Dubai FSA updated several modules of its Rulebook for financial institutions, including banks. The updated modules of the Dubai FSA Rulebook include Conduct of Business (COB), Collective Investment Rules (CIR), General (GEN), Glossary (GLO), and Islamic Finance Rules (IFR) modules. The IFR module addresses the general requirements and obligations that apply to an authorized person who carries on any financial service as Islamic financial business.
The GEN module prescribes, pursuant to Article 41(2) of the Regulatory Law, the activities which constitute a financial service and, pursuant to Article 42(1) of the Regulatory Law, the kind of financial services that may be carried on by authorized firms and authorized market institutions. It also specifies various exclusions in relation to the “by way of business” requirement and, where applicable, in relation to each Financial Service. The module specifies the requirements for senior management to implement effective systems and controls. It covers requirements for the authorized firm to apportion material responsibility among its senior management. The module also contains guidance on the approach of DFSA to facilitating the testing and development of fintech in the Dubai International Financial Center.
Keywords: Middle East and Africa, United Arab Emirates, Banking, Rulebook, Islamic Finance, Islamic Banking, Dubai FSA
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