The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has issued a consultation paper to explain and to seek public feedback and comments on proposed amendments to the Beneficial Ownership and Control Regulations 2022 concerning a non-public register of certain information of express trusts.
This Consultation Paper is of interest to any persons who have formed, or are considering forming, a trust in ADGM, as well as those administering or advising on such trusts and trust structures whether from a professional trustee perspective, or as legal advisers.
The key features of the RA’s proposals are as follows:
- the requirements will apply to express trusts with an ADGM trustee who acts by way of business;
- the information to be maintained in the record of the trust will, in addition to beneficial ownership information, include the name of the trust, the date of its creation and the objectives of the trust;
- the responsibility for maintaining the record of the trust, and for submitting the same to the Registrar, will be on the trustee; and
- the trust register will not be accessible by the public.
This new legislative framework reflects the commitment of the RA and the ADGM to tackle money laundering, terrorist financing and proliferation financing by collecting, and making available to competent authorities, certain information on express trusts.
The consultation period will close on 21 April 2024.
