Dubai FSA and CSSF Sign Financial Innovation Agreement
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
Previous Article
IAIS Publishes Newsletter for October 2019Related Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BCBS Issues Climate Risk Principles while HKMA Expresses Its Support
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.
