Part 5 Indemnity, effective date and definitions

Past version: effective from 17/07/2017 - 24/06/2020
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11. Indemnity

Unless it can be shown that it acted in bad faith, neither the Regulatory Authority, its delegate, nor any Designated Officer can be held liable for any act, attempted act or omission in the performance, purported non-performance or non-performance of its functions in connection with these Regulations.
12. Effective date
(1) These Regulations become effective on date of enactment, except in respect of the following where they shall apply retrospectively:
(a) in respect of Pre-existing Accounts that are subject to due diligence requirements under the Regulations, the effective date for purposes of these Regulations is 31 December 2016; and
(b) in respect of New Accounts that are subject to due diligence requirements under the Regulations, the effective date for purposes of these Regulations is 1 January 2017.
13. Definitions
(1) In these Regulations the defined terms listed in the table below shall have the following meanings:

Accounting Records means records and underlying documents comprising initial and other accounting entries and associated supporting documents, such as:
(a) cheques;
(b) records of electronic funds transfers;
(c) invoices;
(d) contracts
(e) the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and
(f) work sheets and spread sheets supporting cost allocations, computations, reconciliations and disclosures.
Account Holder has the meaning given to that term in subparagraph E (1), Part 8 of Schedule 1.
ADGM means the Abu Dhabi Global Market.
ADGM Court Means the Abu Dhabi Global Market court of first instance established under Abu Dhabi Law No. 4 of 2013.
Administrative Fee means any fee imposed by the Regulatory Authority upon a Reporting Financial Institution for the incomplete or late reporting of information as required under these Regulations and as set out in Schedule 2.
Common Reporting Standard means the standard for automatic exchange of financial account information developed by the OECD as amended from time to time by the OECD, the current format of which is set out in Schedule 1.
Designated Officer means any person, or delegate of that person, appointed by the Regulatory Authority pursuant to the provisions of subsection 5(5).
Government means the federal government of the UAE.
MAC means the Multilateral Convention on Mutual Assistance in Tax Matters signed by the Government on 21 April 2017.
MCAA means the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information entered into by the Government on 22 February 2017.
OECD means the Organisation for Economic Co-Operation and Development which was established by the Convention on the Organisation for Economic Co-operation and Development signed in Paris on 14th December, 1960.
Regulatory Authority means the ADGM Financial Services Regulatory Authority.
Reportable Account Has the meaning given to that term in subparagraph D (1), Part 8 of Schedule 1.
Reporting Financial Institutions has the meaning given to that term in subparagraph A (1), Part 8 of Schedule 1.
UAE means the United Arab Emirates.
UAE Competent Authority means the UAE Ministry of Finance, or any other competent authority designated by the Government to facilitate the exchange of information under the Common Reporting Standard pursuant to the MAC or the MCAA.