Dubai FSA Accepts Four Firms for Innovation Testing License Cohort
Dubai FSA accepted four fintech firms into its 2019 Summer Innovation Testing License (ITL) Cohort, following the evaluation of a number of applications. These four firms can now apply for an ITL, with the first batch of licenses expected to be granted in October 2019. The next opportunity to apply to participate in a cohort will be in November 2019.
Invitations to join the 2019 Summer Cohort were open to international firms and DFSA received expressions of interest from across the world, spanning a range of innovative, technology driven products and solutions covering a range of business models. The successful firms intend to engage in equity crowdfunding with tokenization of equities, the operation of a blockchain-enabled property crowdfunding platform, and the facilitation of blockchain-enabled supply chain financing. The DFSA ITL Program enables firms to test fintech solutions in and from the Dubai International Financial Center (DIFC) and provides them with temporary flexibility to test and develop concepts within a restricted regulatory environment. The Dubai FSA offers two cohorts each year for firms to express interest in the ITL program.
Related Links
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Insurance, Securities, Fintech, Regtech, Innovation Testing License, Dubai FSA
Related Articles
BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
EBA Publishes Multiple Regulatory Updates for Regulated Entities
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
APRA Consults on Prudential Standard for Operational Risk
The Australian Prudential Regulation Authority (APRA) is seeking comments, until October 21, 2022, on the introduction of CPS 230, which is the new cross-industry prudential standard on operational risk management.
EC Amends Rule on Securitizations; ESRB Updates Reciprocation Measures
The European Commission published a Delegated Regulation 2022/1301 on the information to be provided in accordance with the simple, transparent, and standardized (STS) notification requirements for on-balance-sheet synthetic securitizations.
APRA Announces Revisions to Capital Framework for Banks
The Australian Prudential Regulation Authority (APRA) is announced revisions to the capital framework for authorized deposit-taking institutions to implement the "unquestionably strong" capital ratios and the Basel III reforms.
EBA Examines Remuneration Data and Use of Large Exposure Exemptions
The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).
UK Authorities Publish Discussion Paper on Critical Third Parties
The Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) published a joint discussion paper that sets out potential measures to oversee and strengthen the resilience of services provided by critical third parties to the financial sector in UK.
BoE Issues Update on Ongoing Data Transformation Program
The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.
EBA Issues Draft Methodology and Templates for 2023 Stress Tests
The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.
EBA Issues SREP Guidelines and Standards for Investment Firms
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.
