Featured Product

    Dubai FSA Consults on Recovery and Resolution Framework

    January 29, 2020

    Dubai FSA published proposals to enhance the early intervention powers and to introduce a framework on recovery and resolution in the Dubai International Financial Center (DIFC). The proposals require amendments to the Regulatory Law (DIFC Law No. 1 of 2004) and addition of a new module of the rulebook called recovery and resolution (RAR). Some changes are also proposed to the glossary (GLO) and market rules (MKT) modules of the rulebook. The deadline for providing comments on this consultation is April 13, 2020.

    The Dubai FSA objectives, set out in the Regulatory Law, include promoting confidence and fostering financial stability in the financial industry in the DIFC, protecting the users of financial services and preventing damage to the reputation of the DIFC. This consultation paper presents proposals that seek to establish a comprehensive framework to allow to deliver on these objectives by reducing the risk of an authorized firm’s failure and, in case it is inevitable, by providing for an orderly management of such a situation. The proposed framework covers a number of tools allowing the Dubai FSA to improve on the measures employed in heightened supervision of firms considered as "weak." It also covers robust recovery and resolution planning for authorized firms that the Dubai FSA considers should be subject to this exercise. Finally, it covers a comprehensive framework for the resolution of firms that are failing or likely to fail.

    The proposals will be of interest to persons who

    • can carry on the financial service of accepting deposits (PIB prudential Category 1)
    • can carry on the financial service of providing credit or dealing in investments as principal (PIB prudential Category 2)
    • can manage a profit-sharing investment account where that account is received on an unrestricted basis (PIB prudential category 5)
    • intend to conduct the financial services referred to above
    • use, or propose to use, the services of the persons referred to above
    • are investors in capital instruments of the above-mentioned persons 
    • are advisors to the above-mentioned persons

     

    Related Link: Consultation Paper

    Comment Due Date: April 13, 2020

    Keywords: Middle East and Africa, UAE, Banking, Recovery and Resolution, DIFC, Resolution Framework, Dubai FSA

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582