Featured Product

    Dubai FSA and CSSF Sign Financial Innovation Agreement

    November 28, 2019

    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

    Related Articles
    News

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News
    News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597