In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Karl Masi and Hasanali Pirbhai from our Dubai office provide a regulatory update for the UAE. This includes the FATF’s onsite assessment this
Dubai and Saudi
IOSCO consults on neo-brokers

On 12 March 2025, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on neo-brokers.
Neo-brokers are a subset of brokers, characterized by providing online-only investment services and by the absence of physical operating branches, thereby using technology to facilitate those services and access to financial markets. Neo-brokers have very limited…
IOSCO consults on AI in capital markets

On 12 March 2025, the International Organisation of Securities Commissions (IOSCO) issued a new consultation report on artificial intelligence (AI) in capital markets.
The purpose of the consultation report is to create a shared understanding among IOSCO members of the issues, risks and challenges that emerging AI technologies used in financial…
IOSCO Work Programme 2025

- Prioritize issues related to non-bank financial intermediation again in 2025.
- Continue its review of the IOSCO Principles for the Valuation of Collective Investment Schemes.
- Spearhead a series
FATF consults on best practices in mitigating proliferation financing risks

On 26 February 2025, the Financial Action task Force (FATF) issued a public consultation seeking input on best practices in mitigating proliferation financing risks. The consultation is intended to help FATF produce a report that will improve country and private sector understanding of current proliferation financing risks. This will cover the evasion techniques…
FATF updates standards and consults on guidance to better promote financial inclusion

On 25 February 2025, the Financial Action Task Force (FATF) updated Recommendation 1 and its Interpretive Note, with corresponding amendments to Interpretive Notes to Recommendations 10 and 15, as well as related Glossary definitions to better support financial inclusion. The updates follow the February 2025 FATF Plenary where it was noted that…
FATF second consultation on revisions to R.16 and INR.16

On 24 February 2025, the Financial Action Task Force (FATF) issued its second public consultation on revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related Glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.
The objective of the…
FSB Chair calls for renewed focus on implementation

On 24 February 2025, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 26-27 February. Among other things the letter notes that with key reforms developed or nearing completion, the FSB is shifting toward a greater…
New Wolfsberg Group papers

- Wolfsberg Guidance on Payment Transparency – Roles and Responsibilities (dated 16 December 2024, published 21 February 2025). This document provides an overview of the roles played by key actors in a payment chain. It also sets out their respective responsibilities to adhere to payment transparency standards across
FSB thematic review on Crypto Framework

On 21 February 2025, the Financial Stability Board (FSB) announced that it was conducting a thematic peer review that will take stock of the progress made and planned by its members (and certain non-members) in implementing the FSB Crypto Framework.
The primary source of information for the peer review will be responses to…