November 14, 2018

CBUAE published regulations and standards on financial reporting and external audit, operational risk, market risk, and interest rate and rate of return risk in the banking book (IRRBB), along with rules on internal controls, compliance, and internal audit. The regulations apply to all banks operating in the United Arab Emirates. The regulations and standards shall come into effect one month from the date of publication in the Official Gazette.

The regulations and standards on operational risk, market risk, and IRRBB must be read in conjunction with the RIsk Management Regulation and Standards, which establish the requirements for overarching approach of banks to risk management. The regulations and standards on financial reporting, external audit, and internal controls, compliance and internal audit must be read in conjunction with the regulations and standards on corporate governance in banks, which establish the overarching prudential framework.

In introducing the regulations and the accompanying standards, CBUAE intends to ensure that the banks' approaches to financial reporting and external audit, operational risk, market risk, and management of IRRBB, along with the internal controls, compliance, and internal auditare in line with the leading international practices. The regulation establishes minimum acceptable standards for a comprehensive approach of banks in an effort to ensure the soundness of banks and to contribute to financial stability. The accompanying standards supplement the regulations to elaborate on the supervisory expectations of CBUAE with respect to these topics.

 

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Effective Date: Official Gazette + 1 month

Keywords: Middle East and Africa, UAE, Banking, IRRBB, Market Risk, Operational Risk, Financial Reporting and External Audit, Internal Controls, Risk Management, CBUAE

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