News from the ADGM

• Abu Dhabi Global Market (ADGM) has been granted observer status to the Consultative Committee of Convention 108, at its Plenary Meeting of June 19-21, 2018 in Strasbourg, France. The engagement will be headed by ADGM’s Registration Authority (RA), the data protection regulator of ADGM. Convention 108, entitled the Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data, sets out principles regarding the protection of automated personal data files and automatic processing of personal data in the public and private sectors. Convention 108 is the only binding treaty with the objective of safeguarding personal data on a global scale. The committee exceeds 50-member countries and over 25 observers. Recently, amendments to modernise the convention were adopted to further strengthen its effectiveness in handling privacy challenges resulting from developments in information technology and to strengthen the implementation of the Convention within its members. ADGM is the first Arab jurisdiction in the Middle East to become an observer. This development follows ADGM RA being granted membership into the Global Privacy Enforcement Network (GPEN) in March 2018. As an observer, ADGM RA will have the opportunity to engage and participate in meetings held by the consultative community. ADGM will have the privilege to participate in dialogue with other members, observers and experts concerning international standards on issues like Artificial Intelligence, Big Data Analytics, processing of genetic data, privacy on the internet, etc. and on recent trends, challenges in the field, modernisation of data processing and current initiatives to reinforce the privacy of individuals. Being an observer strengthens ADGM RA’s ability to raise awareness and ensure best practice on data protection in ADGM. Observer status will also aid in promoting the concept of utilising a global standard for personal data protection such as the convention 108 to increase coherence with other relevant frameworks and governing bodies. The data protection regulator of ADGM will also coordinate with the committee to facilitate cross border communications and cooperate in the exchange of information including applicable laws and administrative practices. Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority said, “The rapid evolution of information technology has significantly changed the landscape of doing business and it coincides with the requirement to have regulations in place to protect the data of users. By being granted observer status to the Consultative Committee of Convention 108, ADGM has the opportunity to participate in this unique forum and further develop ADGM’s commitment to data protection and upholding the privacy rights of individuals.” ADGM’s progressive data protection regime is a key element in ADGM’s high standing and integrity as an international financial centre. Engagement and membership with key international bodies such as the Consultative Committee to Convention 108, play an integral role in bolstering ADGM’s position as a regional leader among the international community of data protection and privacy.

• The Registration Authority of Abu Dhabi Global Market (ADGM has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Monitoring and Control Centre (MCC). The MoU was signed by Dhaher Bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM and Saeed Saif Al Neyadi, Director General of MCC. The MoU aims to facilitate the exchange of information and co-operation in relation to matters regarding monitoring & control compliance within ADGM’s Free Zone. The agreement will utilise the criteria and standards of MCC for monitoring and control compliance within the jurisdiction of ADGM. It will enable both parties to collectively organise monitoring and controlling procedures to ensure that public and private establishments within the jurisdiction comply with the standards and criteria set by MCC. The MoU establishes a strategic platform for the mutual exchange of information in connection with common tasks and duties, compliance reports and confirmation and verification of information in the event of non-compliance. The memorandum also seeks to strengthen mutual collaboration and assistance through systematic communication on all information related to each parties’ obligations, joint awareness campaigns targeted towards both public and private entities within ADGM and mutually agreed initiatives to improve professional and technical skills of both parties’ staff. Compliance measures within ADGM are a fundamental component in safeguarding the integrity and transparency of the international financial centre. The establishment of the MoU will foster an official cooperative relationship to ensure all relevant establishments in ADGM are compliant with MCC’s standards and to strengthen ADGM’s position as a secure financial environment.