, the register in which it is entered (including details of the state) and its registration number in that register.
                  (2) If all the partners in a firm are joint secretaries it is sufficient to state the particulars that would be required if the firm were a legal person and the firm had been appointed secretary.

                • 296. Acts done by person in dual capacity

                  (1) A provision requiring or authorising a thing to be done by or to a director and the secretary of a private company may be satisfied by its being done by or to the same person acting both as director and as, or in place of, the secretary.
                  (2) A provision requiring or authorising a thing to be done by or to a director and the secretary of a public company is not satisfied by its being done by or to the same person acting both as director and as, or in place of, the secretary.

            • PART 13 RESOLUTIONS AND MEETINGS

              • CHAPTER 1 GENERAL PROVISIONS ABOUT RESOLUTIONS

                • 297. Resolutions

                  (1) A resolution of the members (or of a class of members) of a private company must be passed—
                  (a) as a written resolution in accordance with Chapter 2, or
                  (b) at a meeting of the members (to which the provisions of Chapter 3 apply).
                  (2) A resolution of the members (or of a class of members) of a public company must be passed at a meeting of the members (to which the provisions of Chapter 3 apply).
                  (3) Where a provision of these Regulations—
                  (a) requires a resolution of a company, or of the members (or a class of members) of a company, and
                  (b) does not specify what kind of resolution is required,
                  what is required is an ordinary resolution unless the company's articles require a higher majority (or unanimity).
                  (4) Nothing in this Part affects any rule of law applicable in the Abu Dhabi Global Market as to—
                  (a) things done otherwise than by passing a resolution,
                  (b) circumstances in which a resolution is or is not treated as having been passed, or
                  (c) cases in which a person is precluded from alleging that a resolution has not been duly passed.

                • 298. Ordinary resolutions

                  (1) An ordinary resolution of the members (or of a class of members) of a company means a resolution that is passed by a simple majority.
                  (2) A written resolution is passed by a simple majority if it is passed by members representing a simple majority of the total voting rights of eligible members (see Chapter 2).
                  (3) A resolution passed at a meeting on a show of hands is passed by a simple majority if it is passed by a simple majority of the votes cast by those entitled to vote.
                  (4) A resolution passed on a poll taken at a meeting is passed by a simple majority if it is passed by members representing a simple majority of the total voting rights of members who (being entitled to do so) vote in person, by proxy or in advance (see section 340 (voting on a poll: votes cast in advance)) on the resolution.
                  (5) Anything that may be done by ordinary resolution may also be done by special resolution.

                • 299. Special resolutions

                  (1) A special resolution of the members (or of a class of members) of a company means a resolution passed by a majority of not less than 75%.
                  (2) A written resolution is passed by a majority of not less than 75% if it is passed by members representing not less than 75% of the total voting rights of eligible members (see Chapter 2).
                  (3) Where a resolution of a private company is passed as a written resolution—
                  (a) the resolution is not a special resolution unless it stated that it was proposed as a special resolution, and
                  (b) if the resolution so stated, it may only be passed as a special resolution.
                  (4) A resolution passed at a meeting on a show of hands is passed by a majority of not less than 75% if it is passed by not less than 75% of the votes cast by those entitled to vote.
                  (5) A resolution passed on a poll taken at a meeting is passed by a majority of not less than 75% if it is passed by members representing not less than 75% of the total voting rights of the members who (being entitled to do so) vote in person, by proxy or in advance (see section340 (voting on a poll: votes cast in advance)) on the resolution.
                  (6) Where a resolution is passed at a meeting—
                  (a) the resolution is not a special resolution unless the notice of the meeting included the text of the resolution and specified the intention to propose the resolution as a special resolution, and
                  (b) if the notice of the meeting so specified, the resolution may only be passed as a special resolution.

                • 300. Votes: general rules

                  (1) On a vote on a written resolution—
                  (a) in the case of a company having a share capital, every member has one vote in respect of each share held by him, and
                  (b) in any other case, every member has one vote.
                  (2) On a vote on a resolution on a show of hands at a meeting, each member present in person has one vote.
                  (3) On a vote on a resolution on a poll taken at a meeting—
                  (a) in the case of a company having a share capital, every member has one vote in respect of each share held by him, and
                  (b) in any other case, every member has one vote.
                  (4) The provisions of this section have effect subject to any provision of the company's articles.
                  (5) Nothing in this section is to be read as restricting the effect of—

                  section 142 (exercise of rights where shares held on behalf of others: exercise in different ways),

                  section 301 (voting by proxy),

                  section 339 (voting on a poll),

                  section 340 (voting on a poll: votes cast in advance), or

                  section 341 (representation of corporations at meetings).

                • 301. Voting by proxy

                  (1) On a vote on a resolution on a show of hands at a meeting, every proxy present who has been duly appointed by one or more members entitled to vote on the resolution has one vote.

                  This is subject to subsection (2).
                  (2) On a vote on a resolution on a show of hands at a meeting, a proxy has one vote for and one vote against the resolution if—
                  (a) the proxy has been duly appointed by more than one member entitled to vote on the resolution, and
                  (b) the proxy has been instructed by one or more of those members to vote for the resolution and by one or more other of those members to vote against it.
                  (3) On a poll taken at a meeting of a company all or any of the voting rights of a member may be exercised by one or more duly appointed proxies.
                  (4) Where a member appoints more than one proxy, subsection (3) does not authorise the exercise by the proxies taken together of more extensive voting rights than could be exercised by the member in person.
                  (5) Subsections (1) and (2) have effect subject to any provision of the company's articles.

                • 302. Voting rights on poll or written resolution

                  In relation to a resolution required or authorised by these Regulations or any other law or regulation applicable in the Abu Dhabi Global Market, a member of a private company has the same number of votes in relation to the resolution when it is passed on a poll as the member has when it is passed as a written resolution irrespective of any provision to the contrary in that company's articles.

                • 303. Votes of joint holders of shares

                  (1) In the case of joint holders of shares of a company, only the vote of the senior holder who votes (and any proxies duly authorised by him) may be counted by the company.
                  (2) For the purposes of this section, the senior holder of a share is determined by the order in which the names of the joint holders appear in the register of members, the senior holder being the person whose name appears first.
                  (3) Subsections (1) and (2) have effect subject to any provision of the company's articles.

                • 304. Saving for provisions of articles as to determination of entitlement to vote

                  Nothing in this Chapter affects—

                  (a) any provision of a company's articles—
                  (i) requiring an objection to a person's entitlement to vote on a resolution to be made in accordance with the articles, and
                  (ii) for the determination of any such objection to be final and conclusive, or
                  (b) the grounds on which such a determination may be questioned in legal proceedings.

              • CHAPTER 2 WRITTEN RESOLUTIONS

                • General provisions about written resolutions

                  • 305. Written resolutions of private companies

                    (1) In these Regulations a "written resolution" means a resolution of a private company proposed and passed in accordance with this Chapter.
                    (2) The following may not be passed as a written resolution unless the company is a sole member company:
                    (a) a resolution under section 158 (resolution to remove a director) removing a director before the expiration of his period in office, or
                    (b) a resolution under section 479 (resolution removing auditor from office) removing an auditor before expiration of his term in office.
                    (3) A resolution may be proposed as a written resolution—
                    (a) by the directors of a private company (see section 308 (circulation of written resolutions proposed by directors)), or
                    (b) by the members of a private company (see sections 309 (members' power to require circulation of written resolution) to 312 (application not to circulate members' statement)).
                    (4) References in any law or regulation applicable to the Abu Dhabi Global Market to—
                    (a) a resolution of a company in general meeting, or
                    (b) a resolution of a meeting of a class of members of the company,
                    have effect as if they included references to a written resolution of the members, or of a class of members, of a private company (as appropriate).
                    (5) A written resolution of a private company has effect as if passed (as the case maybe)—
                    (a) by the company in general meeting, or
                    (b) by a meeting of a class of members of the company,
                    and references in these Regulations, or any other law or regulation applicable in the Abu Dhabi Global Market to a meeting at which a resolution is passed or to members voting in favour of a resolution shall be construed accordingly.

                  • 306. Eligible members

                    (1) In relation to a resolution proposed as a written resolution of a private company, the eligible members are the members who would have been entitled to vote on the resolution on the circulation date of the resolution (see section 307 (circulation date)).
                    (2) If the persons entitled to vote on a written resolution change during the course of the day that is the circulation date of the resolution, the eligible members are the persons entitled to vote on the resolution at the time that the first copy of the resolution is sent or submitted to a member for his agreement.

                  • 307. Circulation date

                    References in this Part to the circulation date of a written resolution are to the date on which copies of it are sent or submitted to members in accordance with this Chapter (or if copies are sent or submitted to members on different days, to the first of those days).

                  • 308. Circulation of written resolutions proposed by directors

                    (1) This section applies to a resolution proposed as a written resolution by the directors of the company.
                    (2) The company must send or submit a copy of the resolution to every eligible member.
                    (3) The company must do so—
                    (a) by sending copies at the same time (so far as reasonably practicable) to all eligible members in hard copy form, in electronic form or by means of a website, or
                    (b) if it is possible to do so without undue delay, by submitting the same copy to each eligible member in turn (or different copies to each of a number of eligible members in turn),
                    or by sending copies to some members in accordance with subsection(3)(a) and submitting a copy or copies to other members in accordance with subsection (3)(b).
                    (4) The copy of the resolution must be accompanied by a statement informing the member—
                    (a) how to signify agreement to the resolution (see section 313 (procedure for signifying agreement to written resolution), and
                    (b) as to the date by which the resolution must be passed if it is not to lapse (see section 314 (period for agreeing to written resolution)).
                    (5) In the event of default in complying with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 2 fine.
                    (7) The validity of the resolution, if passed, is not affected by a failure to comply with this section.

                  • 309. Members' power to require circulation of written resolution

                    (1) The members of a private company may require the company to circulate a resolution that may properly be moved and is proposed to be moved as a written resolution.
                    (2) Any resolution may properly be moved as a written resolution unless—
                    (a) it would, if passed, be ineffective (whether by reason of inconsistency with any law or regulation applicable to the Abu Dhabi Global Market or the company's constitution or otherwise),
                    (b) it is defamatory of any person, or
                    (c) it is frivolous or vexatious.
                    (3) Where the members require a company to circulate a resolution they may require the company to circulate with it a statement of not more than 1,000 words on the subject matter of the resolution.
                    (4) A company is required to circulate the resolution and any accompanying statement once it has received requests that it do so from members representing not less than the requisite percentage of the total voting rights of all members entitled to vote on the resolution.
                    (5) The "requisite percentage" is 5% or such lower percentage as is specified for this purpose in the company's articles.
                    (6) A request—
                    (a) may be in hard copy form or in electronic form,
                    (b) must identify the resolution and any accompanying statement, and
                    (c) must be authenticated by the person or persons making it.

                  • 310. Circulation of written resolutions proposed by members

                    (1) A company that is required under section 309 (members' power to require circulation of written resolution) to circulate a resolution must send or submit to every eligible member—
                    (a) a copy of the resolution, and
                    (b) a copy of any accompanying statement (if any).
                    This is subject to section 311(2) (deposit or tender of sum in respect of expenses of circulation) and section 312 (application not to circulate members' statement).
                    (2) The company must do so—
                    (a) by sending copies at the same time (so far as reasonably practicable) to all eligible members in hard copy form, in electronic form or by means of a website, or
                    (b) if it is possible to do so without undue delay, by submitting the same copy to each eligible member in turn (or different copies to each of a number of eligible members in turn),
                    or by sending copies to some members in accordance with subsection (2)(a) and submitting a copy or copies to other members in accordance with subsection (2)(b).
                    (3) The company must send or submit the copies (or, if copies are sent or submitted to members on different days, the first of those copies) not more than 21 days after it becomes subject to the requirement under section 309 (members' power to require circulation of written resolution) to circulate the resolution.
                    (4) The copy of the resolution must be accompanied by guidance as to—
                    (a) how to signify agreement to the resolution (see section 313 (procedure for signifying agreement to written resolution)), and
                    (b) the date by which the resolution must be passed if it is not to lapse (see section 314 (period for agreeing to written resolution)).
                    (5) In the event of default in complying with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 2 fine.
                    (7) The validity of the resolution, if passed, is not affected by a failure to comply with this section.

                  • 311. Expenses of circulation

                    (1) The expenses of the company in complying with section 310 (circulation of written resolution proposed by members) must be paid by the members who requested the circulation of the resolution unless the company resolves otherwise.
                    (2) Unless the company has previously so resolved, it is not bound to comply with that section unless there is deposited with or tendered to it a sum reasonably sufficient to meet its expenses in doing so.

                  • 312. Application not to circulate members' statement

                    (1) A company is not required to circulate a members' statement under section 310 (circulation of written resolution proposed by members) if, on an application by the company or another person who claims to be aggrieved, the Court is satisfied that the rights conferred by section 309 (members' power to require circulation of written resolution) and that section are being abused.
                    (2) The Court may order the members who requested the circulation of the statement to pay the whole or part of the company's costs on such an application, even if they are not parties to the application.

                  • 313. Procedure for signifying agreement to written resolution

                    (1) A member signifies his agreement to a proposed written resolution when the company receives from him (or from someone acting on his behalf) an authenticated document—
                    (a) identifying the resolution to which it relates, and
                    (b) indicating his agreement to the resolution.
                    (2) The document must be sent to the company in hard copy form or in electronic form.
                    (3) A member's agreement to a written resolution, once signified, may not be revoked.
                    (4) A written resolution is passed when the required majority of eligible members have signified their agreement to it.

                  • 314. Period for agreeing to written resolution

                    (1) A proposed written resolution lapses if it is not passed before the end of—
                    (a) the period specified for this purpose in the company's articles, or
                    (b) if none is specified, the period of 28 days beginning with the circulation date.
                    (2) The agreement of a member to a written resolution is ineffective if signified after the expiry of that period.

                  • 315. Sending documents relating to written resolutions by electronic means

                    (1) Where a company has given an electronic address in any document containing or accompanying a proposed written resolution, it is deemed to have agreed that any document or information relating to that resolution may be sent by electronic means to that address (subject to any conditions or limitations specified in the document).
                    (2) In this section "electronic address" means any address or number used for the purposes of sending or receiving documents or information by electronic means.

                  • 316. Publication of written resolution on website

                    (1) This section applies where a company sends—
                    (a) a written resolution, or
                    (b) a statement relating to a written resolution,
                    to a person by means of a website.
                    (2) The resolution or statement is not validly sent for the purposes of this Chapter unless the resolution is available on the website throughout the period beginning with the circulation date and ending on the date on which the resolution lapses under section 314 (period for agreeing to written resolution).

                  • 317. Relationship between this Chapter and provisions of company's articles

                    A provision of the articles of a private company is void in so far as it would have the effect that a resolution that is required by or otherwise provided for in these Regulations or any other law or regulation applicable in the Abu Dhabi Global Market could not be proposed and passed as a written resolution.

              • CHAPTER 3 RESOLUTIONS AT MEETINGS

                • General provisions about resolutions at meetings

                  • 318. Resolutions at general meetings

                    A resolution of the members of a company is validly passed at a general meeting if—

                    (a) notice of the meeting and of the resolution is given, and
                    (b) the meeting is held and conducted,

                    in accordance with the provisions of this Chapter and the company's articles.

                  • 319. Directors' power to call general meetings

                    The directors of a company may call a general meeting of the company.

                  • 320. Members' power to require directors to call general meeting

                    (1) The members of a company may require the directors to call a general meeting of the company.
                    (2) The directors are required to call a general meeting once the company has received requests to do so from—
                    (a) members representing at least 5% of such of the paid-up capital of the company as carries the right of voting at general meetings of the company (excluding any paid-up capital held as treasury shares), or
                    (b) in the case of a company not having a share capital, members who represent at least 5% of the total voting rights of all the members having a right to vote at general meetings.
                    (3) A request—
                    (a) must state the general nature of the business to be dealt with at the meeting, and
                    (b) may include the text of a resolution that may properly be moved and is intended to be moved at the meeting.
                    (4) A resolution may properly be moved at a meeting unless—
                    (a) it would, if passed, be ineffective (whether by reason of inconsistency with any law or regulation applicable to the Abu Dhabi Global Market or the company's constitution or otherwise),
                    (b) it is defamatory of any person, or
                    (c) it is frivolous or vexatious.
                    (5) A request—
                    (a) may be in hard copy form or in electronic form, and
                    (b) must be authenticated by the person or persons making it.

                  • 321. Directors' duty to call meetings required by members

                    (1) Directors required under section 320 (members' power to require directors to call general meeting) to call a general meeting of the company must call a meeting—
                    (a) within 21 days from the date on which they become subject to the requirement, and
                    (b) to be held on a date not more than 28 days after the date of the notice convening the meeting.
                    (2) If the requests received by the company identify a resolution intended to be moved at the meeting, the notice of the meeting must include notice of the resolution.
                    (3) The business that may be dealt with at the meeting includes a resolution of which notice is given in accordance with this section.
                    (4) If the resolution is to be proposed as a special resolution, the directors are treated as not having duly called the meeting if they do not give the required notice of the resolution in accordance with section 299 (special resolutions).

                  • 322. Power of members to call meeting at company's expense

                    (1) If the directors—
                    (a) are required under section 320 (members' power to require directors to call general meeting) to call a meeting, and
                    (b) do not do so in accordance with section 321 (directors' duty to call meetings required by members),
                    the members who requested the meeting, or any of them representing more than one half of the total voting rights of all of them, may themselves call a general meeting.
                    (2) Where the requests received by the company included the text of a resolution intended to be moved at the meeting, the notice of the meeting must include notice of the resolution.
                    (3) The meeting must be called for a date not more than three months after the date on which the directors become subject to the requirement to call a meeting.
                    (4) The meeting must be called in the same manner, as nearly as possible, as that in which meetings are required to be called by directors of the company.
                    (5) The business which may be dealt with at the meeting includes a resolution of which notice is given in accordance with this section.
                    (6) Any reasonable expenses incurred by the members requesting the meeting by reason of the failure of the directors duly to call a meeting must be reimbursed by the company.
                    (7) Any sum so reimbursed shall be retained by the company out of any sums due or to become due from the company by way of fees or other remuneration in respect of the services of such of the directors as were in default.

                  • 323. Power of Court to order meeting

                    (1) This section applies if for any reason it is impracticable—
                    (a) to call a meeting of a company in any manner in which meetings of that company may be called, or
                    (b) to conduct the meeting in the manner prescribed by the company's articles or these Regulations.
                    (2) The Court may, either of its own motion or on the application—
                    (a) of a director of the company, or
                    (b) of a member of the company who would be entitled to vote at the meeting,
                    order a meeting to be called, held and conducted in any manner the Court thinks fit.
                    (3) Where such an order is made, the Court may give such ancillary or consequential directions as it thinks expedient.
                    (4) Such directions may include a direction that one member of the company present at the meeting be deemed to constitute a quorum.
                    (5) A meeting called, held and conducted in accordance with an order under this section is deemed for all purposes to be a meeting of the company duly called, held and conducted.

