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”), the FSRA’s Guidance & Policies Manual, its ‘Guidance – Regulation of Digital Security Offerings (ICOs) and Virtual Assets under the FSMR’ (“ICO Guidance”), its ‘Guidance – Regulation of Virtual Asset Activities in ADGM’ (“Virtual Asset Guidance”), and its ‘Guidance – Regulatory Framework for Private Financing Platforms’.
This Guidance is applicable to entities considering the use of, or using, ‘Digital Securities’ within ADGM, including activities undertaken by Recognised Investment Exchanges (RIEs), Multilateral Trading Facilities (MTFs), Issuers, Reporting Entities, Authorised Persons conducting a Regulated Activity in relation to Virtual Assets, and Authorised Persons Providing Custody or Operating a Private Financing Platform (‘PFP’), amongst others. The Guidance clarifies the use of Digital Securities within ADGM for both primary market and second...