ADGM’s FSRA proposes mandatory periodic reporting for fund managers: The Financial Services Regulatory Authority (FSRA) of the ADGM published a consultation paper (pdf) proposing new periodic reporting requirements for authorized fund managers. The rules mandate the submission of a Periodic Fund Return for all funds managed within ADGM, including domestic and foreign funds, the latter now included due to potential reputational risks, with penalties for late submissions.

The proposal aims to address liquidity risks in open-ended funds and enhance transparency among foreign funds. While domestic funds already report under Chapter 16, the new rules expand scrutiny to mitigate systemic risks.

The details:

  • Reporting will be quarterly for public funds and open-ended exempt funds, with submissions due within one month after the end of each quarter;
  • Closed-ended funds, qualified investor funds, and foreign funds will be required to file returns on a semi-annual basis, with submissions due within six months after the end of each reporting period;

Oversight requirements: For public funds, oversight bodies such as custodians and trustees must verify return accuracy, and the FSRA retains discretion to adjust reporting periods.

Next steps: Guidance for fund managers will be published in 2025 and updated periodically. Stakeholders are also invited to submit feedback on the proposal until 29 April 2025, which will inform final amendments.

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