                  • 324. Notice required of general meeting

                    (1) A general meeting of a private company (other than an adjourned meeting) must be called by notice of at least 14 days.
                    (2) A general meeting of a public company (other than an adjourned meeting) must be called by notice of—
                    (a) in the case of an annual general meeting, at least 21 days, and
                    (b) in any other case, at least 14 days.
                    (3) The company's articles may require a longer period of notice than that specified in subsection (1) or (2).
                    (4) A general meeting may be called by shorter notice than that otherwise required if shorter notice is agreed by the members.
                    (5) The shorter notice must be agreed to by a majority in number of the members having a right to attend and vote at the meeting, being a majority who together represent not less than the requisite percentage of the total voting rights at that meeting of all the members.
                    (6) The requisite percentage is—
                    (a) in the case of a private company, 90% or such higher percentage (not exceeding 95%) as may be specified in the company's articles,
                    (b) in the case of a public company, 95%.
                    (7) Subsections (5) and (6) do not apply to an annual general meeting of a public company (see instead section 356(2) (public companies: notice of AGM)).

                  • 325. Manner in which notice to be given

                    Notice of a general meeting of a company must be given—

                    (a) in hard copy form,
                    (b) in electronic form, or
                    (c) by means of a website (see section 326 (publication of notice of meeting on website)),

                    or partly by one such means and partly by another.

                  • 326. Publication of notice of meeting on website

                    (1) Notice of a meeting is not validly given by a company by means of a website unless it is given in accordance with this section.
                    (2) When the company notifies a member of the presence of the notice on the website the notification must—
                    (a) state that it concerns a notice of a company meeting,
                    (b) specify the place, date and time of the meeting, and
                    (c) in the case of a public company, state whether the meeting will be an annual general meeting.
                    (3) The notice must be available on the website throughout the period beginning with the date of that notification and ending with the conclusion of the meeting.

                  • 327. Persons entitled to receive notice of meetings

                    (1) Notice of a general meeting of a company must be sent to—
                    (a) every member of the company, and
                    (b) every director.
                    (2) In subsection (1), the reference to members includes any person who is entitled to a share in consequence of the death or bankruptcy of a member, if the company has been notified of their entitlement.
                    (3) This section has effect subject to—
                    (a) any other law or regulation applicable in the Abu Dhabi Global Market, and
                    (b) any provision of the company's articles.

                  • 328. Contents of notices of meetings

                    (1) Notice of a general meeting of a company must state—
                    (a) the time and date of the meeting, and
                    (b) the place of the meeting.
                    (2) Notice of a general meeting of a company must state the general nature of the business to be dealt with at the meeting.

                    This subsection has effect subject to any provision of the company's articles.

                  • 329. Resolution requiring special notice

                    (1) Where by any provision of these Regulations special notice is required of a resolution, the resolution is not effective unless notice of the intention to move it has been given to the company at least 28 days before the meeting at which it is moved.
                    (2) The company must, where practicable, give its members notice of any such resolution in the same manner and at the same time as it gives notice of the meeting.
                    (3) Where that is not practicable, the company must give its members notice at least 14 days before the meeting—
                    (a) by advertisement in a newspaper having an appropriate circulation, or
                    (b) in any other manner allowed by the company's articles.
                    (4) If, after notice of the intention to move such a resolution has been given to the company, a meeting is called for a date 28 days or less after the notice has been given, the notice is deemed to have been properly given, though not given within the time required.

                  • 330. Accidental failure to give notice of resolution or meeting

                    (1) Where a company gives notice of—
                    (a) a general meeting, or
                    (b) a resolution intended to be moved at a general meeting,
                    any accidental failure to give notice to one or more persons shall be disregarded for the purpose of determining whether notice of the meeting or resolution (as the case may be) is duly given.
                    (2) Except in relation to notice given under—
                    (a) section 321 (directors' duty to call meetings required by members),
                    (b) section 322 (power of members to call meeting at company's expense), or
                    (c) section 358 (public companies: company's duty to circulate members' resolutions for AGMs),
                    subsection (1) has effect subject to any provision of the company's articles.

                  • 331. Members' power to require circulation of statements

                    (1) The members of a company may require the company to circulate, to members of the company entitled to receive notice of a general meeting, a statement of not more than 1,000 words with respect to—
                    (a) a matter referred to in a proposed resolution to be dealt with at that meeting, or
                    (b) other business to be dealt with at that meeting.
                    (2) A company is required to circulate a statement once it has received requests to do so from—
                    (a) members representing at least 5% of the total voting rights of all the members who have a relevant right to vote (excluding any voting rights attached to any shares in the company held as treasury shares), or
                    (b) at least 100 members who have a relevant right to vote.
                    See also section 143 (exercise of rights where shares held on behalf of others: members' requests).
                    (3) In subsection (2), a "relevant right to vote" means—
                    (a) in relation to a statement with respect to a matter referred to in a proposed resolution, a right to vote on that resolution at the meeting to which the requests relate, and
                    (b) in relation to any other statement, a right to vote at the meeting to which the requests relate.
                    (4) A request—
                    (a) may be in hard copy form or in electronic form,
                    (b) must identify the statement to be circulated,
                    (c) must be authenticated by the person or persons making it, and
                    (d) must be received by the company at least one week before the meeting to which it relates.

                  • 332. Company's duty to circulate members' statement

                    (1) A company that is required under section 331 (members' power to require circulation of statements) to circulate a statement must send a copy of it to each member of the company entitled to receive notice of the meeting—
                    (a) in the same manner as the notice of the meeting, and
                    (b) at the same time as, or as soon as reasonably practicable after, it gives notice of the meeting.
                    (2) Subsection (1) has effect subject to section 333(2)(deposit or tender of sum in respect of expenses of circulation) and section 334 (application not to circulate members' statement).
                    (3) In the event of default in complying with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 2 fine.

                  • 333. Expenses of circulating members' statement

                    (1) The expenses of the company in complying with section 331 (members' power to require circulation of statements) need not be paid by the members who requested the circulation of the statement if—
                    (a) the meeting to which the requests relate is an annual general meeting of a public company, and
                    (b) requests sufficient to require the company to circulate the statement are received before the end of the financial year preceding the meeting.
                    (2) Otherwise—
                    (a) the expenses of the company in complying with that section must be paid by the members who requested the circulation of the statement unless the company resolves otherwise, and
                    (b) unless the company has previously so resolved, it is not bound to comply with that section unless there is deposited with or tendered to it, not later than one week before the meeting, a sum reasonably sufficient to meet its expenses in doing so.

                  • 334. Application not to circulate members' statement

                    (1) A company is not required to circulate a members' statement under section 332 (company's duty to circulate members' statement) if, on an application by the company or another person who claims to be aggrieved, the Court is satisfied that the rights conferred by section 331 (members' power to require circulation of statements) and that section are being abused.
                    (2) The Court may order the members who requested the circulation of the statement to pay the whole or part of the company's costs on such an application, even if they are not parties to the application.

                  • 335. Quorum at meetings

                    (1) In the case of a company limited by shares or guarantee and having only one member, one qualifying person present at a meeting is a quorum.
                    (2) In any other case, subject to the provisions of the company's articles, two (2) qualifying persons present at a meeting are a quorum, unless—
                    (a) each is a qualifying person only because he is authorised under section 341 (representation of corporations at meetings) to act as the representative of a corporation in relation to the meeting, and they are representatives of the same corporation, or
                    (b) each is a qualifying person only because he is appointed as proxy of a member in relation to the meeting, and they are proxies of the same member.
                    (3) For the purposes of this section a "qualifying person" means—
                    (a) an individual who is a member of the company,
                    (b) a person authorised under section 341 (representation of corporations at meetings) to act as the representative of a corporation in relation to the meeting, or
                    (c) a person appointed as proxy of a member in relation to the meeting.

                  • 336. Chairman of meeting

                    (1) A member may be elected to be the chairman of a general meeting by a resolution of the company passed at the meeting.
                    (2) Subsection (1) is subject to any provision of the company's articles that states who may or may not be chairman.

                  • 337. Declaration by chairman on a show of hands

                    (1) On a vote on a resolution at a meeting on a show of hands, a declaration by the chairman that the resolution—
                    (a) has or has not been passed, or
                    (b) passed with a particular majority,
                    is conclusive evidence of that fact without proof of the number or proportion of the votes recorded in favour of or against the resolution.
                    (2) An entry in respect of such a declaration in minutes of the meeting recorded in accordance with section 360 (records of resolutions and meetings etc) is also conclusive evidence of that fact without such proof.
                    (3) This section does not have effect if a poll is demanded in respect of the resolution (and the demand is not subsequently withdrawn).

                  • 338. Right to demand a poll

                    (1) A provision of a company's articles is void in so far as it would have the effect of excluding the right to demand a poll at a general meeting on any question other than—
                    (a) the election of the chairman of the meeting, or
                    (b) the adjournment of the meeting.
                    (2) A provision of a company's articles is void in so far as it would have the effect of making ineffective a demand for a poll on any such question which is made—
                    (a) by not less than five (5) members having the right to vote on the resolution, or
                    (b) by a member or members representing not less than 10% of the total voting rights of all the members having the right to vote on the resolution (excluding any voting rights attached to any shares in the company held as treasury shares), or
                    (c) by a member or members holding shares in the company conferring a right to vote on the resolution, being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all the shares conferring that right (excluding shares in the company conferring a right to vote on the resolution which are held as treasury shares).

                  • 339. Voting on a poll

                    On a poll taken at a general meeting of a company, a member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the same way.

                  • 340. Voting on a poll: votes cast in advance

                    (1) A company's articles may contain provision to the effect that on a vote on a resolution on a poll taken at a meeting, the votes may include votes cast in advance.
                    (2) Any such provision in relation to voting at a general meeting may be made subject only to such requirements and restrictions as are—
                    (a) necessary to ensure the identification of the person voting, and
                    (b) proportionate to the achievement of that objective.
                    Nothing in this subsection affects any power of a company to require reasonable evidence of the entitlement of any person who is not a member to vote.
                    (3) Any provision of a company's articles is void in so far as it would have the effect of requiring any document casting a vote in advance to be received by the company or another person earlier than the following time—
                    (a) in the case of a poll taken more than 48 hours after it was demanded, 24 hours before the time appointed for the taking of the poll, and
                    (b) in the case of any other poll, 48 hours before the time for holding the meeting or adjourned meeting.
                    (4) In calculating the periods mentioned in subsection (3), no account is to be taken of any part of a day that is not a working day.

                  • 341. Representation of corporations at meetings

                    (1) If a corporation (whether or not a company within the meaning of these Regulations) is a member of a company, it may by resolution of its directors or other governing body authorise a person or persons to act as its representative or representatives at any meeting of the company.
                    (2) A person authorised by a corporation is entitled to exercise (on behalf of the corporation) the same powers as the corporation could exercise if it were an individual member of the company.

                    Where a corporation authorises more than one person, this subsection is subject to subsections (3) and (4).
                    (3) On a vote on a resolution on a show of hands at a meeting of the company, each authorised person has the same voting rights as the corporation would be entitled to.
                    (4) Where subsection (3) does not apply and more than one authorised person purports to exercise a power under subsection (2) in respect of the same shares—
                    (a) if they purport to exercise the power in the same way as each other, the power is treated as exercised in that way, and
                    (b) if they do not purport to exercise the power in the same way as each other, the power is treated as not exercised.

                  • 342. Rights to appoint proxies

                    (1) A member of a company is entitled to appoint another person as his proxy to exercise all or any of his rights to attend and to speak and vote at a meeting of the company.
                    (2) In the case of a company having a share capital, a member may appoint more than one proxy in relation to a meeting, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by him.

                  • 343. Obligation of proxy to vote in accordance with instructions

                    A proxy must vote in accordance with any instructions given by the member by whom the proxy is appointed.

                  • 344. Notice of meeting to contain statement of rights

                    (1) In every notice calling a meeting of a company there must appear, with reasonable prominence, a statement informing the member of—
                    (a) his rights under section 342 (rights to appoint proxies), and
                    (b) any more extensive rights conferred by the company's articles to appoint more than one proxy.
                    (2) Failure to comply with this section does not affect the validity of the meeting or of anything done at the meeting.
                    (3) If this section is not complied with as respects any meeting, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 2 fine.

                  • 345. Company-sponsored invitations to appoint proxies

                    (1) If for the purposes of a meeting there are issued at the company's expense invitations to members to appoint as proxy a specified person or a number of specified persons, the invitations must be issued to all members entitled to vote at the meeting.
                    (2) Subsection (1) is not contravened if—
                    (a) there is issued to a member at his request a form of appointment naming the proxy or a list of persons willing to act as proxy, and
                    (b) the form or list is available on request to all members entitled to vote at the meeting.
                    (3) If subsection (1) is contravened as respects a meeting, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 1 fine.

                  • 346. Notice required of appointment of proxy etc

                    (1) The following provisions apply as regards —
                    (a) the appointment of a proxy, and
                    (b) any document necessary to show the validity of, or otherwise relating to, the appointment of a proxy.
                    (2) Any provision of the company's articles is void in so far as it would have the effect of requiring any such appointment or document to be received by the company or another person earlier than the following time—
                    (a) in the case of a meeting or adjourned meeting, 48 hours before the time for holding the meeting or adjourned meeting,
                    (b) in the case of a poll taken more than 48 hours after it was demanded, 24 hours before the time appointed for the taking of the poll,
                    (c) in the case of a poll taken not more than 48 hours after it was demanded, the time at which it was demanded.
                    (3) In calculating the periods mentioned in subsection (2) no account shall be taken of any part of a day that is not a working day.

                  • 347. Chairing meetings

                    (1) A proxy may be elected to be the chairman of a general meeting by a resolution of the company passed at the meeting.
                    (2) Subsection (1) is subject to any provision of the company's articles that states who may or who may not be chairman.

                  • 348. Right of proxy to demand a poll

                    (1) The appointment of a proxy to vote on a matter at a meeting of a company authorises the proxy to demand, or join in demanding, a poll on that matter.
                    (2) In applying the provisions of section 338(2)(requirements for effective demand), a demand by a proxy counts—
                    (a) for the purposes of subsection(2)(a), as a demand by the member,
                    (b) for the purposes of subsection(2)(b), as a demand by a member representing the voting rights that the proxy is authorised to exercise,
                    (c) for the purposes of subsection(2)(c), as a demand by a member holding the shares to which those rights are attached.

                  • 349. Notice required of termination of proxy's authority

                    (1) The following provisions apply as regards notice that the authority of a person to act as proxy is terminated ("notice of termination").
                    (2) The termination of the authority of a person to act as proxy does not affect—
                    (a) whether he counts in deciding whether there is a quorum at a meeting,
                    (b) the validity of anything he does as chairman of a meeting, or
                    (c) the validity of a poll demanded by him at a meeting,
                    unless the company receives notice of the termination before the commencement of the meeting.
                    (3) The termination of the authority of a person to act as proxy does not affect the validity of a vote given by that person unless the company receives notice of the termination—
                    (a) before the commencement of the meeting or adjourned meeting at which the vote is given, or
                    (b) in the case of a poll taken more than 48 hours after it is demanded, before the time appointed for taking the poll.
                    (4) If the company's articles require or permit members to give notice of termination to a person other than the company, the references above to the company receiving notice have effect as if they were or (as the case may be) included a reference to that person.
                    (5) Subsections (2) and (3) have effect subject to any provision of the company's articles which has the effect of requiring notice of termination to be received by the company or another person at a time earlier than that specified in those subsections.

                    This is subject to subsection (6).
                    (6) Any provision of the company's articles is void in so far as it would have the effect of requiring notice of termination to be received by the company or another person earlier than the following time—
                    (a) in the case of a meeting or adjourned meeting, 48 hours before the time for holding the meeting or adjourned meeting,
                    (b) in the case of a poll taken more than 48 hours after it was demanded, 24 hours before the time appointed for the taking of the poll,
                    (c) in the case of a poll taken not more than 48 hours after it was demanded, the time at which it was demanded.
                    (7) In calculating the periods mentioned in subsections (3)(b) and (6) no account shall be taken of any part of a day that is not a working day.

                  • 350. Saving for more extensive rights conferred by articles

                    Nothing in sections 342 (rights to appoint proxies) to 349 (notice required of termination of proxy's authority) prevents a company's articles from conferring more extensive rights on members or proxies than are conferred by those sections.

                  • 351. Resolution passed at adjourned meeting

                    Where a resolution is passed at an adjourned meeting of a company, the resolution is for all purposes to be treated as having been passed on the date on which it was in fact passed, and is not to be deemed passed on any earlier date.

                  • 352. Sending documents relating to meetings etc in electronic form

                    (1) Where a company has given an electronic address in a notice calling a meeting, it is deemed to have agreed that any document or information relating to proceedings at the meeting may be sent by electronic means to that address (subject to any conditions or limitations specified in the notice).
                    (2) Where a company has given an electronic address—
                    (a) in an instrument of proxy sent out by the company in relation to the meeting, or
                    (b) in an invitation to appoint a proxy issued by the company in relation to the meeting,
                    it is deemed to have agreed that any document or information relating to proxies for that meeting may be sent by electronic means to that address (subject to any conditions or limitations specified in the notice).
                    (3) In subsection (2), documents relating to proxies include—
                    (a) the appointment of a proxy in relation to a meeting,
                    (b) any document necessary to show the validity of, or otherwise relating to, the appointment of a proxy, and
                    (c) notice of the termination of the authority of a proxy.
                    (4) In this section "electronic address" means any address or number used for the purposes of sending or receiving documents or information by electronic means.

                  • 353. Application to class meetings

                    (1) The provisions of this Chapter apply (with necessary modifications) in relation to a meeting of holders of a class of shares as they apply in relation to a general meeting.

