Dubai FSA published new and updated Rulebook modules for banks, following consultation on a number of proposed legislative changes that were set out in the consultation papers numbered 131, 132, and 134. Among these, the updated modules on prudential investment and Islamic finance rules came into force on April 01, 2021 while the General Module, Glossary Module, Market Rules Module, and Authorized Market Institutions Module will come into force on April 12, 2021. Additionally, Dubai FSA introduced a new Rulebook module on recovery and resolution, which will also come into force on April 12, 2021.
The Dubai FSA Board published the following rulemaking instruments (or notices) for financial firms, including banks, insurers, and asset managers:
- Recovery and Resolution Rules (RAR) Rule-Making Instrument (No. 283) 2021, which makes the new Recovery and Resolution (RAR) module of the Dubai FSA Rulebook
- Glossary Module (GLO) Rule-Making Instruments (No. 284 and No. 295) 2021, which repeals and replaces the Glossary Module (GLO) of the Dubai FSA Rulebook with an updated version
- General Module (GEN) Rule-Making Instrument (No. 285) 2021, which repeals and replaces the General Module (GEN) of the Dubai FSA Rulebook with an updated version
- Markets Rules (MKT) Rule-Making Instrument (No. 286) 2021, which repeals and replaces the Markets Rules (MKT) of the Dubai FSA Rulebook with an updated version
- Authorized Market Institutions Module (AMI) Instrument (No. 287) 2021, which repeals and replaces the Authorized Market Institutions (AMI) module of the Dubai FSA Rulebook with an updated version
- Prudential—Investment, Insurance Intermediation And Banking Business Module (PIB) Rule-Making Instrument (No. 293) 2021, which repeals and replaces the Prudential – Investment, Insurance Intermediation and Banking Business Module (PIB) of the Dubai FSA Rulebook with an updated version
- Islamic Finance Rules (IFR) Rule-Making Instrument (No. 294) 2021, which repeals and replaces the Islamic Finance Rules (IFR) module of the Dubai FSA Rulebook with an updated version
- Prudential—Insurance Business Module (PIN) (No. 296) 2021, which repeals and replaces the Prudential –Insurance Business (PIN) module of the Dubai FSA Rulebook with an updated version
Effective Date: April 01, 2021/April 12, 2021
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Rulebook, Islamic Finance, Islamic Banking, Resolution Planning, Resolution Framework, Dubai FSA
Previous ArticleJFSA Consults on Guidelines for Climate Transition Finance
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.