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

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7868