                    This is subject to subsections (2) to (3).
                    (2) The following provisions of this Chapter do not apply in relation to a meeting of holders of a class of shares—
                    (a) sections 320 (members' power to require directors to call general meeting) to 322 (power of members to call meeting at company's expense), and
                    (b) section 323 (power of Court to order meeting).
                    (3) The following provisions (in addition to those mentioned in subsection (2)) do not apply in relation to a meeting in connection with the variation of rights attached to a class of shares (a "variation of class rights meeting")—
                    (a) section 335 (quorum at meetings), and
                    (b) section 338 (right to demand a poll).
                    (4) The quorum for a variation of class rights meeting is—
                    (a) for a meeting other than an adjourned meeting, two persons present holding at least one-third in number of the issued shares of the class in question (excluding any shares of that class held as treasury shares),
                    (b) for an adjourned meeting, one person present holding shares of the class in question.
                    (5) For the purposes of subsection (4), where a person is present by proxy or proxies, he is treated as holding only the shares in respect of which those proxies are authorised to exercise voting rights.
                    (6) At a variation of class rights meeting, any holder of shares of the class in question present may demand a poll.
                    (7) For the purposes of this section—
                    (a) any amendment of a provision contained in a company's articles for the variation of the rights attached to a class of shares, or the insertion of any such provision into the articles, is itself to be treated as a variation of those rights, and
                    (b) references to the variation of rights attached to a class of shares include references to their abrogation.

                  • 354. Application to class meetings: companies without a share capital

                    (1) The provisions of this Chapter apply (with necessary modifications) in relation to a meeting of a class of members of a company without a share capital as they apply in relation to a general meeting.

                    This is subject to subsections (2) and (3).
                    (2) The following provisions of this Chapter do not apply in relation to a meeting of a class of members—
                    (a) sections 320 (members' power to require directors to call general meeting) to 322 (power of members to call meeting at company's expense), and
                    (b) section 323 (power of Court to order meeting).
                    (3) The following provisions (in addition to those mentioned in subsection (2)) do not apply in relation to a meeting in connection with the variation of the rights of a class of members (a "variation of class rights meeting")—
                    (a) section 335 (quorum at meetings), and
                    (b) section 338 (right to demand a poll).
                    (4) The quorum for a variation of class rights meeting is—
                    (a) for a meeting other than an adjourned meeting, two (2) members of the class present (in person or by proxy) who together represent at least one-third of the voting rights of the class, and
                    (b) for an adjourned meeting, one (1) member of the class present (in person or by proxy).
                    (5) At a variation of class rights meeting, any member present (in person or by proxy) may demand a poll.
                    (6) For the purposes of this section—
                    (a) any amendment of a provision contained in a company's articles for the variation of the rights of a class of members, or the insertion of any such provision into the articles, is itself to be treated as a variation of those rights, and
                    (b) references to the variation of rights of a class of members include references to their abrogation.

                  • 355. Public companies: annual general meeting

                    (1) Every public company must hold a general meeting as its annual general meeting in each period of 6 months beginning with the day following its accounting reference date (in addition to any other meetings held during that period).
                    (2) A company that fails to comply with subsection (1) as a result of giving notice under section 381 (alteration of accounting reference date)—
                    (a) specifying a new accounting reference date, and
                    (b) stating that the current accounting reference period or the previous accounting reference period is to be shortened,
                    shall be treated as if it had complied with subsection (1) if it holds a general meeting as its annual general meeting within three (3) months of giving that notice.
                    (3) If a company fails to comply with subsection (1), a contravention of these Regulations is committed by every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 3 fine.

                  • 356. Public companies: notice of AGM

                    (1) A notice calling an annual general meeting of a public company must state that the meeting is an annual general meeting.
                    (2) An annual general meeting of a public company may be called by shorter notice than that required by section 324(2)(notice required of general meeting) or by the company's articles (as the case may be), if all the members entitled to attend and vote at the meeting agree to the shorter notice.

                  • 357. Public companies: members' power to require circulation of resolutions for AGMs

                    (1) The members of a public company may require the company to give, to members of the company entitled to receive notice of the next annual general meeting, notice of a resolution which may properly be moved and is intended to be moved at that meeting.
                    (2) A resolution may properly be moved at an annual general meeting unless—
                    (a) it would, if passed, be ineffective (whether by reason of inconsistency with any law or regulation applicable to the Abu Dhabi Global Market or the company's constitution or otherwise),
                    (b) it is defamatory of any person, or
                    (c) it is frivolous or vexatious.
                    (3) A company is required to give notice of a resolution once it has received requests that it do so from—
                    (a) members representing at least 5% of the total voting rights of all the members who have a right to vote on the resolution at the annual general meeting to which the requests relate (excluding any voting rights attached to any shares in the company held as treasury shares), or
                    (b) at least 100 members who have a right to vote on the resolution at the annual general meeting to which the requests relate.
                    See also section 143 (exercise of rights where shares held on behalf of others: members' requests).
                    (4) A request—
                    (a) may be in hard copy form or in electronic form,
                    (b) must identify the resolution of which notice is to be given,
                    (c) must be authenticated by the person or persons making it, and
                    (d) must be received by the company not later than—
                    (i) 6 weeks before the annual general meeting to which the requests relate, or
                    (ii) if later, the time at which notice is given of that meeting.

                  • 358. Public companies: company's duty to circulate members' resolutions for AGMs

                    (1) A company that is required under section 357 (members' power to require circulation of resolutions for AGMs) to give notice of a resolution must send a copy of it to each member of the company entitled to receive notice of the annual general meeting—
                    (a) in the same manner as notice of the meeting, and
                    (b) at the same time as, or as soon as reasonably practicable after, it gives notice of the meeting.
                    (2) Subsection (1) has effect subject to section 359(2)(deposit or tender of sum in respect of expenses of circulation).
                    (3) The business which may be dealt with at an annual general meeting includes a resolution of which notice is given in accordance with this section.
                    (4) In the event of default in complying with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a fine of up to level 4.

                  • 359. Public companies: expenses of circulating members' resolutions for AGM

                    (1) The expenses of the company in complying with section 358 (company's duty to circulate members' resolutions for AGMs) need not be paid by the members who requested the circulation of the resolution if requests sufficient to require the company to circulate it are received before the end of the financial year preceding the meeting.
                    (2) Otherwise—
                    (a) the expenses of the company in complying with that section must be paid by the members who requested the circulation of the resolution unless the company resolves otherwise, and
                    (b) unless the company has previously so resolved, it is not bound to comply with that section unless there is deposited with or tendered to it, not later than—
                    (i) six weeks before the annual general meeting to which the requests relate, or
                    (ii) if later, the time at which notice is given of that meeting,
                    a sum reasonably sufficient to meet its expenses in complying with that section.

              • CHAPTER 4 RECORDS OF RESOLUTIONS AND MEETINGS

                • 360. Records of resolutions and meetings etc

                  (1) Every company must keep records comprising—
                  (a) copies of all resolutions of members passed otherwise than at general meetings,
                  (b) minutes of all proceedings of general meetings, and
                  (c) details provided to the company in accordance with section 362 (records of decisions by sole member).
                  (2) The records must be kept for at least ten years from the date of the resolution, meeting or decision (as appropriate).
                  (3) If a company fails to comply with this section, a contravention of these Regulations is committed by every officer of the company who is in default.
                  (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 1 fine.

                • 361. Records as evidence of resolutions etc

                  (1) This section applies to the records kept in accordance with section 360 (records of resolutions and meetings etc).
                  (2) The record of a resolution passed otherwise than at a general meeting, if purporting to be signed by a director of the company or by the company secretary, is evidence of the passing of the resolution.
                  (3) Where there is a record of a written resolution of a private company, the requirements of these Regulations with respect to the passing of the resolution are deemed to be complied with unless the contrary is proved.
                  (4) The minutes of proceedings of a general meeting, if purporting to be signed by the chairman of that meeting or by the chairman of the next general meeting, are evidence of the proceedings at the meeting.
                  (5) Where there is a record of proceedings of a general meeting of a company, then until the contrary is proved—
                  (a) the meeting is deemed duly held and convened,
                  (b) all proceedings at the meeting are deemed to have duly taken place, and
                  (c) all appointments at the meeting are deemed valid.

                • 362. Records of decisions by sole member

                  (1) This section applies to a company limited by shares or by guarantee that has only one member.
                  (2) Where the member takes any decision that—
                  (a) may be taken by the company in general meeting, and
                  (b) has effect as if agreed by the company in general meeting,
                  he must (unless that decision is taken by way of a written resolution) provide the company with details of that decision.
                  (3) If a person fails to comply with this section he commits a contravention of these Regulations.
                  (4) A person who commits the contravention referred to in subsection (3) shall be liable to a fine of up to level 4.
                  (5) Failure to comply with this section does not affect the validity of any decision referred to in subsection (2).

                • 363. Inspection of records of resolutions and meetings

                  (1) The records referred to in section 360 (records of resolutions and meetings etc) relating to the previous ten years must be kept available for inspection—
                  (a) at the company's registered office, or
                  (b) at a place specified in rules made by the Board under section 996 (rules about where certain company records to be kept available for inspection).
                  (2) The company must give notice to the Registrar—
                  (a) of the place at which the records are kept available for inspection, and
                  (b) of any change in that place,
                  unless they have at all times been kept at the company's registered office.
                  (3) The records must be open to the inspection of any member of the company without charge.
                  (4) Any member may require a copy of any of the records of a public or non-restricted scope company on payment of such fee as may be prescribed.
                  (5) If default is made in complying with subsection (1) or if an inspection required under subsection (3) is refused, or a copy requested under subsection (4) is not sent, a contravention of these Regulations is committed by every officer of the company who is in default.
                  (6) A person who commits the contravention referred to in subsection (5) shall be liable to a level 1 fine.
                  (7) If default is made for 14 days in complying with subsection (2) a contravention of these Regulations is committed by every officer of the company who is in default.
                  (8) A person who commits the contravention referred to in subsection (7) shall be liable to a level 2 fine.
                  (9) In a case in which an inspection required under subsection (3) is refused or a copy requested under subsection (4) is not sent, the Court may by order compel an immediate inspection of the records or direct that the copies required be sent to the persons who requested them.

                • 364. Records of resolutions and meetings of class of members

                  The provisions of this Chapter apply (with necessary modifications) in relation to resolutions and meetings of—

                  (a) holders of a class of shares, and
                  (b) in the case of a company without a share capital, a class of members,

                  as they apply in relation to resolutions of members generally and to general meetings.

              • CHAPTER 5 SUPPLEMENTARY PROVISIONS

                • 365. Computation of periods of notice etc: clear day rule

                  (1) This section applies for the purposes of the following provisions of this Part—
                  (a) sections 324(1) and 324(2)(notice required of general meeting),
                  (b) sections 329(1) and 329(3)(resolution requiring special notice),
                  (c) section 331(4)(d)(request to circulate members' statement),
                  (d) section 333(2)(b) (expenses of circulating statement to be deposited or tendered before meeting),
                  (e) section 357(4)(d)(i)(request to circulate member's resolution at AGM of public company), and
                  (f) section 359(2)(b)(i)(expenses of circulating statement to be deposited or tendered before meeting).
                  (2) Any reference in those provisions to a period of notice, or to a period before a meeting by which a request must be received or sum deposited or tendered, is to a period of the specified length excluding—
                  (a) the day of the meeting, and
                  (b) the day on which the notice is given, the request received or the sum deposited or tendered.

                • 366. Electronic meetings and voting

                  (1) Nothing in this Part is to be taken to preclude the holding and conducting of a meeting in such a way that persons who are not present together at the same place may by electronic means attend and speak and vote at it.
                  (2) The use of electronic means for the purpose of enabling members to participate in a general meeting may be made subject only to such requirements and restrictions as are—
                  (a) necessary to ensure the identification of those taking part and the security of the electronic communication, and
                  (b) proportionate to the achievement of those objectives.
                  (3) Nothing in subsection (2) affects any power of a company to require reasonable evidence of the entitlement of any person who is not a member to participate in the meeting.

            • PART 14 ACCOUNTS AND REPORTS

              • CHAPTER 1 INTRODUCTION

                • General

                  • 367. Scheme of this Part

                    (1) The requirements of this Part as to accounts and reports apply in relation to each financial year of a company.
                    (2) In certain respects different provisions apply to different kinds of company.
                    (3) The main distinction for this purpose is between companies subject to the small companies regime (see section 368 (companies subject to the small companies regime)) and companies that are not subject to that regime.
                    (4) In this Part, where provisions do not apply to all kinds of company—
                    (a) provisions applying to companies subject to the small companies regime appear before the provisions applying to other companies, and
                    (b) provisions applying to private companies appear before the provisions applying to public companies.
                    (5) Restricted scope companies shall be subject only to the following Chapters of this Part:
                    (a) Chapter 2 (Accounting records),
                    (b) Chapter 3 (A company's financial year),
                    (c) Chapter 4 (Annual accounts),
                    (d) Chapter 6 (Publication of accounts and reports),
                    (e) Chapter 8 (Filing of accounts and reports), to the extent required under section 415(3) (duty to file reports and accounts with the Registrar),
                    (f) Chapter 9 (Revision of defective accounts and reports), and
                    (g) Chapter 11 (Supplementary provisions).

                  • 368. Companies subject to the small companies regime

                    The small companies regime applies to a company for a financial year in relation to which the company—

                    (a) qualifies as small (see sections 369 (general) and 370 (parent companies)), and
                    (b) is not excluded from the regime (see section 371 (companies excluded from the small companies regime)).

                  • 369. Companies qualifying as small: general

                    (1) A company qualifies as small in relation to its first financial year if the qualifying conditions are met in that year.
                    (2) Subject to subsection (3), a company qualifies as small in relation to a subsequent financial year if the qualifying conditions are met in that year.
                    (3) In relation to a subsequent financial year, where on its balance sheet date a company meets or ceases to meet the qualifying conditions, that affects its qualification as a small company only if it occurs in two consecutive financial years.
                    (4) The qualifying conditions are met by a company in a year in which it satisfies both of the following requirements—

                    1. Turnover Not more than 13.5 million US dollars
                    2. Number of employees Not more than 35
                    (5) For a period that is a company's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.
                    (6) The number of employees means the average number of persons employed by the company in the year, determined as follows—
                    (a) find for each month in the financial year the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),
                    (b) add together the monthly totals, and
                    (c) divide by the number of months in the financial year.
                    (7) This section is subject to section 370 (companies qualifying as small: parent companies).

                  • 370. Companies qualifying as small: parent companies

                    (1) A parent company qualifies as a small company in relation to a financial year only if the group headed by it qualifies as a small group.
                    (2) A group qualifies as small in relation to the parent company's first financial year if the qualifying conditions are met in that year.
                    (3) Subject to subsection (4), a group qualifies as small in relation to a subsequent financial year of the parent company if the qualifying conditions are met in that year.
                    (4) In relation to a subsequent financial year of the parent company, where on the parent company's balance sheet date the group meets or ceases to meet the qualifying conditions, that affects the group's qualification as a small group only if it occurs in two consecutive financial years.
                    (5) The qualifying conditions are met by a group in a year in which it satisfies both of the following requirements—

                    1. Aggregate turnover Not more than 13.5 million US dollars net (or 16.2 million US dollars gross)
                    2. Aggregate number of employees Not more than 35
                    (6) The aggregate figures are ascertained by aggregating the relevant figures determined in accordance with section 369 (companies qualifying as small: general) for each member of the group.
                    (7) In relation to the aggregate figures for turnover—
                    "net" means after any set offs and other adjustments made to eliminate group transactions in accordance with international accounting standards, and
                    "gross" means without those set offs and other adjustments.
                    A company may satisfy any relevant requirement on the basis of either the net or the gross figure.
                    (8) The figures for each subsidiary undertaking shall be those included in its individual accounts for the relevant financial year, that is—
                    (a) if its financial year ends with that of the parent company, that financial year, and
                    (b) if not, its financial year ending last before the end of the financial year of the parent company.
                    If those figures cannot be obtained without disproportionate expense or undue delay, the latest available figures shall be taken.

                  • 371. Companies excluded from the small companies regime

                    (1) The small companies regime does not apply to a company that is, or was at any time within the financial year to which the accounts relate—
                    (a) a public interest entity,
                    (b) a financial institution, or
                    (c) a member of an ineligible group.
                    (2) A group is ineligible if any of its members is—
                    (a) a public interest entity, or
                    (b) a financial institution.

                  • 372. Public interest entities and financial institutions

                    (1) For the purposes of this Part a company is a public interest entity in relation to a financial year if it is a public interest entity immediately before the end of the accounting reference period by reference to which that financial year was determined.
                    (2) A "public-interest entity" means a company:
                    (a) that is listed on a recognised investment exchange, or
                    (b) that is designated by the Board as a public-interest entity, because of the nature of its business, its size or the number of its employees.
                    (3) For the purposes of this Part a company is a "financial institution" in relation to a financial year if it is licensed under the Commercial Licensing Regulations 2015 as a financial institution at any time during the accounting reference period by reference to which that financial year was determined.
                    (4) The Board may make rules amending or replacing the provisions of subsections (1) to (3) so as to limit or extend the application of some or all of the provisions of this Part that refer to public interest entities and/or financial institutions.

                  • 373. Companies qualifying as micro-entities

                    (1) A company qualifies as a micro-entity in relation to its first financial year if the qualifying conditions are met in that year.
                    (2) Subject to subsection (3), a company qualifies as a micro-entity in relation to a subsequent financial year if the qualifying conditions are met in that year.
                    (3) In relation to a subsequent financial year, where on its balance sheet date a company meets or ceases to meet the qualifying conditions, that affects its qualification as a micro-entity only if it occurs in two consecutive financial years.
                    (4) The qualifying conditions are met by a company in a year in which it satisfies both of the following requirements—

                    1. Turnover not more than 2.5 million US dollars
                    2. Number of employees not more than 9
                    (5) For a period that is a company's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.
                    (6) The number of employees means the average number of persons employed by the company in the year, determined as follows—
                    (a) find for each month in the financial year the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),
                    (b) add together the monthly totals, and
                    (c) divide by the number of months in the financial year.
                    (7) In the case of a company which is a parent company, the company qualifies as a micro-entity in relation to a financial year only if—
                    (a) the company qualifies as a micro-entity in relation to that year, as determined by subsections (1) to (7), and
                    (b) the group headed by the company qualifies as a small group, as determined by section 369(2) to (6).

                  • 374. Companies excluded from being treated as micro-entities

                    (1) The micro-entity provisions do not apply in relation to a company's accounts for a particular financial year if the company was at any time within that year a company excluded from the small companies regime by virtue of section 371 (companies excluded from the small companies regime).
                    (2) The micro-entity provisions also do not apply in relation to a company's accounts for a financial year if —
                    (a) the company is a parent company which prepares group accounts for that year as permitted by section 388 (option to prepare group accounts), or
                    (b) the company is not a parent company but its accounts are included in consolidated group accounts for that year.

