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1. Amendments to the Companies Regulations 2015

Past version: effective from 21/10/2015 - 20/10/2015
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(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.