1. Powers, Functions and Objectives of the Regulator
Past version: effective from 20/10/2015 - 19/10/2015
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(1) The Regulator has such functions and powers as are conferred on it by or under the ADGM Founding Law and any enactment, including these Regulations.
(2) The Regulator may do whatever it considers necessary for or in connection with, or reasonably incidental to, performing its functions and exercising its powers.
(3) In performing its functions and exercising its powers, the Regulator shall pursue the following objectives —
(a) to foster and maintain fairness, transparency and efficiency in the Abu Dhabi Global Market;
(b) to foster and maintain confidence in the Abu Dhabi Global Market;
(c) to ensure that the financial markets in the Abu Dhabi Global Market are supported by safe and efficient infrastructure;
(d) to foster and maintain financial stability in the Abu Dhabi Global Market, including the reduction of systemic risk;
(e) to promote and enhance the integrity of the Abu Dhabi Global Market Financial System;
(f) to prevent, detect and restrain conduct that causes or may cause damage to the reputation of the Abu Dhabi Global Market through appropriate means including the imposition of sanctions;
(g) to secure an appropriate degree of protection for direct and indirect users, and prospective users of the Abu Dhabi Global Market;
(h) to promote public understanding of the regulation of the Abu Dhabi Global Market;
(i) to further the interests of the Abu Dhabi Global Market;
(j) to promote the safety and soundness of Authorised Persons and Recognised Bodies; and
(k) to pursue any other objectives as the Board may set.
(4) In exercising its powers and performing its functions, the Regulator shall take into consideration the following guiding principles —
(a) pursuing the objectives of the Abu Dhabi Global Market in so far as it is appropriate and proper for the Regulator to do so;
(b) fostering the development of the Abu Dhabi Global Market as an internationally respected financial centre, and the desirability of sustainable growth in the economy of the Emirate of Abu Dhabi;
(c) developing the nature of the activities of the Regulator in order to respond to evolving industry needs;
(d) the desirability, where applicable, of engaging in regular dialogue with industry participants;
(e) cooperating with and providing assistance to regulatory authorities in the U.A.E. and other jurisdictions;
(f) minimising the adverse effects of the activities of the Regulator on competition in the financial services industry;
(g) the need to use the resources of the Regulator in the most efficient and economical way;
(h) the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;
(i) the desirability where appropriate of the Regulator exercising its functions in a way that recognises differences in the nature, risks and objectives of businesses carried on by different persons subject to requirements imposed by or under these Regulations;
(j) the desirability in appropriate cases of the Regulator publishing information relating to persons on whom requirements are imposed by or under these Regulations, or requiring such persons to publish information, as a means of contributing to the advancement by the Regulator of its objectives;
(k) the principle that the Regulator should exercise its functions as transparently as possible; and
(l) complying with relevant generally accepted principles of good governance.