              • CHAPTER 2 ACCOUNTING RECORDS

                • 375. Duty to keep accounting records

                  (1) Every company must keep adequate accounting records.
                  (2) Adequate accounting records means records that are sufficient—
                  (a) to show and explain the company's transactions,
                  (b) to disclose with reasonable accuracy, at any time, the financial position of the company at that time, and
                  (c) to enable the directors to ensure that any accounts required to be prepared comply with the requirements of these Regulations.
                  (3) Accounting records must, in particular, contain—
                  (a) entries from day to day of all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place, and
                  (b) a record of the assets and liabilities of the company.
                  (4) If the company's business involves dealing in goods, the accounting records must contain—
                  (a) statements of stock held by the company at the end of each financial year of the company,
                  (b) all statements of stocktakings from which any statement of stock as is mentioned in subsection (4)(a) has been or is to be prepared, and
                  (c) except in the case of goods sold by way of ordinary retail trade, statements of all goods sold and purchased, showing the goods and the buyers and sellers in sufficient detail to enable all these to be identified.
                  (5) A parent company that has a subsidiary undertaking in relation to which the above requirements do not apply must take reasonable steps to secure that the undertaking keeps such accounting records as to enable the directors of the parent company to ensure that any accounts required to be prepared under this Part comply with the requirements of these Regulations.

                • 376. Duty to keep accounting records: contravention

                  (1) If a company fails to comply with any provision of section 375 (duty to keep accounting records), a contravention of these Regulations is committed by every officer of the company who is in default.
                  (2) A person does not commit the contravention referred to in subsection (1) if he shows that he acted honestly and that in the circumstances in which the company's business was carried on the default was excusable.
                  (3) A person who commits the contravention referred to in subsection (1) shall be liable to a fine of up to level 5.

                • 377. Where and for how long records to be kept

                  (1) A company's accounting records—
                  (a) must be kept at its registered office or such other place as the directors think fit, and
                  (b) must at all times be open to inspection by the company's officers.
                  (2) If accounting records are kept at a place outside the Abu Dhabi Global Market, accounts and returns with respect to the business dealt with in the accounting records so kept must be sent to, and kept at, a place in the Abu Dhabi Global Market, and must at all times be open to such inspection.
                  (3) The accounts and returns to be sent to the Abu Dhabi Global Market must be such as to—
                  (a) disclose with reasonable accuracy the financial position of the business in question at intervals of not more than six months, and
                  (b) enable the directors to ensure that the accounts required to be prepared under this Part comply with the requirements of these Regulations.
                  (4) Accounting records that a company is required by section 375 (duty to keep accounting records) to keep must be preserved by it for ten years from the date on which they are made.
                  (5) Subsection (4) is subject to any provision contained in other regulation or law applicable in the Abu Dhabi Global Market.

                • 378. Where and for how long records to be kept: contraventions

                  (1) If a company fails to comply with any provision of subsections (1) to (4) of section 377 (where and for how long records to be kept), a contravention of these Regulations is committed by every officer of the company who is in default.
                  (2) A person does not commit the contravention referred to in subsection (1) if he shows that he acted honestly and that in the circumstances in which the company's business was carried on the default was excusable.
                  (3) An officer of a company commits a contravention of these Regulations if he—
                  (a) fails to take all reasonable steps for securing compliance by the company with subsection (4) of that section (period for which records to be preserved), or
                  (b) intentionally causes any default by the company under that subsection.
                  (4) Subject to subsection (2), a person who commits the contraventions referred to in subsection (1) shall be liable to a level 2 fine.
                  (5) A person who commits the contraventions referred to in subsection (3) shall be liable to a fine of up to level 5.

              • CHAPTER 3 A COMPANY'S FINANCIAL YEAR

                • 379. A company's financial year

                  (1) The financial year of a company (including a restricted scope company to which the provisions of this CHAPTER 3 apply) is determined as follows.
                  (2) Its first financial year—
                  (a) begins with the first day of its first accounting reference period, and
                  (b) ends with the last day of that period or such other date, not more than seven days before or after the end of that period, as the directors may determine.
                  (3) Subsequent financial years—
                  (a) begin with the day immediately following the end of the company's previous financial year, and
                  (b) end with the last day of its next accounting reference period or such other date, not more than seven days before or after the end of that period, as the directors may determine.
                  (4) In relation to an undertaking that is not a company, references in these Regulations to its financial year are to any period in respect of which a profit and loss account of the undertaking is required to be made up (by its constitution or by the law under which it is established), whether that period is a year or not.
                  (5) The directors of a parent company must secure that, except where in their opinion there are good reasons against it, the financial year of each of its subsidiary undertakings coincides with the company's own financial year.

                • 380. Accounting reference periods and accounting reference date

                  (1) A company's accounting reference periods are determined according to its accounting reference date in each calendar year.
                  (2) A company's first accounting reference period is the period of more than six months, but not more than 18 months, beginning with the date of its incorporation and ending with its accounting reference date.
                  (3) Its subsequent accounting reference periods are successive periods of twelve months beginning immediately after the end of the previous accounting reference period and ending with its accounting reference date.
                  (4) This section has effect subject to the provisions of section 381 (alteration of accounting reference date).

                • 381. Alteration of accounting reference date

                  (1) A company may by notice given to the Registrar specify a new accounting reference date having effect in relation to—
                  (a) the company's current accounting reference period and subsequent periods, or
                  (b) the company's previous accounting reference period and subsequent periods.
                  A company's "previous accounting reference period" means the one immediately preceding its current accounting reference period.
                  (2) The notice must state whether the current or previous accounting reference period—
                  (a) is to be shortened, so as to come to an end on the first occasion on which the new accounting reference date falls or fell after the beginning of the period, or
                  (b) is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the period.
                  (3) A notice extending a company's current or previous accounting reference period is not effective if given less than five years after the end of an earlier accounting reference period of the company that was extended under this section.

                  This does not apply—
                  (a) where the company is in administration under Part 1 (administration) of the Insolvency Regulations 2015, or
                  (b) where the Registrar directs that it should not apply, which he may do with respect to a notice that has been given or that may be given.
                  (4) A notice under this section may not be given in respect of a previous accounting reference period if the period for filing accounts and reports for the financial year determined by reference to that accounting reference period has already expired.
                  (5) An accounting reference period may not be extended so as to exceed 18 months and a notice under this section is ineffective if the current or previous accounting reference period as extended in accordance with the notice would exceed that limit.

                  This does not apply where the company is in administration under Part 1 (administration) of the Insolvency Regulations 2015.

              • CHAPTER 4 ANNUAL ACCOUNTS

                • General

                  • 382. Accounts to give a fair representation

                    (1) The directors of a company must not approve accounts for the purposes of this Chapter unless they are satisfied that they give a fair representation of the assets, liabilities, financial position and profit or loss—
                    (a) in the case of the company's individual accounts, of the company,
                    (b) in the case of the company's group accounts, of the undertakings included in the consolidation as a whole, so far as concerns members of the company.
                    (2) The following provisions apply to the directors of a company which qualifies as a micro-entity in relation to a financial year (see sections 373 (companies qualifying as micro-entities) and 374 (companies excluded from being treated as micro-entities)) in their consideration of whether the individual accounts of the company for that year give a fair representation as required by subsection (1)(a)—
                    (a) where the accounts comprise only micro-entity minimum accounting items, the directors must disregard any provision of an accounting standard which would require the accounts to contain information additional to those items,
                    (b) in relation to a micro-entity minimum accounting item contained in the accounts, the directors must disregard any provision of an accounting standard which would require the accounts to contain further information in relation to that item, and
                    (c) where the accounts contain an item of information additional to the micro-entity minimum accounting items, the directors must have regard to any provision of an accounting standard which relates to that item.
                    (3) The auditor of a company in carrying out his functions under these Regulations in relation to the company's annual accounts must have regard to the directors' duty under subsection (1).

                  • 383. Duty to prepare individual accounts

                    (1) The directors of every company must prepare accounts for the company for each of its financial years unless the company is exempt from that requirement under section 384 (individual accounts: exemption for dormant subsidiaries).
                    (2) The directors of every restricted scope company must prepare accounts for the company under the small companies regime for each of its financial years (whether or not such company would otherwise qualify as small under Chapter 1 of this Part), unless the company is exempt from that requirement under section 384 (individual accounts: exemption for dormant subsidiaries).
                    (3) Accounts prepared pursuant to this section are referred to as the company's "individual accounts".

                  • 384. Individual accounts: exemption for dormant subsidiaries

                    (1) A company that is otherwise required to prepare individual accounts is exempt from this requirement for a financial year if—
                    (a) it is itself a subsidiary undertaking, and
                    (b) it has been dormant throughout the whole of that year,
                    (2) Exemption is conditional upon compliance with all of the following conditions—
                    (a) all members of the company must agree to the exemption in respect of the financial year in question,
                    (b) the parent undertaking must give a guarantee under section 386 (parent undertaking declaration of guarantee) in respect of that year,
                    (c) the company must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking,
                    (d) the parent undertaking must disclose in the notes to the consolidated accounts that the company is exempt from the requirement to prepare individual accounts by virtue of this section, and
                    (e) the directors of the company must deliver to the Registrar within the period for filing the company's accounts and reports for that year—
                    (i) a written notice of the agreement referred to in subsection (2)(a),
                    (ii) the statement referred to in section 386(1) (parent undertaking declaration of guarantee),
                    (iii) a copy of the consolidated accounts referred to in subsection (2)(c),
                    (iv) a copy of the auditor's report on those accounts, and
                    (v) a copy of the consolidated annual report drawn up by the parent undertaking.

                  • 385. Companies excluded from the dormant subsidiaries exemption

                    A company is not entitled to the exemption conferred by section 384 (individual accounts: exemption for dormant subsidiaries) if it was at any time within the financial year in question—

                    (a) is a public interest entity, or
                    (b) is a financial institution, or
                    (c) a member of an ineligible group (as defined in section 371(2) (companies excluded from the small companies regime))

                  • 386. Dormant subsidiaries exemption: parent undertaking declaration of guarantee

                    (1) A guarantee is given by a parent undertaking under this section when the directors of the subsidiary company deliver to the Registrar a statement by the parent undertaking that it guarantees the subsidiary company under this section.
                    (2) The statement under subsection (1) must be authenticated by the parent undertaking and must specify—
                    (a) the name of the parent undertaking,
                    (b) if the parent undertaking is incorporated in the Abu Dhabi Global Market, its registered number (if any),
                    (c) if the parent undertaking is incorporated outside the Abu Dhabi Global Market and registered in the country in which it is incorporated, the identity of the register on which it is registered and the number with which it is so registered,
                    (d) the name and registered number of the subsidiary company in respect of which the guarantee is being given,
                    (e) the date of the statement, and
                    (f) the financial year to which the guarantee relates.
                    (3) A guarantee given under this section has the effect that—
                    (a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary company is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and
                    (b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.

                  • 387. Individual accounts: applicable accounting framework

                    (1) A company's individual accounts shall be prepared in accordance with international accounting standards ("IAS individual accounts").
                    (2) The Board may make rules prescribing (i) the circumstances in which other accounting standards may be adopted for the purpose of preparing a company's individual accounts and (ii) the other accounting standards which may be so adopted.

                  • 388. Option to prepare group accounts

                    If at the end of a financial year a company subject to the small companies regime is a parent company the directors, as well as preparing individual accounts for the year, may prepare group accounts for the year.

                  • 389. Duty to prepare group accounts

                    (1) This section applies to companies that are not subject to the small companies regime.
                    (2) If at the end of a financial year the company is a parent company the directors, as well as preparing individual accounts for the year, must prepare group accounts for the year unless the company is exempt from that requirement.
                    (3) Group accounts prepared in accordance with this section shall be prepared in accordance with international accounting standards ("IAS group accounts").
                    (4) The Board may make rules prescribing other accounting standards which may be adopted for the purpose of preparing group accounts.
                    (5) There are exemptions to the requirements of this section under section 390 (exemption for company included in group accounts of larger group).
                    (6) A company to which this section applies but which is exempt from the requirement to prepare group accounts, may do so.

                  • 390. Exemption for company included in group accounts of larger group

                    (1) A company is exempt from the requirement to prepare group accounts if it is itself a subsidiary undertaking, in the following cases—
                    (a) where the company is a wholly-owned subsidiary,
                    (b) where its parent undertaking holds more than 50% of the shares in the company and notice requesting the preparation of group accounts has not been served on the company by shareholders holding in aggregate—
                    (i) more than half of the remaining shares in the company (excluding treasury shares), or
                    (ii) 5% of the total shares in the company (excluding treasury shares).
                    Such notice must be served not later than six months after the end of the financial year before that to which it relates.
                    (2) Exemption is conditional upon compliance with all of the following conditions—
                    (a) the company and all of its subsidiary undertakings must be included in consolidated accounts for a larger group drawn up to the same date, or to an earlier date in the same financial year, by a parent undertaking,
                    (b) those accounts and, where appropriate, the group's annual report, must be drawn up in accordance with the requirements of these Regulations with respect to such accounts and reports or otherwise in a manner equivalent to consolidated accounts and consolidated annual reports so drawn up,
                    (c) the group accounts must be audited by one or more persons authorised to audit accounts under the law under which the parent undertaking which draws them up is established,
                    (d) the company must disclose in its individual accounts that it is exempt from the obligation to prepare and deliver group accounts,
                    (e) the company must state in its individual accounts the name of the parent undertaking which draws up the group accounts referred to above and—
                    (i) if it is incorporated outside the Abu Dhabi Global Market, the country in which it is incorporated, or
                    (ii) if it is unincorporated, the address of its principal place of business,
                    (f) the company must deliver to the Registrar, within the period for filing its accounts and reports for the financial year in question, copies of—
                    (i) the group accounts, and
                    (ii) where appropriate, the consolidated annual report,
                    (iii) together with the auditor's report on them,
                    (g) any requirement of Part 31 of these Regulations as to the delivery to the Registrar of a certified translation into English must be met in relation to any document comprised in the accounts and reports delivered in accordance with subsection (2)(f).
                    (3) For the purposes of subsection (1)(b), shares held by a wholly-owned subsidiary of the parent undertaking, or held on behalf of the parent undertaking or a wholly-owned subsidiary, are attributed to the parent undertaking.
                    (4) Shares held by directors of a company for the purpose of complying with any share qualification requirement shall be disregarded in determining for the purposes of this section whether the company is a wholly-owned subsidiary.

                  • 391. Consistency of financial reporting within group

                    (1) The directors of a parent company must secure that the individual accounts of—
                    (a) the parent company, and
                    (b) each of its subsidiary undertakings,
                    are all prepared using the same financial reporting framework, except to the extent that in their opinion there are good reasons for not doing so.
                    (2) Subsection (1) does not apply if the directors do not prepare group accounts for the parent company.
                    (3) Subsection (1) only applies to accounts of subsidiary undertakings that are required to be prepared under this Part.
                    (4) Subsection (1)(a) does not apply where the directors of a parent company prepare IAS group accounts and IAS individual accounts.

                  • 392. Individual profit and loss account where group accounts prepared

                    (1) This section applies where—
                    (a) a company prepares group accounts in accordance with these Regulations, and
                    (b) the notes to the company's individual balance sheet show the company's profit or loss for the financial year determined in accordance with these Regulations.
                    (2) The company's individual profit and loss account need not contain the information specified in section 396 (information about employee numbers and costs).
                    (3) The company's individual profit and loss account must be approved in accordance with section 399(1) (approval by directors) but may be omitted from the company's annual accounts for the purposes of the other provisions of these Regulations.

                  • 393. Information about related undertakings

                    (1) The Board may make rules requiring information about related undertakings to be given in notes to a company's annual accounts.
                    (2) The rules—
                    (a) may make different provision according to whether or not the company prepares group accounts, and
                    (b) may specify the descriptions of undertaking in relation to which it applies, and make different provision in relation to different descriptions of related undertaking.
                    (3) The rules may provide that information need not be disclosed with respect to an undertaking that—
                    (a) is established under the law of a jurisdiction outside the Abu Dhabi Global Market, or
                    (b) carries on business outside the Abu Dhabi Global Market,
                    if the following conditions are met.
                    (4) The conditions are—
                    (a) that in the opinion of the directors of the company the disclosure would be seriously prejudicial to the business of—
                    (i) that undertaking,
                    (ii) the company,
                    (iii) any of the company's subsidiary undertakings, or
                    (iv) any other undertaking which is included in the consolidation, and
                    (b) that the Registrar agrees that the information need not be disclosed.
                    (5) Where advantage is taken of any such exemption, that fact must be stated in a note to the company's annual accounts.

                  • 394. Information about related undertakings: alternative compliance

                    (1) This section applies where the directors of a company are of the opinion that the number of undertakings in respect of which the company is required to disclose information under any provision of a rule made under section 393 (information about related undertakings) is such that compliance with that provision would result in information of excessive length being given in notes to the company's annual accounts.
                    (2) The information need only be given in respect of the undertakings whose results or financial position, in the opinion of the directors, principally affected the figures shown in the company's annual accounts.
                    (3) If advantage is taken of subsection (2)—
                    (a) there must be included in the notes to the company's annual accounts a statement that the information is given only with respect to such undertakings as are mentioned in that subsection, and
                    (b) the full information (both that which is disclosed in the notes to the accounts and that which is not) must be annexed to the company's next annual return.
                    For this purpose the "next annual return" means that next delivered to the Registrar after the accounts in question have been approved under section 399 (approval and signing of accounts).
                    (4) If a company fails to comply with subsection (3)(b), a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.

                  • 395. Information about off-balance sheet arrangements

                    (1) In the case of a company that is not subject to the small companies regime, if in any financial year—
                    (a) the company is or has been party to arrangements that are not reflected in its balance sheet, and
                    (b) at the balance sheet date the risks or benefits arising from those arrangements are material,
                    (c) the information required by this section must be given in notes to the company's annual accounts.
                    (2) The information required is—
                    (a) the nature and business purpose of the arrangements, and
                    (b) the financial impact of the arrangements on the company.
                    (3) The information need only be given to the extent necessary for enabling the financial position of the company to be assessed.
                    (4) If the company qualifies as medium-sized in relation to the financial year (see sections 438 (companies qualifying as medium-sized: general) to 440 (companies excluded from being treated as medium-sized)) it need not comply with subsection (2)(b).
                    (5) This section applies in relation to group accounts as if the undertakings included in the consolidation were a single company.

