# FSMR: Financial Services and Markets Regulations 2015 Source page: https://protegra.io/licensing/laws/ae-adgm-fsmr-2015/ The Financial Services and Markets Regulations 2015 (FSMR) are the primary financial services legislation of Abu Dhabi Global Market (ADGM), enacted under Abu Dhabi Law No. 4 of 2013. The regulations govern Financial Services Permissions (FSPs) issued by the FSRA for fintech business models, including virtual asset service providers (VASPs), digital banks, payment and money services, private financing platforms, open banking third-party providers, and RegLab testing participants. ## At a glance | Official title | Financial Services and Markets Regulations 2015 [1] | | --- | --- | | English title | Financial Services and Markets Regulations 2015 | | Citation | Financial Services and Markets Regulations 2015 | | Jurisdiction | [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/jurisdictions/adgm/) | | Type | regulation | | Adopted | 2015-10-04 | | In force from | 2015-10-04 | | Status | in force | ## Full text **Official full text:** [Financial Services and Markets Regulations 2015 (PDF, en)](https://en.adgm.thomsonreuters.com/sites/default/files/net_file_store/ADGM1547_12483_VER29210526.pdf) [1] · 2,549 KB · file checked 2026-09-24 · consolidated version of 2026-05-19 Official page: [en.adgm.thomsonreuters.com](https://en.adgm.thomsonreuters.com/rulebook/financial-services-and-markets-regulations-2015-0) [1] ## Summary The Financial Services and Markets Regulations 2015 (FSMR) provide the foundational regulatory framework for financial services in Abu Dhabi Global Market (ADGM), enacted under Abu Dhabi Law No. 4 of 2013 and administered by the Financial Services Regulatory Authority (FSRA). The regulations apply to all firms, individuals, exchanges, and financial institutions conducting business in or from the financial free zone. Under the General Prohibition (Section 16), carrying on any regulated activity by way of business requires a Financial Services Permission (FSP) or exempt status. The regime establishes authorisations for banks, investment managers, broker-dealers, custodians, money service businesses, virtual asset service providers (VASPs), private financing platforms, and RegTech innovators in the RegLab, alongside recognitions for exchanges and clearing houses. Key statutory obligations encompass satisfying ongoing Threshold Conditions, maintaining prescribed capital and liquidity, appointing Approved Persons for controlled functions, adhering to market abuse prohibitions, submitting to change of control supervision, and complying with anti-money laundering requirements. The FSRA exercises extensive investigative, supervisory, and enforcement powers, including disciplinary sanctions and financial penalties. Summary written by the Atlas from the official text; the law itself prevails. ## Main articles - **Section 1**: Establishes the regulatory objectives, functions, and broad supervisory mandate of the Financial Services Regulatory Authority (FSRA). - **Section 5A**: Empowers the FSRA to regulate and supervise Virtual Assets, Accepted Virtual Assets, Fiat-Referenced Tokens, and Spot Commodities activities. - **Section 7**: Grants the FSRA comprehensive rule-making powers governing prudential standards, conduct of business, capital adequacy, and client money protection. - **Section 15B**: Requires Relevant Persons (including DNFBPs) to comply with Federal AML Legislation; the DNFBP registration duty itself sits in the AML Rulebook (AML 15), not directly in s.15B. - **Section 16**: Enacts the General Prohibition barring anyone from carrying on regulated financial activities by way of business in ADGM without authorization or exemption. - **Section 17**: Prohibits Authorised Persons from conducting any regulated activity outside the scope specifically permitted in their Financial Services Permission. - **Section 18**: Restricts communicating financial promotions or invitations to engage in investment activities unless authorized, exempt, or approved by an authorized person. - **Section 27**: Governs formal applications submitted to the FSRA for obtaining or varying a Financial Services Permission. - **Section 28**: Requires applicants and Authorised Persons to satisfy all applicable Threshold Conditions at authorization and on an ongoing basis. - **Section 30**: Empowers the FSRA to grant a Financial Services Permission, specify permitted regulated activities, and attach operational conditions or restrictions. - **Section 33**: Authorises the FSRA to vary, suspend, or cancel a firm's Financial Services Permission on its own supervisory initiative. - **Section 44**: Mandates that individuals performing designated Controlled Functions within authorized firms obtain prior approval from the FSRA. - **Section 105**: Requires regulatory approval for acquiring or changing control of Authorised Persons and empowers the FSRA to object to unacceptable controllers. - **Section 107**: Governs the mandatory registration of Public Funds managed or distributed within Abu Dhabi Global Market. - **Section 120**: Sets recognition standards and criteria for Recognised Investment Exchanges (RIEs) and Recognised Clearing Houses (RCHs). - **Section 218**: Establishes that failure to comply with the regulations or rules constitutes an actionable regulatory contravention. - **Section 232**: Grants the FSRA authority to impose administrative financial penalties on any person contravening regulations or rules. - **Section 233**: Authorises the FSRA to suspend financial services permissions or approvals and disqualify individuals from performing controlled functions. - **Section 234**: Empowers the FSRA to issue Prohibition Orders barring individuals from performing functions in connection with regulated activities. - **Schedule 1**: Defines all regulated activities, including deposit-taking, credit, dealing, managing assets, custody, money services, and operating multilateral trading facilities. - **Schedule 1, Chapter 17A**: Establishes the RegLab framework permitting qualifying fintech innovators to develop and test financial services offerings under tailored conditions. - **Schedule 1, Chapter 17C**: Specifies Operating a Private Financing Platform as a regulated activity covering electronic debt and equity crowdfunding services. - **Schedule 1, Chapter 17D**: Regulates Providing Third Party Services, covering open banking data access, account information, and payment initiation activities. - **Schedule 3**: Prescribes statutory exemptions from the General Prohibition and sets out transitional provisions for existing entities. ## Licences it governs - [IF · Abu Dhabi Global Market (ADGM)Financial Services Permission for Dealing in Investments as Principal (Category 2)FSRA](https://protegra.io/licensing/licences/investment-firm/adgm-cat2/) - [IF · Abu Dhabi Global Market (ADGM)Financial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A)FSRA](https://protegra.io/licensing/licences/investment-firm/adgm-cat3a/) - [IF · Abu Dhabi Global Market (ADGM)Financial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4)FSRA](https://protegra.io/licensing/licences/investment-firm/adgm-cat4/) - [VASP · Abu Dhabi Global Market (ADGM)Financial Services Permission with Virtual Asset Activities EndorsementFSRA](https://protegra.io/licensing/licences/vasp/adgm/) ## Regulators that apply it - [Abu Dhabi Global Market (ADGM)Financial Services Regulatory Authority (FSRA)The FSRA regulates and supervises financial services institutions within Abu Dhabi Global Market to foster a progressive, robust financial c](https://protegra.io/licensing/regulators/fsra-adgm/) ## Sources 1. [en.adgm.thomsonreuters.com: financial services and markets regulations 2015 0](https://en.adgm.thomsonreuters.com/rulebook/financial-services-and-markets-regulations-2015-0): retrieved 2026-09-24 Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.