Dubai FSA and CSSF entered into an agreement to cooperate in the development of fintech. The agreement was signed by the Dubai FSA Chair Saeb Eigner and the CSSF Director General Claude Marx in Luxembourg. Under the terms of the agreement, the authorities will, subject to applicable laws and regulations, share information about innovations in financial services in their respective markets, including emerging trends and developments as well as innovation-related regulatory issues. The cooperation framework reflects efforts by both authorities to foster innovation in the Dubai International Financial Center as well as in Luxembourg.
This is the eighth fintech agreement of Dubai FSA and this agreement forms part of its innovation strategy, which complements the National Innovation Strategy, as set out by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make the UAE a global hub for innovation. The agreement provides a framework for cooperation and referrals between each authority. It also sets out a mechanism that will enable the authorities to refer innovator businesses between their respective Innovation Functions and provide them with regulatory support. The agreement builds on the existing Memorandum of Understanding between Dubai FSA and CSSF, which was signed in 2007. Dubai FSA, in May 2017, launched its Innovation Testing License, which is a special class of financial services license that allows fintech firms to develop and test innovative fintech concepts from the Dubai International Financial Center.
Related Link: Press Release
Keywords: Europe, Middle East and Africa, EU, UAE, Dubai, Luxembourg, Banking, Fintech, MoU, National Innovation Strategy, Financial Innovation, CSSF, DFSA
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.
FED released hypothetical scenarios for a second round of stress tests for banks.
PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.
FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).
HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.