                  • 396. Information about employee numbers and costs

                    (1) In the case of a company not subject to the small companies regime, the following information with respect to the employees of the company must be given in notes to the company's annual accounts—
                    (a) the average number of persons employed by the company in the financial year, and
                    (b) the average number of persons so employed within each category of persons employed by the company.
                    (2) The categories by reference to which the number required to be disclosed by subsection (1)(b) is to be determined must be such as the directors may select having regard to the manner in which the company's activities are organised.
                    (3) The average number required by subsection (1)(a) or (b) is determined by dividing the relevant annual number by the number of months in the financial year.
                    (4) The relevant annual number is determined by ascertaining for each month in the financial year—
                    (a) for the purposes of subsection (1)(a), the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),
                    (b) for the purposes of subsection (1)(b), the number of persons in the category in question of persons so employed,
                    (c) and adding together all the monthly numbers.
                    (5) In respect of all persons employed by the company during the financial year who are taken into account in determining the relevant annual number for the purposes of subsection (1)(a) there must also be stated the aggregate amounts respectively of—
                    (a) wages and salaries paid or payable in respect of that year to those persons,
                    (b) social security costs incurred by the company on their behalf, and
                    (c) other pension costs so incurred.
                    This does not apply in so far as those amounts, or any of them, are stated elsewhere in the company's accounts.
                    (6) In subsection (5)—

                    "pension costs" includes any costs incurred by the company in respect of—
                    (a) any pension scheme established for the purpose of providing pensions for persons currently or formerly employed by the company,
                    (b) any sums set aside for the future payment of pensions or sums due in respect of employees' end-of service gratuity entitlements directly by the company to current or former employees, and
                    (c) any pensions or end-of service gratuity payments paid directly to such persons without having first been set aside,
                    "social security costs" means any contributions by the company to any state social security or pension scheme, fund or arrangement.
                    (7) This section applies in relation to group accounts as if the undertakings included in the consolidation were a single company.

                  • 397. Information about directors' benefits: remuneration

                    (1) The Board may make rules requiring information to be given in notes to a company's annual accounts about directors' remuneration.
                    (2) The matters about which information may be required include—
                    (a) gains made by directors on the exercise of share options,
                    (b) benefits received or receivable by directors under long-term incentive schemes,
                    (c) payments for loss of office (as defined in section 203 (payments for loss of office)) and entitlements to end-of-service gratuity payments,
                    (d) benefits receivable, and contributions for the purpose of providing benefits, in respect of past services of a person as director or in any other capacity while director,
                    (e) consideration paid to or receivable by third parties for making available the services of a person as director or in any other capacity while director.
                    (3) For the purposes of this section, and rules made under it, amounts paid to or receivable by—
                    (a) a person connected with a director, or
                    (b) a body corporate controlled by a director,
                    are treated as paid to or receivable by the director.

                    The expressions "connected with" and "controlled by" in this subsection have the same meaning as in Part 10 (company directors).
                    (4) It is the duty of—
                    (a) any director of a company, and
                    (b) any person who is or has at any time in the preceding five years been a director of the company,
                    to give notice to the company of such matters relating to himself as may be necessary for the purposes of rules under this section.
                    (5) A person who makes default in complying with subsection (4) commits a contravention of these Regulations and shall be liable to a level 3 fine.

                  • 398. Information about directors' benefits: advances, credit and guarantees

                    (1) In the case of a company that does not prepare group accounts, details of—
                    (a) advances and credits granted by the company to its directors, and
                    (b) guarantees of any kind entered into by the company on behalf of its directors,
                    must be shown in the notes to its individual accounts.
                    (2) In the case of a parent company that prepares group accounts, details of—
                    (a) advances and credits granted to the directors of the parent company, by that company or by any of its subsidiary undertakings, and
                    (b) guarantees of any kind entered into on behalf of the directors of the parent company, by that company or by any of its subsidiary undertakings,
                    must be shown in the notes to the group accounts.
                    (3) The details required of an advance or credit are—
                    (a) its amount,
                    (b) an indication of the interest rate,
                    (c) its main conditions, and
                    (d) any amounts repaid.
                    (4) The details required of a guarantee are—
                    (a) its main terms,
                    (b) the amount of the maximum liability that may be incurred by the company (or its subsidiary), and
                    (c) any amount paid and any liability incurred by the company (or its subsidiary) for the purpose of fulfilling the guarantee (including any loss incurred by reason of enforcement of the guarantee).
                    (5) There must also be stated in the notes to the accounts the totals—
                    (a) of amounts stated under subsection (3)(a),
                    (b) of amounts stated under subsection (3)(d),
                    (c) of amounts stated under subsection (4)(b), and
                    (d) of amounts stated under subsection (4)(c).
                    (6) References in this section to the directors of a company are to the persons who were a director at any time in the financial year to which the accounts relate.
                    (7) The requirements of this section apply in relation to every advance, credit or guarantee subsisting at any time in the financial year to which the accounts relate—
                    (a) whenever it was entered into,
                    (b) whether or not the person concerned was a director of the company in question at the time it was entered into, and
                    (c) in the case of an advance, credit or guarantee involving a subsidiary undertaking of that company, whether or not that undertaking was such a subsidiary undertaking at the time it was entered into.
                    (8) Financial institutions need only state the details required by subsection (5)(a) and (c).

                  • 399. Approval and signing of accounts

                    (1) A company's annual accounts must be approved by the board of directors and signed on behalf of the board by a director of the company.
                    (2) The signature must be on the company's balance sheet.
                    (3) If the accounts are prepared in accordance with the small companies regime, the balance sheet must contain, in a prominent position above the signature:
                    (a) in the case of individual accounts prepared in accordance with the micro-entity provisions, a statement to that effect, or
                    (b) in the case of accounts not prepared as mentioned in subsection (3)(a), a statement to the effect that the accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
                    (4) If annual accounts are approved that do not comply with the requirements of these Regulations, every director of the company who—
                    (a) knew that they did not comply, or was reckless as to whether they complied, and
                    (b) failed to take reasonable steps to secure compliance with those requirements or, as the case may be, to prevent the accounts from being approved,
                    (c) commits a contravention of these Regulations.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a fine of up to level 5.

              • CHAPTER 5 DIRECTORS' REPORT

                • Directors' report

                  • 400. Duty to prepare directors' report

                    (1) The directors of a company must prepare a directors' report for each financial year of the company.
                    (2) For a financial year in which—
                    (a) the company is a parent company, and
                    (b) the directors of the company prepare group accounts,
                    the directors' report must be a consolidated report (a "group directors' report") relating to the undertakings included in the consolidation.
                    (3) A group directors' report may, where appropriate, give greater emphasis to the matters that are significant to the undertakings included in the consolidation, taken as a whole.
                    (4) In the case of failure to comply with the requirement to prepare a directors' report, a contravention of these Regulations is committed by every person who—
                    (a) was a director of the company immediately before the end of the period for filing accounts and reports for the financial year in question, and
                    (b) failed to take all reasonable steps for securing compliance with that requirement.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.
                    (6) This Chapter shall not apply to a company that is a restricted scope company.

                  • 401. Directors' report: small companies exemption

                    (1) A company is entitled to small companies exemption in relation to the directors' report for a financial year if—
                    (a) it is entitled to prepare accounts for the year in accordance with the small companies regime, or
                    (b) it would be so entitled but for being or having been a member of an ineligible group.
                    (2) The exemption is relevant to—

                    section 402 (1)(b) (contents of directors' report: statement of amount recommended by way of dividend), and

                    sections 418 to 421 (filing obligations of different descriptions of company).

                  • 402. Contents of directors' report: general

                    (1) The directors' report for a financial year must state—
                    (a) the names of the persons who, at any time during the financial year, were directors of the company, and
                    (b) except in the case of a company entitled to the small companies exemption, the amount (if any) that the directors recommend should be paid by way of dividend.
                    (2) The Board may make rules as to other matters that must be disclosed in a directors' report.

                  • 403. Contents of directors' report: statement as to disclosure to auditors

                    (1) This section applies to a company unless—
                    (a) it is exempt for the financial year in question from the requirements of Part 15 as to audit of accounts, and
                    (b) the directors take advantage of that exemption.
                    (2) The directors' report must contain a statement to the effect that, in the case of each of the persons who are directors at the time the report is approved—
                    (a) so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
                    (b) he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
                    (3) "Relevant audit information" means information needed by the company's auditor in connection with preparing his report.
                    (4) A director is regarded as having taken all the steps that he ought to have taken as a director in order to do the things mentioned in subsection (2)(b) if he has—
                    (a) made such enquiries of his fellow directors and of the company's auditors for that purpose, and
                    (b) taken such other steps (if any) for that purpose,
                    as are required by his duty as a director of the company to exercise reasonable care, skill and diligence.
                    (5) Where a directors' report containing the statement required by this section is approved but the statement is false, every director of the company who—
                    (a) knew that the statement was false, or was reckless as to whether it was false, and
                    (b) failed to take reasonable steps to prevent the report from being approved,
                    (c) commits a contravention of these Regulations.
                    (6) A person who commits the contravention referred to in subsection (5) shall be liable to a fine of up to level 4.

                  • 404. Approval and signing of directors' report

                    (1) The directors' report must be approved by the board of directors and signed on behalf of the board by a director or the secretary of the company.
                    (2) If in preparing the report advantage is taken of the small companies exemption, it must contain a statement to that effect in a prominent position above the signature.
                    (3) If a directors' report is approved that does not comply with the requirements of these Regulations, every director of the company who—
                    (a) knew that it did not comply, or was reckless as to whether it complied, and
                    (b) failed to take reasonable steps to secure compliance with those requirements or, as the case may be, to prevent the report from being approved,
                    commits a contravention of these Regulations.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a fine of up to level 4.

              • CHAPTER 6 PUBLICATION OF ACCOUNTS AND REPORTS

                • Duty to circulate copies of accounts and reports

                  • 405. Duty to circulate copies of annual accounts and reports

                    (1) Every company required to prepare annual accounts must send a copy of its annual accounts and reports for each financial year to—
                    (a) every member of the company,
                    (b) every holder of the company's debentures, and
                    (c) every person who is entitled to receive notice of general meetings.
                    (2) Copies need not be sent to a person for whom the company does not have a current address.
                    (3) A company has a "current address" for a person if—
                    (a) an address has been notified to the company by the person as one at which documents may be sent to him, and
                    (b) the company has no reason to believe that documents sent to him at that address will not reach him.
                    (4) In the case of a company not having a share capital, copies need not be sent to anyone who is not entitled to receive notices of general meetings of the company.
                    (5) Where copies are sent out over a period of days, references in these Regulations to the day on which copies are sent out shall be read as references to the last day of that period.

                  • 406. Time allowed for sending out copies of accounts and reports

                    (1) The time allowed for sending out copies of the company's annual accounts and reports is as follows.
                    (2) A private company must comply with section 405 (duty to circulate copies of annual accounts and reports) not later than—
                    (a) the end of the period for filing accounts and reports, or
                    (b) if earlier, the date on which it actually delivers its accounts and reports to the Registrar.
                    (3) A public company must comply with section 405 (duty to circulate copies of annual accounts and reports) at least 21 days before the date of the relevant accounts meeting.
                    (4) If in the case of a public company copies are sent out later than is required by subsection (3), they shall, despite that, be deemed to have been duly sent if it is so agreed by all the members entitled to attend and vote at the relevant accounts meeting.
                    (5) Whether the time allowed is that for a private company or a public company is determined by reference to the company's status immediately before the end of the accounting reference period by reference to which the financial year for the accounts in question was determined.
                    (6) In this section the "relevant accounts meeting" means the accounts meeting of the company at which the accounts and reports in question are to be laid.

                  • 407. Default in sending out copies of accounts and reports: contraventions

                    (1) If default is made in complying with section 405 (duty to circulate copies of annual accounts and reports) or 406 (time allowed for sending out copies of accounts and reports), a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (2) A person who commits the contravention referred to in subsection (1) shall be liable to a fine of up to level 4.

                  • 408. Right of member or debenture holder to copies of accounts and reports

                    (1) A member of, or holder of debentures of, a company is entitled to be provided, on demand and without charge, with a copy of—
                    (a) the company's last annual accounts,
                    (b) the last directors' report, and
                    (c) the auditor's report on those accounts (including the statement on that report),
                    (2) The entitlement under this section is to a single copy of those documents, but that is in addition to any copy to which a person may be entitled under section 405 (duty to circulate copies of annual accounts and reports).
                    (3) If a demand made under this section is not complied with within seven days of receipt by the company, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a fine of up to level 4.

                  • 409. Name of signatory to be stated in published copies of accounts and reports

                    (1) Every copy of a document to which this section applies that is published by or on behalf of the company (including, where applicable, a restricted scope company) must state the name of the person who signed it on behalf of the board.
                    (2) This section applies to the company's balance sheet and its directors' report.
                    (3) If a copy is published without the required statement of the signatory's name, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 3 fine.

                  • 410. Requirements in connection with publication of registrable accounts

                    (1) If a company publishes any of its registrable accounts, they must be accompanied by the auditor's report on those accounts (unless the company is exempt from audit and the directors have taken advantage of that exemption).
                    (2) A company that prepares registrable group accounts for a financial year must not publish its registrable individual accounts for that year without also publishing with them its registrable group accounts.
                    (3) A company's "registrable accounts" are its accounts for a financial year as required to be delivered to the Registrar under section 415 (duty to file accounts and reports with the Registrar).
                    (4) If a company contravenes any provision of this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a fine of up to level 5.

                  • 411. Requirements in connection with publication of non-registrable and other accounts

                    (1) If a company publishes non-registrable accounts, it must publish with them a statement indicating—
                    (a) that they are not the company's registrable accounts,
                    (b) whether registrable accounts dealing with any financial year with which the non-registrable accounts purport to deal have been delivered to the Registrar, and
                    (c) whether an auditor's report has been made on the company's registrable accounts for any such financial year, and if so whether the report—
                    (i) was qualified or unqualified, or included a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report, or
                    (ii) contained a statement under section 469 (2) (accounting records or returns inadequate or accounts), or section 469 (3) (failure to obtain necessary information and explanations).
                    (2) The company must not publish with non-registrable accounts the auditor's report on the company's registrable accounts.
                    (3) References in this section to the publication by a company of "non-registrable accounts" are to the publication of—
                    (a) any balance sheet or profit and loss account relating to, or purporting to deal with, a financial year (or any part thereof) of the company, or
                    (b) an account in any form purporting to be a balance sheet or profit and loss account for a group headed by the company relating to, or purporting to deal with, a financial year (or any part thereof) of the company,
                    otherwise than as part of the company's registrable accounts.
                    (4) In subsection (3)(b) "a group headed by the company" means a group consisting of the company and any other undertaking (regardless of whether it is a subsidiary undertaking of the company) other than a parent undertaking of the company.
                    (5) If a company contravenes any provision of this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (6) A person who commits the contravention referred to in subsection (5) shall be liable to a fine of up to level 4.
                    (7) If a restricted scope company publishes any accounts such as are mentioned in subsection (3), it must comply with Chapter 8.

                  • 412. Meaning of "publication" in relation to accounts and reports

                    (1) This section has effect for the purposes of—

                    section 409 (name of signatory to be stated in published copies of accounts and reports),

                    section 410 (requirements in connection with publication of registrable accounts), and

                    section 411 (requirements in connection with publication of non-registrable accounts).
                    (2) For the purposes of those sections a company (including, where applicable, a restricted scope company) is regarded as publishing a document if it publishes, issues or circulates it (including by making it available on a website) or otherwise makes it available for public inspection in a manner calculated to invite members of the public generally, or any class of members of the public, to read it.

              • CHAPTER 7 PUBLIC COMPANIES: LAYING OF ACCOUNTS AND REPORTS BEFORE GENERAL MEETING

                • 413. Public companies: laying of accounts and reports before general meeting

                  (1) The directors of a public company must lay before the company in general meeting copies of its annual accounts and reports.
                  (2) This section must be complied with not later than the end of the period for filing the accounts and reports in question.
                  (3) In these Regulations "accounts meeting", in relation to a public company, means a general meeting of the company at which the company's annual accounts and reports are (or are to be) laid in accordance with this section.

                • 414. Public companies: failure to lay accounts and reports

                  (1) If the requirements of section 413 (public companies: laying of accounts and reports before general meeting) are not complied with before the end of the period allowed, every person who immediately before the end of that period was a director of the company commits a contravention of these Regulations.
                  (2) A person does not commit the contravention referred to in subsection (1) if he proves that he took all reasonable steps for securing that the requirements mentioned in that subsection would be complied with before the end of that period, and for this purpose it is not enough to prove that the documents in question were not in fact prepared as required by this Part.
                  (3) A person who commits the contravention referred to in subsection (1) shall be liable to a fine of up to level 4.

              • CHAPTER 8 FILING OF ACCOUNTS AND REPORTS

                • Duty to file accounts and reports

                  • 415. Duty to file accounts and reports with the Registrar

                    (1) The directors of a company must deliver to the Registrar for each financial year the accounts and reports required by—

                    section 418 (filing obligations of companies subject to small companies regime),

                    section 419 (filing obligations of companies entitled to small companies exemption: additional requirements),

                    section 420 (filing obligations of medium-sized companies), and

                    section 421 (filing obligations of companies generally).
                    (2) This is subject to—

                    section 422 (unlimited companies exempt from filing obligations), and

                    section 423 (dormant subsidiaries exempt from filing obligations).
                    (3) Subject to section 411 (7), this Chapter shall not apply to a company that is a restricted scope company unless the Registrar has given notice to any restricted scope company that this Chapter applies to it and following notice such restricted scope company shall deliver to the Registrar all accounts required to be prepared by it under these Regulations.
                    (4) Accounts of restricted scope companies will not be subject to public disclosure by the Registrar.

                  • 416. Period allowed for filing accounts

                    (1) This section specifies the period allowed for the directors of a company to comply with their obligation under section 415 (duty to file accounts and reports with the Registrar) to deliver accounts and reports for a financial year to the Registrar.

                    This is referred to in these Regulations as the "period for filing" those accounts and reports.
                    (2) The period is—
                    (a) for a private company, nine months after the end of the relevant accounting reference period, and
                    (b) for a public company, six months after the end of that period.
                    This is subject to the following provisions of this section.
                    (3) If the relevant accounting reference period is the company's first and is a period of more than twelve months, the period is—
                    (a) nine months or six months, as the case may be, from the first anniversary of the incorporation of the company, or
                    (b) three months after the end of the accounting reference period,
                    whichever last expires.
                    (4) If the relevant accounting reference period is treated as shortened by virtue of a notice given by the company under section 381 (alteration of accounting reference date), the period is—
                    (a) that applicable in accordance with the above provisions, or
                    (b) three months from the date of the notice under that section,
                    whichever last expires.
                    (5) If for any special reason the Board thinks fit it may, on an application made before the expiry of the period otherwise allowed, by notice in writing to a company extend that period by such further period as may be specified in the notice.
                    (6) Whether the period allowed is that for a private company or a public company is determined by reference to the company's status immediately before the end of the relevant accounting reference period.
                    (7) In this section "the relevant accounting reference period" means the accounting reference period by reference to which the financial year for the accounts in question was determined.

