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ADGM: ADGM issues 2022 circular removing data protection fee exemption
The Abu Dhabi Global Market ('ADGM') published, on 8 September 2022, Circular No (1) of 2022 Regarding The Data Protection Fee for Certain Entities Following the Removal of the Exemption by the ADGM Board of Directors. In particular, the ADGM stated that the purpose of the circular is to inform the public that, following the enactment of the ADGM Data Protection Regulations (Amendment No. 1) 2022 ('the Amendments') by the ADGM Board of Directors, on 26 July 2022, changes to the data protection fees for certain types of entities will be made. More specifically, the ADGM noted that, from 26 July 2022, ADGM Special Purpose Vehicles ('SPVs') are no longer exempt from the $300 data protection registration fee, noting that the Office of Data Protection is required by law to collect the registration fee from all entity types.
In this regard, the ADGM highlighted that, from 1 October 2022, the Office of Data Protection will begin to manually invoice the abovementioned entities incorporated on or after 26 July 2022, and further noted that non-payment may result in formal regulatory action as per the Data Protection Regulations (Fines) Rules 2021 (fines of up to a maximum of $750).
You can download the circular here.
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