Abu Dhabi Global Market opens consultation to update English law regulations

Out-Law News | 05 Nov 2020 | 10:20 am |

The Abu Dhabi Global Market (ADGM) is consulting on several amendments to the Application of English Law Regulations (AELRs) to reflect recent changes to English law.

The AELRs give effect to the direct application of English common law within the ADGM, including 47 English civil and commercial statutes listed in the schedule to the regulations. 

Since the introduction of the AELRs in 2015, some of the English statutes have been amended in England, but these amendments do not have legal effect in the ADGM unless they are incorporated by the free zone’s board into the AELRs.

The consultation proposes several amendments to the regulations, incorporating English laws into the schedule so they will have legal effect in the ADGM.

The amendments include incorporating section 13 of the UK’s Small Business, Enterprise and Employment Act 2015 into the AELRs. This section amends the Bills of Exchange Act 1882 by allowing electronic presentment of cheques.

The ADGM is also proposing to amend the Marine Insurance Act 1906 to introduce the UK’s Insurance Act 2015 in respect of marine insurance contracts only.

Meanwhile, it plans to incorporate certain sections of the UK Inheritance and Trustees Powers Act 2014 into the Trustee Act 1925 within the schedule.

There are also proposed amendments to the Limited Partnership Act which would introduce a requirement for partners to notify the registrar when the partnership is dissolved, and to increase fines relevant to the act as it applies under the AELRs.

The consultation runs until 15 November 2020.