Dubai FSA Invites Applications for Regulatory Sandbox Winter Cohort
Dubai FSA is inviting applications from local and international firms to apply to join the 2020 regulatory sandbox Winter cohort. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. Firms can apply between November 01, 2019 and November 30, 2019. Firms accepted into the Winter Cohort will be announced on December 16, after which they are required to submit an Innovation Testing License (ITL) application by January 17, 2020.
The ITL Program enables firms to test innovative solutions in and from the Dubai International Financial Center or DIFC. Since the inception of the ITL Program in 2017, Dubai FSA has accepted 20 companies into the cohort process, representing diverse business models from across the world. Such diverse business models included digital Sukuk issuances using smart contracts, tokenized securities and debt offerings, tokenized crowdfunding, and the use of artificial intelligence in credit analysis. The program provides firms with temporary flexibility to test and develop concepts within a test environment without being subject to the full suite of regulatory requirements that normally apply to regulated firms.
Related Link: Press Release
Keywords: Middle East and Africa, Dubai, Banking, Artificial Intelligence, Fintech, Regulatory Sandbox, Regtech, Dubai FSA
Previous Article
ESMA Updates List of Guidelines Under Its Mandate in November 2018Related Articles
ISSB Sustainability Standards Expected to Become Global Baseline
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
BCBS Assesses NSFR and Large Exposures Rules in US
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.
Global Agencies Focus on ESG Data, Climate Litigation and Nature Risks
At the global level, supervisory efforts are increasingly focused on addressing climate risks via better quality data and innovative use of technologies such as generative artificial intelligence (AI) and blockchain.
ISSB Standards Shine Spotlight on Comparability of ESG Disclosures
The finalization of the IFRS sustainability disclosure standards in late June 2023 has brought to the forefront the themes of the harmonization of sustainability disclosures
EBA Issues Several Regulatory and Reporting Updates for Banks
The European Banking Authority (EBA) recently issued several regulatory publications impacting the banking sector.
BCBS Proposes to Revise Core Principles for Banking Supervision
The Basel Committee on Banking Supervision (BCBS) launched a consultation on revisions to the core principles for effective banking supervision, with the comment period ending on October 06, 2023.
US Proposes Final Basel Rules, Transition Period to Start in July 2025
The U.S. banking agencies (FDIC, FED, and OCC) recently proposed rules implementing the final Basel III reforms, also known as the Basel III Endgame.
FSB Report Outlines Next Steps for Climate Risk Roadmap
The Financial Stability Board (FSB) recently published the second annual progress report on the July 2021 roadmap to address climate-related financial risks.
EBA Plans on Ad-hoc ESG Data Collection and Climate Scenario Exercise
The recognition of climate change as a systemic risk to the global economy has further intensified regulatory and supervisory focus on monitoring of the environmental, social, and governance (ESG) risks.
