Dubai FSA Updates and Introduces Rulebook Modules for Banks
Dubai FSA published new and updated Rulebook modules for banks, following consultation on a number of proposed legislative changes that were set out in the consultation papers numbered 131, 132, and 134. Among these, the updated modules on prudential investment and Islamic finance rules came into force on April 01, 2021 while the General Module, Glossary Module, Market Rules Module, and Authorized Market Institutions Module will come into force on April 12, 2021. Additionally, Dubai FSA introduced a new Rulebook module on recovery and resolution, which will also come into force on April 12, 2021.
The Dubai FSA Board published the following rulemaking instruments (or notices) for financial firms, including banks, insurers, and asset managers:
- Recovery and Resolution Rules (RAR) Rule-Making Instrument (No. 283) 2021, which makes the new Recovery and Resolution (RAR) module of the Dubai FSA Rulebook
- Glossary Module (GLO) Rule-Making Instruments (No. 284 and No. 295) 2021, which repeals and replaces the Glossary Module (GLO) of the Dubai FSA Rulebook with an updated version
- General Module (GEN) Rule-Making Instrument (No. 285) 2021, which repeals and replaces the General Module (GEN) of the Dubai FSA Rulebook with an updated version
- Markets Rules (MKT) Rule-Making Instrument (No. 286) 2021, which repeals and replaces the Markets Rules (MKT) of the Dubai FSA Rulebook with an updated version
- Authorized Market Institutions Module (AMI) Instrument (No. 287) 2021, which repeals and replaces the Authorized Market Institutions (AMI) module of the Dubai FSA Rulebook with an updated version
- Prudential—Investment, Insurance Intermediation And Banking Business Module (PIB) Rule-Making Instrument (No. 293) 2021, which repeals and replaces the Prudential – Investment, Insurance Intermediation and Banking Business Module (PIB) of the Dubai FSA Rulebook with an updated version
- Islamic Finance Rules (IFR) Rule-Making Instrument (No. 294) 2021, which repeals and replaces the Islamic Finance Rules (IFR) module of the Dubai FSA Rulebook with an updated version
- Prudential—Insurance Business Module (PIN) (No. 296) 2021, which repeals and replaces the Prudential –Insurance Business (PIN) module of the Dubai FSA Rulebook with an updated version
Effective Date: April 01, 2021/April 12, 2021
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Rulebook, Islamic Finance, Islamic Banking, Resolution Planning, Resolution Framework, Dubai FSA
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