Featured Product

    Dubai FSA Outlines Business Plan for 2023-2024

    The Dubai Financial Services Authority (DFSA) published its business plan for 2023-2024 to support the growth of Dubai and UAE as a well-regulated and forward-thinking financial services hub. The 2023-2024 banking supervisory activities will focus mainly on prudential risks and non-financial risks.

    With regard to the banking supervisory activities, DFSA will continue to adopt a proactive, forward-looking, and risk-based approach to supervision, paired with an effective early intervention regime to help safeguard the stability of the banking sector in the DIFC. DFSA will monitor developments in asset quality, asset concentration, and banks’ assessment of changes in creditworthiness of clients. It will also review liquidity and asset-liability management frameworks, systems to monitor and control liquidity mismatches and the availability of high-quality liquid assets and robust contingent sources of liquidity. Additionally, with regard to non-financial risks, DFSA will focus on technology, cybersecurity, exposures to third-party risk, and financial crime. DFSA also plans to engage with banks to discuss challenges in climate-related financial risks and monitor the development of climate related governance and risk management frameworks.

    The business plan for 2023-2024 outlines four key strategic themes—Delivery, Engagement, Innovation, and Sustainability. The two-year business plan outlines an ambitious roadmap to meet the statutory objectives for the Dubai International Financial Center (DIFC), including establishing and maintaining the reputation of DIFC as a leading global financial center.  As part of the business plan, DFSA will:

    • enhance its policy framework through the implementation of international standards, ongoing development of its support for trading venues and markets, and strengthen its regime for the protection of client assets to maintain the integrity of the DIFC financial services industry.
    • continue to support the federal authorities in fighting financial crime and implement the recommendations arising from the Financial Action Task Force (FATF) Mutual Evaluation of the UAE in 2020.
    • work at a national level to deliver approaches on corporate governance, disclosure, and taxonomy and work with the DIFC firms to improve engagement and understanding of environmental, social, and governance (ESG) issues.
    • strengthen utilization of technology to address regulatory obligations and challenges as well as to enable development and use of new technology by the regulated community within DIFC.
    • continue to update the broader regulatory regime within DIFC so that it addresses market developments—both risks and innovations—and remains in line with its vision to be an internationally respected regulator, leading the development of financial services through strong and fair regulation.
    • progress further with the Digital Data Strategy to enhance its digital capabilities as a regulator.

     

    Related Links

    Keywords: Middle East And Africa, UAE, Banking, Business Plan, ESG, Credit Risk, Liquidity Risk, Climate Change Risk, Cyber Risk, Third-Party Risk, DIFC, ALM, Dubai FSA

    Featured Experts
    Related Articles
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    News

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News
    News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News
    News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News
    News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News
    News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8962