                  • 417. Calculation of period allowed

                    (1) This section applies for the purposes of calculating the period for filing a company's accounts and reports which is expressed as a specified number of months from a specified date or after the end of a specified previous period.
                    (2) Subject to the following provisions, the period ends with the date in the appropriate month corresponding to the specified date or the last day of the specified previous period.
                    (3) If the specified date, or the last day of the specified previous period, is the last day of a month, the period ends with the last day of the appropriate month (whether or not that is the corresponding date).
                    (4) If—
                    (a) the specified date, or the last day of the specified previous period, is not the last day of a month but is the 29th or 30th, and
                    (b) the appropriate month is February,
                    the period ends with the last day of February.
                    (5) "The appropriate month" means the month that is the specified number of months after the month in which the specified date, or the end of the specified previous period, falls.

                  • 418. Filing obligations of companies subject to small companies regime

                    (1) The directors of a company subject to the small companies regime—
                    (a) must deliver to the Registrar for each financial year a copy of a balance sheet drawn up as at the last day of that year, and
                    (b) may also deliver to the Registrar—
                    (i) a copy of the company's profit and loss account for that year, and
                    (ii) a copy of the directors' report for that year.
                    (2) The directors must also deliver to the Registrar a copy of the auditor's report on the accounts (and any directors' report) that it delivers.

                    This does not apply if the company is exempt from audit and the directors have taken advantage of that exemption.
                    (3) Subject to section 419 the copies of accounts and reports delivered to the Registrar must be copies of the company's annual accounts and reports.
                    (4) The copies of the balance sheet and any directors' report delivered to the Registrar under this section must state the name of the person who signed it on behalf of the board.
                    (5) The copy of the auditor's report delivered to the Registrar under this section must—
                    (a) state the name of the auditor and (where the auditor is a firm) the name of the person who signed it as senior auditor, or
                    (b) if the conditions in section 477 (circumstances in which names may be omitted) are met, state that a resolution has been passed and notified to the Board in accordance with that section.

                  • 419. Filing obligations of companies entitled to small companies exemption: additional requirements

                    (1) Where a company prepares accounts which are deliverable to the Registrar under section 418—
                    (a) the directors may deliver to the Registrar a copy of a balance sheet drawn up as prescribed in rules made by the Board, and
                    (b) there may be omitted from the copy of the profit and loss account delivered to the Registrar such items as may be specified by the rules made under subsection (1)(a).
                    (2) Where the directors of a company subject to the small companies regime deliver to the Registrar accounts, and in accordance with section 418—
                    (a) do not deliver to the Registrar a copy of the company's profit and loss account, or
                    (b) do not deliver to the Registrar a copy of the directors' report,
                    the copy of the balance sheet delivered to the Registrar must contain in a prominent position a statement that the company's annual accounts and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

                  • 420. Filing obligations of medium-sized companies

                    (1) The directors of a company that qualifies as a medium-sized company in relation to a financial year (see sections 438 (companies qualifying as medium-sized: general) to 440 (companies excluded as being treated as medium-sized)) must deliver to the Registrar a copy of—
                    (a) the company's annual accounts, and
                    (b) the directors' report.
                    (2) They must also deliver to the Registrar a copy of the auditor's report on those accounts (and on the directors' report).

                    This does not apply if the company is exempt from audit and the directors have taken advantage of that exemption.
                    (3) The copies of the balance sheet and directors' report delivered to the Registrar under this section must state the name of the person who signed it on behalf of the board.
                    (4) The copy of the auditor's report delivered to the Registrar under this section must—
                    (a) state the name of the auditor and (where the auditor is a firm) the name of the person who signed it as senior auditor, or
                    (b) if the conditions in section 477 (circumstances in which names may be omitted) are met, state that a resolution has been passed and notified to the Board in accordance with that section.
                    (5) This section does not apply to companies with in section 418 (filing obligations of companies subject to the small companies regime).

                  • 421. Filing obligations of companies generally

                    (1) The directors of a company must deliver to the Registrar for each financial year of the company a copy of—
                    (a) the company's annual accounts, and
                    (b) the directors' report.
                    (2) The directors to whom subsection (1) applies must also deliver to the Registrar a copy of the auditor's report on those accounts (and the directors' report).

                    This does not apply if the company is exempt from audit and the directors have taken advantage of that exemption.
                    (3) The copies of the balance sheet and directors' report delivered to the Registrar under this section must state the name of the person who signed it on behalf of the board.
                    (4) The copy of the auditor's report delivered to the Registrar under this section must—
                    (a) state the name of the auditor and (where the auditor is a firm) the name of the person who signed it as senior auditor, or
                    (b) if the conditions in section 477 (circumstances in which names may be omitted) are met, state that a resolution has been passed and notified to the Board in accordance with that section.
                    (5) This section does not apply to companies within—
                    (a) section 418 (filing obligations of companies subject to the small companies regime), or
                    (b) section 420 (filing obligations of medium-sized companies).

                  • 422. Unlimited companies exempt from obligation to file accounts

                    (1) The directors of an unlimited company are not required to deliver accounts and reports to the Registrar in respect of a financial year if the following conditions are met.
                    (2) The conditions are that at no time during the relevant accounting reference period—
                    (a) has the company been, to its knowledge, a subsidiary undertaking of an undertaking which was then limited, or
                    (b) have there been, to its knowledge, exercisable by or on behalf of two or more undertakings which were then limited, rights which if exercisable by one of them would have made the company a subsidiary undertaking of it, or
                    (c) has the company been a parent company of an undertaking which was then limited.
                    The references above to an undertaking being limited at a particular time are to an undertaking (under whatever law established) the liability of whose members is at that time limited.
                    (3) The exemption conferred by this section does not apply if—
                    (a) the company is a financial institution or the parent company of a group which includes a financial institution, or
                    (b) each of the members of the company is—
                    (i) a limited company, or
                    (ii) another unlimited company each of whose members is a limited company.
                    The references in subsection (3)(b) to a limited company and another unlimited company, include a comparable undertaking incorporated in or formed under the law of a jurisdiction outside the Abu Dhabi Global Market.
                    (4) Where a company is exempt by virtue of this section from the obligation to deliver accounts—
                    (a) section 410(3) (requirements in connection with publication of registrable accounts: meaning of "registrable accounts") has effect with the substitution for the words "as required to be delivered to the Registrar under section 415 (duty to file accounts and reports with the Registrar)" of the words "as prepared in accordance with this Part and approved by the board of directors", and
                    (b) section 411(1)(b) (requirements in connection with publication of non-registrable accounts: statement whether registrable accounts delivered) has effect with the substitution for the words from "whether registrable accounts" to "have been delivered to the Registrar" of the words "that the company is exempt from the requirement to deliver registrable accounts".
                    (5) In this section the "relevant accounting reference period", in relation to a financial year, means the accounting reference period by reference to which that financial year was determined.

                  • 423. Dormant subsidiaries exempt from obligation to file accounts

                    (1) The directors of a company are not required to deliver a copy of the company's individual accounts to the Registrar in respect of a financial year if—
                    (a) the company is a subsidiary undertaking,
                    (b) it has been dormant throughout the whole of that year, and
                    (c) its parent undertaking is established under the law of the Abu Dhabi Global Market.
                    (2) Exemption is conditional upon compliance with all of the following conditions—
                    (a) all members of the company must agree to the exemption in respect of the financial year in question,
                    (b) the parent undertaking must give a guarantee under section 425 (parent undertaking declaration of guarantee) in respect of that year,
                    (c) the company must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking in accordance with international accounting standards,
                    (d) the parent undertaking must disclose in the notes to the consolidated accounts that the directors of the company are exempt from the requirement to deliver a copy of the company's individual accounts to the Registrar by virtue of this section, and
                    (e) the directors of the company must deliver to the Registrar within the period for filing the company's accounts and reports for that year—
                    (i) a written notice of the agreement referred to in subsection (2)(a),
                    (ii) the statement referred to in section 425(1) (parent undertaking declaration of guarantee),
                    (iii) a copy of the consolidated accounts referred to in subsection (2)(c),
                    (iv) a copy of the auditor's report on those accounts, and
                    (v) a copy of the consolidated annual report drawn up by the parent undertaking.

                  • 424. Companies excluded from the dormant subsidiaries exemption

                    The directors of a company are not entitled to the exemption conferred by section 423 (dormant subsidiaries) if the company was at any time within the financial year in question—

                    (a) a public interest entity, or
                    (b) a financial institution.

                  • 425. Dormant subsidiaries filing exemption: parent undertaking declaration of guarantee

                    (1) A guarantee is given by a parent undertaking under this section when the directors of the subsidiary company deliver to the Registrar a statement by the parent undertaking that it guarantees the subsidiary company under this section.
                    (2) The statement under subsection (1) must be authenticated by the parent undertaking and must specify—
                    (a) the name of the parent undertaking and its registered number,
                    (b) the name and registered number of the subsidiary company in respect of which the guarantee is being given,
                    (c) the date of the statement, and
                    (d) the financial year to which the guarantee relates.
                    (3) A guarantee given under this section has the effect that—
                    (a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary company is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and
                    (b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.

                  • 426. Default in filing accounts and reports: contraventions

                    (1) If the requirements of section 415 (duty to file accounts and reports) are not complied with in relation to a company's accounts and reports for a financial year before the end of the period for filing those accounts and reports, the company and every person who immediately before the end of that period was a director of the company, commits a contravention of these Regulations.
                    (2) A person does not commit the contravention referred to in subsection (1) if he proves that he took all reasonable steps for securing that those requirements would be complied with before the end of that period, and for this purpose, it is not enough to prove that the documents in question were not in fact prepared as required by this Part.
                    (3) A person who commits the contravention referred to in subsection (1) shall be liable to a fine of up to level 5.

                  • 427. Default in filing accounts and reports: Court order

                    (1) If—
                    (a) the requirements of section 415 (duty to file accounts and reports) are not complied with in relation to a company's accounts and reports for a financial year before the end of the period for filing those accounts and reports, and
                    (b) the directors of the company fail to make good the default within 14 days after the service of a notice on them requiring compliance,
                    the Court may, on the application of any member or creditor of the company or of the Registrar, make an order directing the directors (or any of them) to make good the default within such time as may be specified in the order.
                    (2) The Court's order may provide that all costs of and incidental to the application are to be borne by the directors.

              • CHAPTER 9 REVISION OF DEFECTIVE ACCOUNTS AND REPORTS

                • Voluntary revision

                  • 428. Voluntary revision of accounts etc.

                    (1) If it appears to the directors of a company that—
                    (a) the company's annual accounts, or
                    (b) the directors' report,
                    did not comply with the requirements of these Regulations, they may prepare revised accounts or a revised report or statement.
                    (2) Where copies of the previous accounts or report have been sent out to members, delivered to the Registrar or (in the case of a public company) laid before the company in general meeting, the revisions must be confined to—
                    (a) the correction of those respects in which the previous accounts or report did not comply with the requirements of these Regulations, and
                    (b) the making of any necessary consequential alterations.
                    (3) The Board may make rules as to the application of the provisions of these Regulations in relation to—
                    (a) revised annual accounts, or
                    (b) a revised directors' report,
                    (4) The rules may, in particular—
                    (a) make different provision according to whether the previous accounts or report are replaced or are supplemented by a document indicating the corrections to be made,
                    (b) make provision with respect to the functions of the company's auditor in relation to the revised accounts or report,
                    (c) require the directors to take such steps as may be specified in the rules where the previous accounts or report have been—
                    (i) sent out to members and others under section 405 (duty to circulate copies of annual accounts and reports),
                    (ii) laid before the company in general meeting, or
                    (iii) delivered to the Registrar,
                    (d) apply the provisions of these Regulations (including those imposing fines for contraventions of these Regulations) subject to such additions, exceptions and modifications as are specified in the rules;
                    (e) make provision for the manner in which this Chapter applies to restricted scope companies.

                  • 429. Registrar's notice in respect of accounts or reports

                    (1) This section applies where—
                    (a) copies of a company's annual accounts or directors' report have been sent out under section 405 (duty to circulate copies of annual accounts and reports), or
                    (b) a copy of a company's annual accounts or directors' report has been delivered to the Registrar or (in the case of a public company) laid before the company in general meeting,
                    and it appears to the Registrar that there is, or may be, a question whether the accounts or report comply with the requirements of these Regulations.
                    (2) The Registrar may give notice to the directors of the company indicating the respects in which it appears that such a question arises or may arise.
                    (3) The notice must specify a period of not less than one month for the directors to give an explanation of the accounts or report or prepare revised accounts or a revised report.
                    (4) If at the end of the specified period, or such longer period as the Registrar may allow, it appears to the Registrar that the directors have not—
                    (a) given a satisfactory explanation of the accounts or report, or
                    (b) revised the accounts or report so as to comply with the requirements of these Regulations,
                    the Registrar may apply to the Court.
                    (5) The provisions of this section apply equally to revised annual accounts and revised directors' reports, in which case they have effect as if the references to revised accounts or reports were references to further revised accounts or reports.

                • Application to Court

                  • 430. Application to Court in respect of defective accounts or reports

                    (1) An application may be made to the Court—
                    (a) by the Registrar, after having complied with section 429 (Registrar's notice in respect of accounts or reports), or
                    (b) by a person authorised by the Registrar for the purposes of this section,
                    for a declaration that the annual accounts of a company do not comply, or a directors' report does not comply, with the requirements of these Regulations and for an order requiring the directors of the company to prepare revised accounts or a revised report.
                    (2) Notice of the application, together with a general statement of the matters at issue in the proceedings, shall be given by the applicant to the Registrar for registration.
                    (3) If the Court orders the preparation of revised accounts, it may give directions as to—
                    (a) the auditing of the accounts,
                    (b) the revision of any directors' report, and
                    (c) the taking of steps by the directors to bring the making of the order to the notice of persons likely to rely on the previous accounts,
                    and such other matters as the Court thinks fit.
                    (4) If the Court orders the preparation of a revised directors' report it may give directions as to—
                    (a) the review of the report by the auditors,
                    (b) the taking of steps by the directors to bring the making of the order to the notice of persons likely to rely on the previous report, and
                    (c) such other matters as the Court thinks fit.
                    (5) If the Court finds that the accounts or report did not comply with the requirements of these Regulations it may order that all or part of—
                    (a) the costs of and incidental to the application, and
                    (b) any reasonable expenses incurred by the company in connection with or in consequence of the preparation of revised accounts or a revised report,
                    (c) are to be borne by such of the directors as were party to the approval of the defective accounts or report.
                    For this purpose every director of the company at the time of the approval of the accounts or report shall be taken to have been a party to the approval unless he shows that he took all reasonable steps to prevent that approval.
                    (6) Where the Court makes an order under subsection (5) it shall have regard to whether the directors party to the approval of the defective accounts or report knew or ought to have known that the accounts or report did not comply with the requirements of these Regulations, and it may exclude one or more directors from the order or order the payment of different amounts by different directors.
                    (7) On the conclusion of proceedings on an application under this section, the applicant must send to the Registrar for registration a copy of the Court order or, as the case may be, give notice to the Registrar that the application has failed or been withdrawn.
                    (8) The provisions of this section apply equally to revised annual accounts and revised directors' reports, in which case they have effect as if the references to revised accounts or reports were references to further revised accounts or reports.

                  • 431. Other persons authorised to apply to the Court

                    (1) The Registrar may authorise for the purposes of section 430 (application to Court in respect of defective accounts or reports) (a "section 430 authorisation") any person appearing to it—
                    (a) to have an interest in, and to have satisfactory procedures directed to securing, compliance by companies with the requirements of these Regulations relating to accounts and directors' reports,
                    (b) to have satisfactory procedures for receiving and investigating complaints about companies' annual accounts and directors' reports, and
                    (c) otherwise to be a fit and proper person to be authorised.
                    (2) A person may be authorised generally or in respect of particular classes of case, and different persons may be authorised in respect of different classes of case.
                    (3) The Registrar may refuse to authorise a person if it considers that his authorisation is unnecessary having regard to the fact that there are one or more other persons who have been or are likely to be authorised.
                    (4) If the authorised person is an unincorporated association, proceedings brought in, or in connection with, the exercise of any function by the association as an authorised person may be brought by or against the association in the name of a body corporate whose constitution provides for the establishment of the association.
                    (5) A section 430 authorisation may contain such requirements or other provisions relating to the exercise of functions by the authorised person as appear to the Registrar to be appropriate.

                    No such authorisation is to be made unless it appears to the Registrar that the person would, if authorised, exercise his functions as an authorised person in accordance with the provisions proposed.
                    (6) Where authorisation is revoked, the Registrar may make such provision as it thinks fit with respect to pending proceedings.

                • Power of authorised person to require documents etc.

                  • 432. Power of authorised person to require documents, information and explanations

                    (1) This section applies where it appears to a person who is authorised under section 431 (other persons authorised to apply to the Court) that there is, or may be, a question whether a company's annual accounts or directors' report complies with the requirements of these Regulations.
                    (2) The authorised person may require any of the persons mentioned in subsection (3) to produce any document, or to provide him with any information or explanations, that he may reasonably require for the purpose of—
                    (a) discovering whether there are grounds for an application to the Court under section 430 (application to Court in respect of defective accounts or reports), or
                    (b) deciding whether to make such an application.
                    (3) Those persons are—
                    (a) the company,
                    (b) any officer, employee, or auditor of the company,
                    (c) any persons who fell within subsection (3)(b) at a time to which the document or information required by the authorised person relates.
                    (4) If a person fails to comply with such a requirement, the authorised person may apply to the Court.
                    (5) If it appears to the Court that the person has failed to comply with a requirement under subsection (2), it may order the person to take such steps as it directs for securing that the documents are produced or the information or explanations are provided.
                    (6) Nothing in this section compels any person to disclose documents or information in respect of which a claim to legal professional privilege could be maintained in legal proceedings.
                    (7) In this section "document" includes information recorded in any form.

                  • 433. Restrictions on disclosure of information obtained under compulsory powers

                    (1) This section applies to information (in whatever form) obtained in pursuance of a requirement or order under section 432 (power of authorised person to require documents etc.) that relates to the private affairs of an individual or to any particular business.
                    (2) No such information may, during the lifetime of that individual or so long as that business continues to be carried on, be disclosed without the consent of that individual or the person for the time being carrying on that business.
                    (3) This does not apply—
                    (a) to disclosure permitted by section 434 (permitted disclosure of information obtained under compulsory powers), or
                    (b) to the disclosure of information that is or has been available to the public from another source.
                    (4) A person who discloses information in contravention of this section commits a contravention of these Regulations, unless—
                    (a) he did not know, and had no reason to suspect, that the information had been disclosed under section 432 (power of authorised person to require documents, information and explanations), or
                    (b) he took all reasonable steps and exercised all due diligence to avoid the commission of the contravention.
                    (5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.
                    (6) Where a contravention under this section is committed by a body corporate, every officer of the body who is in default also commits the contravention. For this purpose—
                    (a) any person who purports to act as director, manager or secretary of the body is treated as an officer of the body, and
                    (b) if the body is a company, any shadow director is treated as an officer of the company.

