Law No. (4) of 2013 Concerning Abu Dhabi Global Market

Article 1 — The following definition shall be added to Article (1) of the aforesaid Law No. ¶

(4) of 2013:
Netting Agreement : Any agreement or master agreement between two
parties stipulating the offset of current or future
payment or delivery obligations or entitlements and
any margin, guarantees or guarantee arrangements
related to the types of eligible financial contracts that
may be designated by the Board of Directors.

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Article 2 — Articles (6/Clauses 4, 5) and (6/second paragraph), (11/fourth paragraph), ¶

(12/second paragraph), (12/fourth paragraph/ Clauses 2, 10, 11) (12/
sixth paragraph), (13), (14/Clause 3), (22/Clauses 5, 10 and 11) and (23)
of the said Law No. (4) of 2013 shall be replaced by the following:

Article 6 — /Clauses 4 and 5) ¶

4. Form one or more committees from among its members, as well as
forming advisory committees of local and international experts for the
Global Market to enable it to achieve its goals.
5. Establish departments, sole proprietorships, offices and councils
necessary to achieve the goals of the Global Market, defining its powers
and tasks, cancel, merge and restructure any of the same, as well as
establish, own and participate in companies for the Global Market and
any of the Global Market’s authorities inside or outside the Global Market,
as well as coordinate between the Global Market’s authorities.
Article (6/second paragraph)
The Board of Directors may delegate any of its powers stipulated in this Law
or any of the regulations of the Global Market to any of its committees or
employees or to any of the Global Market’s Authorities or their employees.
The Board of Directors may delegate any of its duties or powers to any
government entity in the Emirate or the State.

Article 11 — /fourth paragraph) ¶

The Global Market Registration Office may, after obtaining the approval of the
Board of Directors, delegate any of its duties and powers to any government
entity in the Emirate or the State or to any other Global Market’s authorities
except for the Global Market’s Courts. It may, after obtaining the approval
of the Board of Directors, accept the authorisation for any of the tasks or
powers delegated to it by any government entity in the Emirate or the State,
tasks or powers delegated to it by any of the Global Market authorities, with
the exception of the Global Market’s Courts, in a manner that does not
contradict with the provisions of this Law or the regulations of the Global
Market.

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Article 12 — /second paragraph) ¶

The Financial Services Regulation Office shall have a Chairman or a Board of
Managers to represent it before the judiciary and third parties. The Chairman
or the Board of Managers shall be appointed by a resolution of the Board of
Directors and such resolution shall determine their allocations.
Article (12/fourth paragraph/Clauses 2, 10 and 11)
2. Control and supervise the licensed financial Global Market institutions,
seize violations and determine fines and administrative penalties in
accordance with the provisions of this Law and the regulations of the
Global Market.
10. Conclude contracts and agreements and acquire and own the assets
of the Financial Services Regulation Office and dispose of them, in
accordance with the regulations of the Global Market.
11. Establish the divisions and departments of the Financial Services
Regulation Office, specify their tasks, and delegate them to any of the
Office's powers determined under the regulations of the Global Market.
Article (12/sixth paragraph)
The Chairman or Board of Managers of the Financial Services Regulation
Office may, as the case may be, after obtaining the approval of the Board of
Directors, delegate any of its duties and powers to any government entity in
the Emirate or the State or to any other Global Market’s authorities except
for the Global Market’s Courts. It may, after obtaining the approval of the
Board of Directors, accept the authorisation for any of the tasks or powers
delegated to it by any government entity in the Emirate or the State, tasks
or powers delegated to it by any of the Global Market authorities, with the
exception of the Global Market’s Courts, in a manner that does not contradict
with the provisions of this Law and the regulations of the Global Market.

