Manager - Monitoring (Economic Substance) Manager - Monitoring (Economic Substance) …

Abu Dhabi Global Market (ADGM)
in Abu Dhabi, Abu Z aby, United Arab Emirates
Permanent, Full time
Last application, 02 Apr 20
Abu Dhabi Global Market (ADGM)
in Abu Dhabi, Abu Z aby, United Arab Emirates
Permanent, Full time
Last application, 02 Apr 20
The Registration Authority’s (RA’s) Monitoring & Enforcement (M&E) Division is responsible for the monitoring of compliance with and, where necessary enforcement of, ADGM’s commercial legislation. ADGM’s commercial legislation, includes the (non-financial) regulations and rules governing the incorporation, registration, commercial licensing and operation of firms in the ADGM. The Monitoring Section within the M&E Division is responsible for carrying out the monitoring aspect of these responsibilities. This includes monitoring of financial, non-financial and retail licensed persons as well as registered auditors and insolvency practitioners. The Manager (ES) manages the RA’s economic substance monitoring strategy and framework and related duties and functions.

Operational responsibilities

  • Support in the development and delivery of the RA economic substance monitoring strategy and framework. 
  • Manage the structured and consistent execution of the economic substance monitoring framework, including to identify, assess, report on and respond to ADGM firms subject to the UAE’s Economic Substance Regulations.
  • Implement a risk-based approach to monitoring economic substance requirements.
  • Carry out monitoring activities, including outreach, education, desk-based reviews and on-site assessments.
  • Collect, collate, review, assess and log annual notifications and economic substance returns from ADGM firms. 
  • Set, track and follow up on reminders to firms related to filings, correcting non-compliance, fines and other M&E operations.
  • Deliver appropriate and timely monitoring assessments and recommendations to the Section Head, Monitoring.
  • Work closely with the RA Enforcement Section on matters that may require regulatory action concerning economic substance non-compliance. 
  • Work closely with the Financial Services Regulatory Authority concerning financial services firms subject to economic substance requirements.
  • Assist in managing relationships with external stakeholders, including other regulatory authorities and any other relevant stakeholders;
  • Continuously review and where appropriate, improve the internal processes and procedures of M&E.
  • Support the design and delivery of new and on-going M&E projects.

Information Security related  

  • Understand, adopt, adhere and practice responsibilities or controls as per ADGM Information Security policy and as per best practices explained in the induction and awareness sessions.
  • Confidentiality, Integrity and availability of the ADGM Information shall be maintained at all times i.e. within as well as outside ADGM.


  • A Bachelor degree in accounting, financial, business, legal or related field. 

Work Experience

  • A minimum of 8-10 years’ post-graduate experience in tax consultancy (preferably, experience with BEPS requirements).
  • Understanding of the public interest role of regulatory bodies.
  • Knowledge of regulatory/supervisory policies and frameworks.
  • Knowledge in firm risk assessment and identifying required action.
  • Analytical, problem solving, communication and interpersonal skills. 
  • Ability to make sound decisions, based on good judgement, analysis and evidence that are well documented.
  • Internal and external stakeholder management skills.