                  • 434. Permitted disclosure of information obtained under compulsory powers

                    (1) The prohibition in section 433 (restrictions on disclosure of information obtained under compulsory powers) of the disclosure of information obtained in pursuance of a requirement or order under section 432 (power of authorised person to require documents etc.) that relates to the private affairs of an individual or to any particular business has effect subject to the following exceptions.
                    (2) It does not apply to the disclosure of information for the purpose of facilitating the carrying out by the authorised person of his functions under section 430 (application to Court in respect of defective accounts or reports).
                    (3) It does not apply to disclosure to—
                    (a) the Board,
                    (b) the Registrar, or
                    (c) the Financial Services Regulator.
                    (4) It does not apply to disclosure—
                    (a) for the purpose of assisting a body designated by rules to monitor auditors,
                    (b) with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an accountant or auditor of his professional duties,
                    (c) for the purpose of enabling or assisting the Board to exercise its functions under any law or regulation applicable to the Abu Dhabi Global Market.
                    (5) It does not apply to disclosure to a body exercising functions of a public nature under legislation in any jurisdiction outside the Abu Dhabi Global Market that appear to the authorised person to be similar to his functions under section 430 (application to Court in respect of defective accounts or reports) for the purpose of enabling or assisting that body to exercise those functions.
                    (6) In determining whether to disclose information to a body in accordance with subsection (5), the authorised person must have regard to the following considerations—
                    (a) whether the use which the body is likely to make of the information is sufficiently important to justify making the disclosure,
                    (b) whether the body has adequate arrangements to prevent the information from being used or further disclosed other than—
                    (i) for the purposes of carrying out the functions mentioned in that subsection, or
                    (ii) for other purposes substantially similar to those for which information disclosed to the authorised person could be used or further disclosed.

                  • 435. Power to amend categories of permitted disclosure

                    (1) The Board may make rules amending section 434(3), (4) and (5) (permitted disclosure of information obtained under compulsory powers).
                    (2) Rules under this section must not—
                    (a) amend subsection (3) of that section (Abu Dhabi Global Market public authorities) by specifying a person unless the person exercises functions of a public nature (whether or not he exercises any other function),
                    (b) amend subsection (4) of that section (purposes for which disclosure permitted) by adding or modifying a description of disclosure unless the purpose for which the disclosure is permitted is likely to facilitate the exercise of a function of a public nature,
                    (c) amend subsection (5) of that section (overseas regulatory authorities) so as to have the effect of permitting disclosures to be made to a body other than one that exercises functions of a public nature in a jurisdiction outside the Abu Dhabi Global Market.

                  • 436. Liability for false or misleading statements in directors' reports

                    (1) A director of a company is liable to compensate the company for any loss suffered by it as a result of—
                    (a) any untrue or misleading statement in a directors' report, or
                    (b) the omission from a directors' report of anything required to be included in it.
                    (2) He is so liable only if—
                    (a) he knew the statement to be untrue or misleading or was reckless as to whether it was untrue or misleading, or
                    (b) he knew the omission to be dishonest concealment of a material fact.
                    (3) No person shall be subject to any liability to a person other than the company resulting from reliance, by that person or another, on information in a report to which this section applies.
                    (4) The reference in subsection (3) to a person being subject to a liability includes a reference to another person being entitled as against him to be granted any civil remedy or to rescind or repudiate an agreement.
                    (5) This section does not affect liability for a contravention of these Regulations or any other Abu Dhabi Global Market regulations.

                • Accounting and reporting standards

                  • 437. Accounting standards

                    (1) In this Part "accounting standards" means international accounting standards or such other standard accounting practice as may be prescribed by rules made by the Board.
                    (2) References in this Part to accounting standards applicable to a company's annual accounts are to such standards as are, in accordance with their terms, relevant to the company's circumstances and to the accounts.
                    (3) Rules under this section may contain such transitional and other supplementary and incidental provisions as appear to the Board to be appropriate.

              • CHAPTER 10 SUPPLEMENTARY PROVISIONS

                • Companies qualifying as medium-sized

                  • 438. Companies qualifying as medium-sized: general

                    (1) A company qualifies as medium-sized in relation to its first financial year if the qualifying conditions are met in that year.
                    (2) A company qualifies as medium-sized in relation to a subsequent financial year—
                    (a) if the qualifying conditions are met in that year and the preceding financial year,
                    (b) if the qualifying conditions are met in that year and the company qualified as medium-sized in relation to the preceding financial year,
                    (c) if the qualifying conditions were met in the preceding financial year and the company qualified as medium-sized in relation to that year.
                    (3) The qualifying conditions are met by a company in a year in which it satisfies both of the following requirements—

                    1. Turnover Not more than 68 million US dollars
                    2. Number of employees Not more than 75
                    (4) For a period that is a company's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.
                    (5) The number of employees means the average number of persons employed by the company in the year, determined as follows—
                    (a) find for each month in the financial year the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),
                    (b) add together the monthly totals, and
                    (c) divide by the number of months in the financial year.
                    (6) This section is subject to section 439 (companies qualifying as medium-sized: parent companies).
                    (7) This Chapter shall not apply to a company that is a restricted scope company.

                  • 439. Companies qualifying as medium-sized: parent companies

                    (1) A parent company qualifies as a medium-sized company in relation to a financial year only if the group headed by it qualifies as a medium-sized group.
                    (2) A group qualifies as medium-sized in relation to the parent company's first financial year if the qualifying conditions are met in that year.
                    (3) A group qualifies as medium-sized in relation to a subsequent financial year of the parent company—
                    (a) if the qualifying conditions are met in that year and the preceding financial year,
                    (b) if the qualifying conditions are met in that year and the group qualified as medium-sized in relation to the preceding financial year,
                    (c) if the qualifying conditions were met in the preceding financial year and the group qualified as medium-sized in relation to that year.
                    (4) The qualifying conditions are met by a group in a year in which it satisfies both of the following requirements—

                    1. Aggregate turnover Not more than 68 million US dollars net (or 81.6 million US dollars gross)
                    2. Aggregate number of employees Not more than 75
                    (5) The aggregate figures are ascertained by aggregating the relevant figures determined in accordance with section 438 (companies qualifying as medium-sized: general) for each member of the group.
                    (6) In relation to the aggregate figures for turnover—
                    "net" means after any set offs and other adjustments made to eliminate group transactions in accordance with international accounting standards, and
                    "gross" means without those set offs and other adjustments.
                    A company may satisfy any relevant requirement on the basis of either the net or the gross figure.
                    (7) The figures for each subsidiary undertaking shall be those included in its individual accounts for the relevant financial year, that is—
                    (a) if its financial year ends with that of the parent company, that financial year, and
                    (b) if not, its financial year ending last before the end of the financial year of the parent company.
                    If those figures cannot be obtained without disproportionate expense or undue delay, the latest available figures shall be taken.

                  • 440. Companies excluded from being treated as medium-sized

                    (1) A company is not entitled to take advantage of any of the provisions of this Part relating to companies qualifying as medium-sized if it was at any time within the financial year in question—
                    (a) a public interest entity,
                    (b) a financial institution,
                    (c) a member of an ineligible group.
                    (2) A group is ineligible if any of its members is—
                    (a) a public interest entity,
                    (b) a financial institution,

                • General power to make further provision about accounts and reports

                  • 441. General power to make further provision about accounts and reports

                    (1) The Board may make rules about—
                    (a) the accounts and reports that companies are required to prepare,
                    (b) the categories of companies required to prepare accounts and reports of any description,
                    (c) the form and content of the accounts and reports that companies are required to prepare,
                    (d) the obligations of companies and others as regards—
                    (i) the approval of accounts and reports,
                    (ii) the sending of accounts and reports to members and others,
                    (iii) the laying of accounts and reports before the company in general meeting,
                    (iv) the delivery of copies of accounts and reports to the Registrar, and
                    (v) the publication of accounts and reports.
                    (2) The rules may amend this Part by adding, altering or repealing provisions.
                    (3) But they must not amend (other than consequentially)—
                    (a) section 382 (accounts to give a fair representation), or
                    (b) the provisions of Chapter 9 (revision of defective accounts and reports).
                    (4) The rules may impose fines (up to a maximum of level 3) for contraventions of the rules.

              • CHAPTER 11 SUPPLEMENTARY PROVISIONS

                • 442. Preparation and filing of accounts in other relevant currencies

                  (1) The amounts set out in the annual accounts of a company shall be shown in United States Dollars and may also be shown in the same accounts translated into any other relevant currency.
                  (2) When complying with section 415 (duty to file accounts and reports with the Registrar), the directors of a company may deliver to the Registrar an additional copy of the company's annual accounts in which the amounts have been translated into any other relevant currency.
                  (3) In both cases—
                  (a) the amounts must have been translated at the exchange rate prevailing on the date to which the balance sheet is made up, and
                  (b) that rate must be disclosed in the notes to the accounts.
                  (4) Subsection (3)(b) does not apply to the individual accounts of a company for a financial year in which the company qualifies as a micro-entity (see sections 373 (companies qualifying as micro-entities) and 374 (companies excluded from being treated as micro-entities)).
                  (5) For the purposes of sections 410 and 411 (requirements in connection with published accounts) any additional copy of the company's annual accounts delivered to the Registrar under subsection (2) above shall be treated as registrable accounts of the company.

                  In the case of such a copy, references in those sections to the auditor's report on the company's annual accounts shall be read as references to the auditor's report on the annual accounts of which it is a copy.

                • 443. Power to apply provisions to banking partnerships

                  (1) The Board may make rules applying to banking partnerships, subject to such exceptions, adaptations and modifications as it considers appropriate, the provisions of this Part (and of rules made under this Part) applying to banking companies.
                  (2) A "banking partnership" means a partnership which has authorisation from the appropriate authorities to conduct banking business in the Abu Dhabi Global Market.

                • 444. Meaning of "annual accounts" and related expressions

                  (1) In this Part a company's "annual accounts", in relation to a financial year, means—
                  (a) any individual accounts prepared by the company for that year (see section 383 (duty to prepare individual accounts)), and
                  (b) any group accounts prepared by the company for that year (see sections 388 (option to prepare group accounts) and 389 (duty to prepare group accounts)).
                  This is subject to section 392 (option to omit individual profit and loss account from annual accounts where information given in notes to the individual balance sheet).
                  (2) A company's "annual accounts and reports" for a financial year are—
                  (a) its annual accounts,
                  (b) the directors' report, and
                  (c) the auditor's report on those accounts, and the directors' report (unless the company is exempt from audit).

                • 445. Notes to the accounts

                  (1) Information required by this Part to be given in notes to a company's annual accounts may be contained in the accounts or in a separate document annexed to the accounts.
                  (2) References in this Part to a company's annual accounts, or to a balance sheet or profit and loss account, include notes to the accounts giving information which is required by any provision of these Regulations or international accounting standards, and required or allowed by any such provision to be given in a note to company accounts.

                • 446. Minor definitions

                  (1) In this Part—

                  "group" means a parent undertaking and its subsidiary undertakings,

                  "included in the consolidation", in relation to group accounts, or "included in consolidated group accounts", means that the undertaking is included in the accounts by the method of full (and not proportional) consolidation, and references to an undertaking excluded from consolidation shall be construed accordingly,

                  "international accounting standards" means the international accounting standards specified as such in rules made by the Board,

                  "micro-entity minimum accounting item" means an item of information required by this Part or by rules made by the Board under this Part to be contained in the individual accounts of a company for a financial year in relation to which it qualifies as a micro-entity (see sections 373 (companies qualifying as micro-entities) and 374 (companies excluded from being treated as micro-entities));

                  "micro-entity provisions" means any provisions of this Part, Part 15 or rules made by the Board under this Part relating specifically to the individual accounts of a company which qualifies as a micro-entity;

                  "profit and loss account", includes an income statement or other equivalent financial statement required to be prepared by international accounting standards,

                  "turnover", in relation to a company, means the amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of—
                  (a) trade discounts,
                  (b) value added tax, and
                  (c) any other taxes based on the amounts so derived.
                  (2) In the case of an undertaking not trading for profit, any reference in this Part to a profit and loss account is to an income and expenditure account.

                  References to profit and loss and, in relation to group accounts, to a consolidated profit and loss account shall be construed accordingly.

            • PART 15 AUDIT

              • CHAPTER 1 REQUIREMENT FOR AUDITED ACCOUNTS

                • Requirement for audited accounts

                  • 447. Requirement for audited accounts and public interest entities and financial institutions

                    (1) A company's annual accounts for a financial year must be audited in accordance with this Part unless the company is exempt from audit under—

                    section 449 (small companies),

                    section 452 (subsidiary companies),

                    or section 455 (dormant companies).
                    (2) A company is not entitled to any such exemption unless its balance sheet contains a statement by the directors to that effect.
                    (3) A company is not entitled to exemption under any of the provisions mentioned in subsection (1) unless its balance sheet contains a statement by the directors to the effect that—
                    (a) the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 448 (right of members to require audit), and
                    (b) the directors acknowledge their responsibilities for complying with the requirements of these Regulations with respect to accounting records and the preparation of accounts.
                    (4) The statement required by subsection (2) or (3) must appear on the balance sheet above the signature required by section 399 (approval and signing of accounts).
                    (5) In this Part, "public interest entity" and "financial institution" shall have the meaning given to them in section 372 (public interest entities and financial institutions).
                    (6) This Part does not apply to restricted scope companies who shall be exempt from audit for the purposes of these Regulations.

                  • 448. Right of members to require audit

                    (1) The members of a company that would otherwise be entitled to exemption from audit under any of the provisions mentioned in section 447(1) (exemptions from audit of annual accounts) may by notice under this section require it to obtain an audit of its accounts for a financial year.
                    (2) The notice must be given by—
                    (a) members holding shares representing not less in total than 10% of the total number of shares or any class of shares issued by the company, or
                    (b) if the company does not have a share capital, not less than 10% in number of the members of the company.
                    (3) The notice may not be given before the financial year to which it relates and must be given not later than one month before the end of that year.

                  • 449. Small companies: conditions for exemption from audit

                    (1) A company that qualifies as a small company in relation to a financial year is exempt from the requirements of these Regulations relating to the audit of accounts for that year.

                    For the purposes of this section whether a company qualifies as a small company shall be determined in accordance with section 369 (companies qualifying as small).
                    (2) This section has effect subject to—

                    section 447 (2) and (3) (requirements as to statements to be contained in balance sheet),

                    section 448 (right of members to require audit),

                    section 450 (companies excluded from small companies exemption), and

                    section 451 (availability of small companies exemption in case of group company).

                  • 450. Companies excluded from small companies exemption

                    A company is not entitled to the exemption conferred by section 449 (small companies) if it was at any time within the financial year in question—

                    (a) a public interest entity, or
                    (b) a financial institution.

                  • 451. Availability of small companies exemption in case of group company

                    (1) A company is not entitled to the exemption conferred by section 449 (small companies) in respect of a financial year during any part of which it was a group company unless—
                    (a) the group—
                    (i) qualifies as a small group in relation to that financial year, and
                    (ii) was not at any time in that year an ineligible group, or
                    (b) subsection (2) applies.
                    (2) A company is not excluded by subsection (1) if, throughout the whole of the period or periods during the financial year when it was a group company, it was both a subsidiary undertaking and dormant.
                    (3) In this section—
                    (a) "group company" means a company that is a parent company or a subsidiary undertaking, and
                    (b) "the group", in relation to a group company, means that company together with all its associated undertakings.
                    For this purpose undertakings are associated if one is a subsidiary undertaking of the other or both are subsidiary undertakings of a third undertaking.
                    (4) For the purposes of this section—
                    (a) whether a group qualifies as small shall be determined in accordance with section 370 (companies qualifying as small: parent companies), and
                    (b) "ineligible group" has the meaning given by section 371 (2) and Error! Reference source not found. (companies excluded from the small companies regime)
                    (5) The provisions mentioned in subsection (4) apply for the purposes of this section as if all the bodies corporate in the group were companies.

                  • 452. Subsidiary companies: conditions for exemption from audit

                    (1) A company is exempt from the requirements of these Regulations relating to the audit of individual accounts for a financial year if—
                    (a) it is itself a subsidiary undertaking, and
                    (b) its parent undertaking is established under the law of the Abu Dhabi Global Market.
                    (2) Exemption is conditional upon compliance with all of the following conditions—
                    (a) all members of the company must agree to the exemption in respect of the financial year in question,
                    (b) the parent undertaking must give a guarantee under section 454 (parent undertaking declaration of guarantee) in respect of that year,
                    (c) the company must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking in accordance with international accounting standards,
                    (d) the parent undertaking must disclose in the notes to the consolidated accounts that the company is exempt from the requirements of these Regulations relating to the audit of individual accounts by virtue of this section, and
                    (e) the directors of the company must deliver to the Registrar on or before the date that they file the accounts for that year—
                    (i) a written notice of the agreement referred to in subsection (2)(a),
                    (ii) the statement referred to in section 454 (1),
                    (iii) a copy of the consolidated accounts referred to in subsection (2)(c),
                    (iv) a copy of the auditor's report on those accounts, and
                    (v) a copy of the consolidated annual report drawn up by the parent undertaking.
                    (3) This section has effect subject to—

                    section 447(2) and (3) (requirements as to statements contained in balance sheet), and

                    section 448 (right of members to require audit).

                  • 453. Companies excluded from the subsidiary companies audit exemption

                    A company is not entitled to the exemption conferred by section 452 (subsidiary companies) if it was at any time within the financial year in question—

                    (a) a company listed on a recognised investment exchange, or
                    (b) a financial institution.

                  • 454. Subsidiary companies audit exemption: parent undertaking declaration of guarantee

                    (1) A guarantee is given by a parent undertaking under this section when the directors of the subsidiary company deliver to the Registrar a statement by the parent undertaking that it guarantees the subsidiary company under this section.
                    (2) The statement under subsection (1) must be authenticated by the parent undertaking and must specify—
                    (a) the name of the parent undertaking and its registered number,
                    (b) the name and registered number of the subsidiary company in respect of which the guarantee is being given,
                    (c) the date of the statement, and
                    (d) the financial year to which the guarantee relates.
                    (3) A guarantee given under this section has the effect that—
                    (a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary company is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and
                    (b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.