Article 13 — Global Market’s Courts ¶

1. The Global Market’s Courts shall be of two degrees: first instance
(consisting of a single judge) and appeals (consisting of three judges),
without prejudice to the provisions of this Law and the regulations of

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the Global Market. The Global Market’s Courts are considered part of
the Courts of the Emirate, and they are competent to hear disputes and
issues in accordance with the provisions of this Law and the regulations
of the Global Market.
2. The judgments of the Global Market’s Courts shall be issued in the
name of the Ruler of the Emirate.
3. The Global Market’s Courts shall have a president to represent them
in their relationship with third parties, and a resolution shall be issued
by the Board of Directors for his appointment and determination of his
allocations. Such resolution shall be effective upon the lapse of fifteen
days from the date of notifying the Chairman of Abu Dhabi Judicial
Department of the same without filing any objection to him.
4. The judges of the Global Market’s Courts shall be appointed by
resolutions issued by the Board of Directors upon the proposal of the
President of the Global Market’s Courts.
5. The regulations issued by the Board of Directors shall specify the
management of the Global Market’s Courts, procedures for litigation,
adjudication, and any other mechanisms for resolving disputes.
6. The President of the Global Market’s Courts shall:
a. Suggest draft regulations of the Global Market related tothe Global
Market’s Courts and submit them to the Board of Directors for
approval.
b. Prepare and approve the strategies, policies and objectives of the
Global Market’s Courts, and prepare the necessary reports on the
implementation of such strategies, policies and goals and submit
them to the Board of Directors.
c. Suggest the fees and financial considerations for the services
provided by the Global Market’s Courts and submit them to the Board
of Directors for approval.
d. Prepare the annual draft budget for the Global Market’s Courts and
submit it to the Board of Directors for approval in preparation for
submission to the Executive Council for approval.

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e. Review and approve the financial statements and accounts for the
Global Market’s Courts and submit them to the Board of Directors for
approval.
f. Open, operate and manage bank accounts of Global Market’s Courts
in accordance with the powers prescribed by the Board of Directors.
g. Appoint and seek assistance from persons he deems appropriate
to assist the Global Market’s Courts in exercising their duties and
powers.
h. Issue executive resolutions necessary to carry out any of the above-
mentioned powers and tasks.
7. The Court of First Instance shall be exclusively competent to consider
and decide upon issues as per the following:
a. Civil or commercial cases and disputes to which the Global Market or
any of the Global Market’s authorities or institutions thereof is party.
b. Civil or commercial cases and disputes arising out of or related to a
contract that has been concluded, completed or executed in whole
or in part in the Global Market, a transaction that has been concluded
or performed in whole or in part in the Global Market, or an incident
that has occurred in whole or in part in the Global Market.
c. Any appeal against a resolution or a procedure issued by any of the
Global Market’s authorities in accordance with the regulations of the
Global Market.
d. Any request, case or dispute that the Global Market’s Courts have the
power to consider in accordance with the regulations of the Global
Market.
e. Any matters regarding the interpretation of any of the articles of the
regulations of the Global Market.
8. The Global Market’s Courts may consider and settle any civil or
commercial case or dispute filed to them by written agreement of the
parties, whether before or after the case or dispute has been arise.
9. Notwithstanding the provisions of Clause (7) of this Article, the parties

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may agree to refer their cases or disputes to arbitration, and they may,
for the issues set forth in Clause (7), paragraphs (a) and (b), agree in their
contracts and business transactions to be subject to the jurisdiction of
any Court other than the Court of First Instance of the Global Market.
10. The Court of Appeal shall be exclusively competent to hear and settle
appeals filed against judgments or orders issued by the Court of First
Instance.
11. Judgments issued by the Court of Appeal shall be final and incontestable
by any means of cassation.
12. The President of the Global Market’s Courts shall appoint one or more
judges from the Global Market’s Courts to act as an execution judge.
The appointed execution judge shall have jurisdiction to execute the
judgments and orders issued by the Global Market’s Courts or the
arbitration awards recognised by the Global Market’s Courts. Such
execution shall be in accordance with the regulations of the Global
Market.
13. The judgments and orders issued by the Global Market’s Courts and the
arbitration awards recognised by the Global Market’s Courts shall be
executed through the competent entities outside the Global Market in
accordance with the procedures and rules approved by those competent
entities and in accordance with any memoranda of understanding
between the Board of Directors or the Global Market’s Courts and those
entities.
14. The provisions of Clause (13) of this Article shall not apply to any
judgment or order issued by the Global Market’s Courts concerning the
recognition or execution of the following:
a. Any judgment or order issued by a Court outside the Emirate.
b. Any arbitration award issued by an arbitration panel when the place
of arbitration is outside the Global Market.
15. Subject to the provisions of Clause (13) of this Article, the following
shall be considered in the execution of the judgments or orders issued
by the Global Market’s Courts or arbitration awards recognised thereby,
and executed through the Courts of the Emirate:

