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
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.