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.
- 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.
- 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.