Abu Dhabi's ADGM Registration Authority (RA) has extended a moratorium on accepting new licence applications to become a registered Company Services Provider (CSP) within its jurisdiction.
This moratorium includes any amendment to the business activities of existing ADGM licence holders, as well as new applications for registration including activity, 7025 – Company Service Provider.
The moratorium commenced on 1 January 2024, and will be applicable until 30 June 2024.
Any new applications for the activities under CSP licence will not be accepted until the end of this moratorium, unless an exception has been granted by the Registrar, it further said.
"The CSP regime came into force on 12 July 2021. Since then, over 50 entities have been approved to conduct CSP activities within the ADGM jurisdiction. The amended CSP regime came into force on 30 January 2023.
"The purpose of the CSP Framework is to ensure a robust regulatory regime for the provision of company services in ADGM that is aligned with international best practices and to support the ongoing growth of ADGM’s Special Purpose Vehicles (SPVs) and Foundations structures.
"The announcement comes in line with continued commitment and efforts of the Registration Authority to provide applicants with an efficient yet robust incorporation process. It has implemented this moratorium to review the current ecosystem, and implement any amendments and alterations required to enhance the quality and the proficiency of the services provided."
