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 ArticleBank of Finland Publishes Validation Checks for AnaCredit Reporting
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.