ADGM Guidance – Regulatory Framework for Private Financing Platforms and Multilateral Trading Facilities dealing with Private Capital Markets

TABLE OF CONTENTS

1. INTRODUCTION...1
2. OBJECTIVES OF THE PRIVATE CAPITAL MARKETS FRAMEWORK...1
3. KEY FEATURES OF THE PRIVATE CAPITAL MARKETS FRAMEWORK...3
4. AUTHORISATION CRITERIA FOR PFP OPERATORS...5
5. ONGOING REQUIREMENTS FOR PFP OPERATORS...9
6. OTHER CONSIDERATIONS FOR PFP OPERATORS...13 APPENDIX A: EXEMPT OFFER CRITERIA...14

1. INTRODUCTION

1.1 This Guidance is issued under section 15(2) of the Financial Services and Markets Regulations 2015 (FSMR). It should be read in conjunction with FSMR, the relevant Rulebooks of the Financial Services Regulatory Authority (FSRA) and the Guidance & Policies Manual (GPM) of the FSRA.

1.2 It is applicable to an applicant for a Financial Services Permission (FSP) to carry on:

(a) the Regulated Activity of Operating a Private Financing Platform as defined in Schedule 1, Chapter 17C, Section 73E of FSMR;

(b) the Regulated Activity of Operating a Multilateral Trading Facility as defined in Schedule 1, Chapter 9, Section 54 of FSMR; and

(c) Authorised Persons having received an FSP to do so.

1.3 This ...