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a. The claimant may submit a request directly to any of the Courts of the
Emirate to take any action or step to execute any of the judgments or
orders issued by the Global Market’s Courts or the arbitration awards
recognised by the Global Market’s Courts.
b. The Global Market’s Courts may, upon the claimant’s request,
delegate an execution judge from the Courts of the Emirate to take
any action or step to execute any of the judgments or orders issued
by the Global Market’s Courts or the arbitration awards recognised
by the Global Market’s Courts.
c. The Execution Judge at the Court of the Emirate shall apply the
execution procedures set forth in the aforesaid Federal Law No. (11)
of 1992 without reviewing the subject-matter of the judgment, order,
or recognised arbitration award.
16. Subject to the provisions of Clause (13) of this Article, the following
shall be considered in the execution of the final judgments, expedited
judgments, resolutions or orders issued by the Global Market’s Courts
or arbitration awards recognised thereby, and executed through the
Global Market’s Courts:
a. The claimant may submit a request directly to the Global Market’s
Courts to take any action or step to execute any of the final judgments,
expedited judgments, resolutions or orders issued by the Courts of
the Emirate or the arbitration awards recognised by such courts.
b. The Courts of the Emirate may, upon the request of the claimant,
delegate an execution judge from the Global Market’s Courts to take
any action or step to execute any of the final judgments, expedited
judgments, resolutions or orders issued by the Emirate's Courts or
the arbitration awards recognised by such courts.
c. The Execution Judge at the Global Market’s Courts shall implement
the execution procedures specified in the rules and procedures of
the Global Market’s Courts without reconsidering the subject matter
of the final judgment, the expedited judgment, the resolution, order,
or the ratified arbitration award.

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17. Subject to any regulations issued by the Board of Directors, including
any regulations issued to protect Netting Agreements, any judgments,
resolutions, orders, or arbitration awards issued, recognised, or ratified
by the Courts or by an arbitrator(s) outside the Global Market, at the
request of the concerned entity, shall be executed within the Global
Market in accordance with the regulations of the Global Market.

Article 14 — /Clause 3) ¶

3. Subject to the federal legislations, accepting deposits and opening and
maintaining bank accounts of all types for third parties.

Article 22 — /Clauses 5, 10 and 11) ¶

5. The Global Market’s institutions may hold meetings to display, market
and promote their services and products within the Emirate. The public
and private invitations and announcements shall be within and outside
the Global Market in accordance with the legislations in force.
10. None of the Global Market’s institutions may assign any licence issued to
it without the approval of the Chairman of the Global Market Registration
Office or the Chairman of the Financial Services Regulation Office, as
the case may be.
11. Any of the Global Market institutions may establish a branch, company,
or representation office for it in the Emirate without requiring a place of
residence outside the Global Market.

Article 23 — • Whoever engages in any commercial, financial or any other type of ¶

activity in violation to the provisions of this Law or the Global Market
Regulations shall be punished with an administrative fine not exceeding
AED (200,000,000) two hundred million Dirhams or (10%) ten percent of
the concerned transaction or operation value, whichever is higher.
• A table specifying the violations, penalties and administrative fines
prescribed for the same, shall be issued by a resolution from the Board
of Directors, provided that this does not exceed the maximum limit of the
fine stipulated in the previous paragraph of this Article.
• The Global Market’s authorities shall have the power to apply specific

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Issued by us in Abu Dhabi
On: 23 April 2020
Corresponding to: 29 Shaban 1441 Hijri
Khalifa bin Zayed Al Nahyan
Ruler of Abu Dhabi
administrative fines and penalties.
Article (3)
The persons authorised by the Department of Economic Development
to work within the geographic region of the Global Market, prior to the
implementation of the provisions of this Law, shall obtain the necessary
permit, licence or registration from the Global Market’s authorities, unless
they are excluded in accordance with the regulations of the Global Market
or by a resolution of the Board of Directors.
Article (4)
Any provision contrary to the provisions of this Law shall be repealed.
Article (5)
This Law shall be published in the Official Gazette and shall be effective from
the date of its publication.

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Executive Council
Resolutions
Executive Council Resolutions

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