Dubai FSA Opens Applications for Regulatory Sandbox
The Dubai Financial Services Authority (Dubai FSA) invites local and international firms to apply to join the next cohort for its Innovation Testing License Program, which is the DFSA's version of a regulatory sandbox. The cohort will be open to applicants from July 01, 2021 to July 31, 2021. Successful cohort applicants will be invited to apply to enter the Innovation Testing License (ITL) Program of Dubai FSA.
Launched in 2017, the Innovation Testing License Program is a licensed regulatory sandbox that enables approved firms to test new and innovative financial products, services, and business models in and from the Dubai International Financial Centre (DIFC) within a restricted regulatory environment. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. The program reflects the Dubai FSA’s continued commitment to new and emerging technologies in the DIFC. Since the May 2017 launch of the Innovation Testing License Program, a total of 105 companies have applied to enter the program and 51 applicants have been accepted into the program. At present, 5 firms are operating in the Innovation Testing License Program, 3 firms have successfully completed and exited the program, and 7 firms have an In-Principal approval.
Related Links
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Regulatory Sandbox, Innovation Testing License, Fintech, Regtech, DIFC, Dubai FSA
Previous Article
Bundesbank Publishes Circular on AnaCredit Reporting RequirementsRelated Articles
EBA Updates Filing Rules for Supervisory Reporting
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
ECB Amends Guideline on Procedures for Collection of AnaCredit Data
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
ECB Amends Guideline on Procedures for Collection of AnaCredit Data
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
EBA Publishes Standards on Disclosure of Investment Policy Under IFR
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
APRA Finalizes Guidance for New Prudential Standard on Remuneration
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
OCC Updated LIBOR Self-Assessment Tool for Banks
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
TCFD Updates Guidance for Financial Disclosures on Climate Risk
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
BCBS Report Examines Progress on Adoption of Basel III Framework
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
ACPR Implements Updates Related to DPM Version 3.1
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
EBA Note Examines Transition Risks of Benchmark Rates
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
