Featured Product

    Dubai FSA Publishes Guiding Principles on Sustainable Finance

    January 15, 2020

    Dubai FSA and a group of leading authorities in UAE agreed on the first guiding principles on sustainable finance in UAE. The guiding principles were officially signed in a ceremony at the Abu Dhabi Sustainable Finance Forum during the Abu Dhabi Sustainability Week. These principles will serve as a catalyst for the implementation of the sustainability priorities of UAE. The principles are aimed at the integration of Environmental, Social, and Corporate Governance (ESG) factors into governance, strategy, and risk management, along with the promotion of appropriate ESG-related reporting and disclosures.

    The principles signal that UAE recognizes the importance of ESG factors to the investor community. At the regulated community level, the principles aim to facilitate transition of UAE to a more sustainable economy and to help organizations to develop strategies that re-orientate and diversify the economy, help mitigate risks of reduced global demand for oil, adapt to the physical risks of climate change, and explore the new investment opportunities it presents. These principles are voluntary and represent the first stage of the Authorities’ joint work, as part of the effort to ensure that the transition is effected in a gradual and consultative manner. 

    Following the endorsement of these principles, the Authorities undertake to implement appropriate measures, which may include guidelines and policies, to encourage UAE financial firms, including banks, insurers, financial intermediaries, issuers, asset and wealth managers, and investment funds as well as corporates and other entities under their purview. The aim is to encourage these financial firms to develop strategies to incorporate ESG considerations in their business activities and decision-making, risk frameworks, and in the context of exploring new investment opportunities.

    Based on the United Nations Agenda for Sustainable Development, the guiding principles are the result of co-operative efforts among a number of authorities in UAE, namely Dubai FSA, CBUAE, Insurance Authority, Securities and Commodities Authority, Financial Services Regulatory Authority of the Abu Dhabi Global Market, Ministry of Climate Change and Environment, Dubai Islamic Economy Development Centre, Dubai Financial Market, Nasdaq Dubai, and Abu Dhabi Securities Exchange.

     

    Related Links

    Keywords: Middle East and Africa, UAE, Dubai, Banking, Insurance, Securities, ESG, Sustainable Finance, Reporting, Disclosure, UAE Authorities, Climate Change Risk, Islamic Banking, Dubai FSA

    Featured Experts
    Related Articles
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 23, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    News

    FCA to Begin to Move Firms to New Data Collection Platform RegData

    FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.

    September 23, 2020 WebPage Regulatory News
    News

    ISDA Expects IBOR Fallbacks to be Effective by End of January 2021

    ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.

    September 23, 2020 WebPage Regulatory News
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5836