Dubai FSA Updates Rulebook Modules for Banks in August 2021
The Dubai Financial Services Authority (Dubai FSA) updated Rulebook modules for banks, following consultation on a number of proposed legislative changes that were set out in the consultation papers numbered 135, 137, and 140. The updated modules include General Module, Conduct of Business Module, Glossary Module, Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module, and Prudential Investment, Insurance Intermediation, and Banking Business Module.
The following recently published rulemaking instruments (or notices) for financial firms, including banks, insurers, and asset managers, will come into force on September 01, 2021:
- Glossary Module (GLO) Rule-Making Instruments (No. 298 and 303) 2021, which repeals and replaces the Glossary Module (GLO) of the Dubai FSA Rulebook with an updated version
- General Module (GEN) Rule-Making Instruments (No. 297, 301, and 305) 2021, which repeals and replaces the General Module (GEN) of the Dubai FSA Rulebook with an updated version
- Conduct of Business Module (COB) Rule-Making Instruments (No. 299 and 302) 2021, which repeals and replaces the Conduct of Business (COB) module of the Dubai FSA Rulebook with an updated version
- Representative Office Module (REP) Rule-Making Instrument (No. 300) 2021, which repeals and replaces the Representative Office Module (REP) of the Dubai FSA Rulebook with an updated version
- Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) Instrument (No. 306) 2021, which repeals and replaces the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) of the Dubai FSA Rulebook with an updated version
- Prudential—Investment, Insurance Intermediation, and Banking Business Module (PIB) Rule-Making Instruments (No. 304 and 307) 2021, which repeals and replaces the Prudential – Investment, Insurance Intermediation and Banking Business Module (PIB) of the Dubai FSA Rulebook with an updated version
- Collective Investment Rules (CIR) Rule-Making Instrument (No. 308) 2021, which repeals and replaces the Collective Investment Rules (CIR) of the Dubai FSA Rulebook with an updated version
Related Links
Effective Date: September 01, 2021
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Rulebook, AML/CFT, Dubai FSA
Previous Article
MAS and U.S. Treasury Announce MoU on Cybersecurity CooperationRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
