ABU DHABI, (Pakistan Point News - 15th Sep, 2020) Abu Dhabi Global Market, ADGM, announced today that it has published a public consultation paper on its proposed electronic transactions regulations aiming at putting parties engaging in electronic transactions at ease in terms of degree of certainty.
While businesses and consumers are adapting to electronic dealings, including online contracting and electronic signatures, legal concepts have traditionally been based on the existence of a tangible or physical medium. Concepts such as a document, an ‘original’ or a ‘signature’ still remain relevant in legislation and need to be considered in today’s ever-changing digital environment, particularly when taking into consideration the impact of COVID-19.
The proposed electronic transactions regulations aim to clarify that electronic signatures are enforceable and that electronic records have an impact equivalent to that of physical copies. The regulations also highlight that references to "writing" in legislation include electronic form and therefore confirm the validity of electronic contracts.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said, "These proposed regulations demonstrate ADGM’s continued commitment to building a strong and sustainable International Financial Centre that promotes business growth of, and certainty for, our stakeholders in today’s digital economy. We are confident that the implementation of the proposed Electronic Transactions Regulations will provide a strong framework for e-Commerce and electronic dealings within the ADGM community, in line with international best practice. With digital transformation on an accelerated pathway, we will continue in our tireless endeavours to develop a world-leading regulatory framework that supports the needs of stakeholders, accelerates innovation, and upholds the highest global standards and best practice."
