The Dubai FSA is inviting applications from local and international companies to apply to join its 2020 Summer Cohort. Successful cohort applicants will be invited to apply to enter the Dubai FSA version of the regulatory sandbox, known as the Innovation Testing License or ITL.
The DFSA welcomes innovative technology-driven companies to apply through its website between May 01 and May 31. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. Dubai FSA will announce applicants accepted into the Summer Cohort on June 16, after which it will invite the applicants to submit an Innovation Testing License application by July 26.
Since the inception of the Innovation Testing License in 2017, Dubai FSA has accepted 25 companies into the cohort process, representing diverse business models from across the world. These have included digital Sukuk issuances using smart contracts, tokenized securities and debt offerings, tokenized crowdfunding, SME lending platforms, and the use of artificial intelligence in credit analysis. The Innovation Testing License enables companies to test innovative solutions in and from the Dubai International Financial Center. It provides companies with temporary relaxation of a limited set of regulatory requirements to test and develop concepts within the test environment.
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Insurance, Securities, Innovation Testing License, Regulatory Sandbox, Fintech, Regtech, Dubai FSA
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.