                  • 455. Dormant companies: conditions for exemption from audit

                    (1) A company is exempt from the requirements of these Regulations relating to the audit of accounts in respect of a financial year if—
                    (a) it has been dormant since its formation, or
                    (b) it has been dormant since the end of the previous financial year and the following conditions are met.
                    (2) The conditions are that the company—
                    (a) as regards its individual accounts for the financial year in question—
                    (i) is entitled to prepare accounts in accordance with the small companies regime (see sections 368 (companies subject to the small companies regime) to 371 (companies excluded from the small companies regime)), and
                    (ii) is not required to prepare group accounts for that year.
                    (3) This section has effect subject to—

                    section 447(2) and (3) (requirements as to statements to be contained in balance sheet),

                    section 448 (right of members to require audit), and

                    section 456 (companies excluded from dormant companies exemption).

                  • 456. Companies excluded from dormant companies exemption

                    A company is not entitled to the exemption conferred by section 455 (dormant companies) if it was at any time within the financial year in question licensed under the Commercial Licensing Regulations 2015 as a financial institution.

              • CHAPTER 2 APPOINTMENT OF AUDITORS

                • Private companies

                  • 457. Appointment of auditors of private company: general

                    (1) An auditor or auditors of a private company must be appointed for each financial year of the company, unless the directors reasonably resolve otherwise on the ground that audited accounts are unlikely to be required.
                    (2) For each financial year for which an auditor or auditors is or are to be appointed (other than the company's first financial year), the appointment must be made before the end of the period of 28 days beginning with—
                    (a) the end of the time allowed for sending out copies of the company's annual accounts and reports for the previous financial year (see section 406 (time allowed for sending out copies of accounts and reports)), or
                    (b) if earlier, the day on which copies of the company's annual accounts and reports for the previous financial year are sent out under section 405 (duty to circulate copies of annual accounts and reports).
                    This is the "period for appointing auditors".
                    (3) The directors may appoint an auditor or auditors of the company—
                    (a) at any time before the company's first period for appointing auditors,
                    (b) following a period during which the company (being exempt from audit) did not have any auditor, at any time before the company's next period for appointing auditors, or
                    (c) to fill a casual vacancy in the office of auditor.
                    (4) The members may appoint an auditor or auditors by ordinary resolution—
                    (a) during a period for appointing auditors,
                    (b) if the company should have appointed an auditor or auditors during a period for appointing auditors but failed to do so, or
                    (c) where the directors had power to appoint under subsection (3) but have failed to make an appointment.
                    (5) An auditor or auditors of a private company may only be appointed—
                    (a) in accordance with this section,
                    (b) in accordance with section 458 (default power of Registrar), or
                    This is without prejudice to any deemed re-appointment under section 459 (term of office of auditors of private company).

                  • 458. Appointment of auditors of private company: default power of Registrar

                    (1) If a private company fails to appoint an auditor or auditors in accordance with section 457 (appointment of auditors of private company: general), the Registrar may appoint one or more persons to fill the vacancy.
                    (2) Where subsection (2) of that section applies and the company fails to make the necessary appointment before the end of the period for appointing auditors, the company must within one week of the end of that period give notice to the Registrar of its power having become exercisable.
                    (3) If a company fails to give the notice required by this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a level 3 fine.

                  • 459. Term of office of auditors of private company

                    (1) An auditor or auditors of a private company hold office in accordance with the terms of their appointment, subject to the requirements that—
                    (a) they do not take office until any previous auditor or auditors cease to hold office, and
                    (b) they cease to hold office at the end of the next period for appointing auditors unless re-appointed.
                    (2) Where no auditor has been appointed by the end of the next period for appointing auditors, any auditor in office immediately before that time is deemed to be re-appointed at that time, unless—
                    (a) he was appointed by the directors, or
                    (b) the company's articles require actual re-appointment, or
                    (c) the deemed re-appointment is prevented by the members under section 460 (prevention by members of deemed re-appointment of auditor), or
                    (d) the members have resolved that he should not be re-appointed, or
                    (e) the directors have resolved that no auditor or auditors should be appointed for the financial year in question.
                    (3) This is without prejudice to the provisions of this Part as to removal and resignation of auditors.
                    (4) No account shall be taken of any loss of the opportunity of deemed reappointment under this section in ascertaining the amount of any compensation or damages payable to an auditor on his ceasing to hold office for any reason.

                  • 460. Prevention by members of deemed re-appointment of auditor

                    (1) An auditor of a private company is not deemed to be re-appointed under section 459(2) if the company has received notices under this section from members representing at least the requisite percentage of the total voting rights of all members who would be entitled to vote on a resolution that the auditor should not be re-appointed.
                    (2) The "requisite percentage" is 5%, or such lower percentage as is specified for this purpose in the company's articles.
                    (3) A notice under this section—
                    (a) may be in hard copy or electronic form,
                    (b) must be authenticated by the person or persons giving it, and
                    (c) must be received by the company before the end of the accounting reference period immediately preceding the time when the deemed re-appointment would have effect.

                  • 461. Appointment of auditors of public company: general

                    (1) An auditor or auditors of a public company must be appointed for each financial year of the company, unless the directors reasonably resolve otherwise on the ground that audited accounts are unlikely to be required.
                    (2) For each financial year for which an auditor or auditors is or are to be appointed (other than the company's first financial year), the appointment must be made before the end of the accounts meeting of the company at which the company's annual accounts and reports for the previous financial year are laid.
                    (3) The directors may appoint an auditor or auditors of the company—
                    (a) at any time before the company's first accounts meeting,
                    (b) following a period during which the company (being exempt from audit) did not have any auditor, at any time before the company's next accounts meeting,
                    (c) to fill a casual vacancy in the office of auditor.
                    (4) The members may appoint an auditor or auditors by ordinary resolution—
                    (a) at an accounts meeting,
                    (b) if the company should have appointed an auditor or auditors at an accounts meeting but failed to do so,
                    (c) where the directors had power to appoint under subsection (3) but have failed to make an appointment.
                    (5) An auditor or auditors of a public company may only be appointed—
                    (a) in accordance with this section, or
                    (b) in accordance with section 462 (default power of Registrar).

                  • 462. Appointment of auditors of public company: default power of Registrar

                    (1) If a public company fails to appoint an auditor or auditors in accordance with section 461 (appointment of auditors of public company: general), the Registrar may appoint one or more persons to fill the vacancy.
                    (2) Where subsection (2) of that section applies and the company fails to make the necessary appointment before the end of the accounts meeting, the company must within one week of the end of that meeting give notice to the Registrar of its power having become exercisable.
                    (3) If a company fails to give the notice required by this section, a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (4) A person who commits the contravention referred to in subsection (3) shall be liable to a fine of up to level 5.

                  • 463. Term of office of auditors of public company

                    (1) The auditor or auditors of a public company hold office in accordance with the terms of their appointment, subject to the requirements that—
                    (a) they do not take office until the previous auditor or auditors have ceased to hold office, and
                    (b) they cease to hold office at the conclusion of the accounts meeting next following their appointment, unless re-appointed.
                    (2) This is without prejudice to the provisions of this Part as to removal and resignation of auditors.

                  • 464. Fixing of auditor's remuneration

                    (1) The remuneration of an auditor appointed by the members of a company must be fixed by the members by ordinary resolution or in such manner as the members may by ordinary resolution determine.
                    (2) The remuneration of an auditor appointed by the directors of a company must be fixed by the directors.
                    (3) The remuneration of an auditor appointed by the Registrar must be fixed by the Registrar.
                    (4) For the purposes of this section "remuneration" includes sums paid in respect of expenses.
                    (5) This section applies in relation to benefits in kind as to payments of money.

                  • 465. Disclosure of terms of audit appointment

                    (1) The Board may make rules for securing the disclosure of the terms on which a company's auditor is appointed, remunerated or performs his duties.

                    Nothing in the following provisions of this section affects the generality of this power.
                    (2) The rules may—
                    (a) require disclosure of—
                    (i) a copy of any terms that are in writing, and
                    (ii) a written memorandum setting out any terms that are not in writing,
                    (b) require disclosure to be at such times, in such places and by such means as are specified in the rules
                    (c) require the place and means of disclosure to be stated—
                    (i) in a note to the company's annual accounts (in the case of its individual accounts) or in such manner as is specified in the rules (in the case of group accounts),
                    (ii) in the directors' report, or
                    (iii) in the auditor's report on the company's annual accounts.
                    (3) The provisions of this section apply to a variation of the terms mentioned in subsection (1) as they apply to the original terms.

                  • 466. Disclosure of services provided by auditor or associates and related remuneration

                    (1) The Board may make rules for securing the disclosure of—
                    (a) the nature of any services provided for a company by the company's auditor (whether in his capacity as auditor or otherwise) or by his associates,
                    (b) the amount of any remuneration received or receivable by a company's auditor, or his associates, in respect of any such services.
                    Nothing in the following provisions of this section affects the generality of this power.
                    (2) The rules may provide—
                    (a) for disclosure of the nature of any services provided to be made by reference to any class or description of services specified in the rules (or any combination of services, however described),
                    (b) for the disclosure of amounts of remuneration received or receivable in respect of services of any class or description specified in the rules (or any combination of services, however described),
                    (c) for the disclosure of separate amounts so received or receivable by the company's auditor or any of his associates, or of aggregate amounts so received or receivable by all or any of those persons.
                    (3) The rules may—
                    (a) provide that "remuneration" includes sums paid in respect of expenses,
                    (b) apply to benefits in kind as well as to payments of money, and require the disclosure of the nature of any such benefits and their estimated money value,
                    (c) apply to services provided for associates of a company as well as to those provided for a company,
                    (d) define "associate" in relation to an auditor and a company respectively.
                    (4) The rules may provide that any disclosure required by the rules is to be made—
                    (a) in a note to the company's annual accounts (in the case of its individual accounts) or in such manner as is specified in the rules (in the case of group accounts),
                    (b) in the directors' report, or
                    (c) in the auditor's report on the company's annual accounts.
                    (5) If the rules provide that any such disclosure is to be made as mentioned in subsection (4)(a) or (b), the rules may require the auditor to supply the directors of the company with any information necessary to enable the disclosure to be made.

              • CHAPTER 3 FUNCTIONS OF AUDITOR

                • Auditor's report

                  • 467. Auditor's report on company's annual accounts

                    (1) A company's auditor must make a report to the company's members on all annual accounts of the company of which copies are, during his tenure of office—
                    (a) in the case of a private company, to be sent out to members under section 405 (duty to circulate copies of annual accounts and reports),
                    (b) in the case of a public company, to be laid before the company in general meeting under section 413 (public companies: laying of accounts and reports before general meeting).
                    (2) The auditor's report must include—
                    (a) an introduction identifying the annual accounts that are the subject of the audit and the financial reporting framework that has been applied in their preparation, and
                    (b) a description of the scope of the audit identifying the auditing standards in accordance with which the audit was conducted.
                    (3) The report must state clearly whether, in the auditor's opinion, the annual accounts—
                    (a) fairly present—
                    (i) in the case of an individual balance sheet, the state of affairs of the company as at the end of the financial year,
                    (ii) in the case of an individual profit and loss account, the profit or loss of the company for the financial year,
                    (iii) in the case of group accounts, the state of affairs as at the end of the financial year and of the profit or loss for the financial year of the undertakings included in the consolidation as a whole, so far as concerns members of the company,
                    (b) have been properly prepared in accordance with the relevant financial reporting framework, and
                    (c) have been prepared in accordance with the requirements of these Regulations.
                    Expressions used in this subsection or subsection (4) that are defined for the purposes of Part 14 (see sections 437 (accounting standards), 444 (meaning of "annual accounts" and related expressions) and 446 (minor definitions)) have the same meaning as in that Part.
                    (4) The following provisions apply to the auditors of a company which qualifies as a micro-entity in relation to a financial year (see sections 373 (companies qualifying as micro-entities) and 374 (companies excluded from being treated as micro-entities)) in their consideration of whether the individual accounts of the company for that year give a fair representation as mentioned in subsection (3)(a)—
                    (a) where the accounts comprise only micro-entity minimum accounting items, the auditors must disregard any provision of an accounting standard which would require the accounts to contain information additional to those items,
                    (b) in relation to a micro-entity minimum accounting item contained in the accounts, the auditors must disregard any provision of an accounting standard which would require the accounts to contain further information in relation to that item, and
                    (c) where the accounts contain an item of information additional to the micro-entity minimum accounting items, the auditors must have regard to any provision of an accounting standard which relates to that item.
                    (5) The auditor's report—
                    (a) must be either unqualified or qualified, and
                    (b) must include a reference to any matters to which the auditor wishes to draw attention by way of emphasis without qualifying the report.

                  • 468. Auditor's report on directors' report

                    The auditor must state in his report on the company's annual accounts whether in his opinion the information given in the directors' report for the financial year for which the accounts are prepared is consistent with those accounts.

                  • 469. Duties of auditor

                    (1) A company's auditor, in preparing his report, must carry out such investigations as will enable him to form an opinion as to—
                    (a) whether adequate accounting records have been kept by the company and returns adequate for their audit have been received from branches not visited by him, and
                    (b) whether the company's individual accounts are in agreement with the accounting records and returns.
                    (2) If the auditor is of the opinion—
                    (a) that adequate accounting records have not been kept, or that returns adequate for their audit have not been received from branches not visited by him, or
                    (b) that the company's individual accounts are not in agreement with the accounting records and returns,
                    the auditor shall state that fact in his report.
                    (3) If the auditor fails to obtain all the information and explanations which, to the best of his knowledge and belief, are necessary for the purposes of his audit, he shall state that fact in his report.
                    (4) If—
                    (a) the requirements of rules made by the Board under section 397 (information about directors' benefits: remuneration, pensions, end-of-service gratuity payments and compensation for loss of office) are not complied with in the annual accounts,
                    (b) the auditor must include in his report, so far as he is reasonably able to do so, a statement giving the required particulars.
                    (5) If the directors of the company—
                    (a) have prepared accounts in accordance with the small companies regime, or
                    (b) have taken advantage of small companies exemption in preparing the directors' report,
                    and in the auditor's opinion they were not entitled to do so, the auditor shall state that fact in his report.

                  • 470. Auditor's general right to information

                    (1) An auditor of a company—
                    (a) has a right of access at all times to the company's books, accounts and vouchers (in whatever form they are held), and
                    (b) may require any of the following persons to provide him with such information or explanations as he thinks necessary for the performance of his duties as auditor.
                    (2) Those persons are—
                    (a) any officer or employee of the company,
                    (b) any person holding or accountable for any of the company's books, accounts or vouchers,
                    (c) any subsidiary undertaking of the company which is a body corporate incorporated in the Abu Dhabi Global Market,
                    (d) any officer, employee or auditor of any such subsidiary undertaking or any person holding or accountable for any books, accounts or vouchers of any such subsidiary undertaking,
                    (e) any person who fell within any of subsection (2)(a) to (d) at a time to which the information or explanations required by the auditor relates or relate.
                    (3) Nothing in this section compels a person to disclose information in respect of which a claim to legal professional privilege could be maintained in legal proceedings.

                  • 471. Auditor's right to information from overseas subsidiary undertakings

                    (1) Where a parent company has a subsidiary undertaking that is not a body corporate incorporated in the Abu Dhabi Global Market, the auditor of the parent company may require it to obtain from any of the following persons such information or explanations as he may reasonably require for the purposes of his duties as auditor.
                    (2) Those persons are—
                    (a) the undertaking,
                    (b) any officer, employee or auditor of the undertaking,
                    (c) any person holding or accountable for any of the undertaking's books, accounts or vouchers,
                    (d) any person who fell within subsection (2)(b) or (c) at a time to which the information or explanations relates or relate.
                    (3) If so required, the parent company must take all such steps as are reasonably open to it to obtain the information or explanations from the person concerned.
                    (4) Nothing in this section compels a person to disclose information in respect of which a claim to legal professional privilege could be maintained in legal proceedings.

                  • 472. Auditor's rights to information: contraventions

                    (1) A person commits a contravention of these Regulations who knowingly or recklessly makes to an auditor of a company a statement (oral or written) that—
                    (a) conveys or purports to convey any information or explanations which the auditor requires, or is entitled to require, under section 470 (auditor's general right to information), and
                    (b) is misleading, false or deceptive in a material particular.
                    (2) A person who commits the contravention referred to in subsection (1) shall be liable to a fine of up to level 5.
                    (3) A person who fails to comply with a requirement under section 470 (auditor's general right to information) without delay commits a contravention of these Regulations unless it was not reasonably practicable for him to provide the required information or explanations.
                    (4) If a parent company fails to comply with section 471 (auditor's right to information from overseas subsidiary undertakings), a contravention of these Regulations is committed by—
                    (a) the company, and
                    (b) every officer of the company who is in default.
                    (5) A person who commits the contravention referred to in subsection (3) shall be liable to a fine of up to level 4.
                    (6) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.
                    (7) Nothing in this section affects any right of an auditor to apply for an injunction to enforce any of his rights under section 470 (general right to information) or 471 (right to information from overseas subsidiary undertakings).

                  • 473. Auditor's rights in relation to resolutions and meetings

                    (1) In relation to a written resolution proposed to be agreed to by a private company, the company's auditor is entitled to receive all such communications relating to the resolution as, by virtue of any provision of Chapter 2 of Part 13 of these Regulations, are required to be supplied to a member of the company.
                    (2) A company's auditor is entitled—
                    (a) to receive all notices of, and other communications relating to, any general meeting which a member of the company is entitled to receive,
                    (b) to attend any general meeting of the company, and
                    (c) to be heard at any general meeting which he attends on any part of the business of the meeting which concerns him as auditor.
                    (3) Where the auditor is a firm, the right to attend or be heard at a meeting is exercisable by an individual authorised by the firm in writing to act as its representative at the meeting.

                  • 474. Signature of auditor's report

                    (1) The auditor's report must state the name of the auditor and be signed and dated.
                    (2) Where the auditor is an individual, the report must be signed by him.
                    (3) Where the auditor is a firm, the report must be signed by the senior auditor in his own name, for and on behalf of the auditor.

                  • 475. Senior auditor

                    (1) The senior auditor means the individual identified by the firm as senior auditor in relation to the audit in accordance with—
                    (a) standards issued by the Board, or
                    (b) if there is no applicable standard so issued, any relevant guidance issued by—
                    (i) the Board, or
                    (ii) a body appointed by the Board.
                    (2) The person identified as senior auditor must be eligible for appointment as auditor of the company in question (see Chapter 2 of Part 35 of these Regulations).
                    (3) The senior auditor is not, by reason of being named or identified as senior auditor or by reason of his having signed the auditor's report, subject to any civil liability to which he would not otherwise be subject.