ARTICLE
9 November 2015

Abu Dhabi Global Market Opens For Business

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On October 21, 2015, the Abu Dhabi Global Market announced that it was officially open for business and that the Financial Services Regulatory Authority was ready to accept applications for a license from financial institutions.
United Arab Emirates Finance and Banking

On October 21, 2015, the Abu Dhabi Global Market announced that it was officially open for business and that the Financial Services Regulatory Authority was ready to accept applications for a license from financial institutions. The ADGM is the newest international financial center and it has adopted English common law by applying it in its jurisdiction for civil and commercial law. The application of English common law will govern matters such as contracts, tort, trusts, equitable remedies, unjust enrichment, damages, conflicts of laws, security and personal property.

Shearman & Sterling helped develop ADGM's world-class legal and regulatory regime to be in line with international standards to provide the sophistication and certainty found in the world's top financial centers. The firm drafted all the Financial Services and Markets Regulations and Financial Services Regulatory Authority Rules as well as legislation governing matters such as companies, insolvency, interpretation, commercial licensing, arbitration, courts, employment, limited liability partnerships, real property and strata title.

The ADGM press release is available at: http://www.adgm.com/mediacentre/press-releases/abu-dhabi-global-market,-world%E2%80%99s-newest-financial-centre,-officially-open-for-business/.

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