Topic: United Arab Emirates

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IOSCO consults on lessons learned from the operational resilience of trading venues and market intermediaries during the pandemic

On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading

FSB publishes two papers designed to assist resolution planning for insurers

The Financial Stability Board (FSB) has published two papers designed to assist resolution planning for insurance companies. The papers are practices papers on Resolution Funding for Insurers and Internal Interconnectedness in Resolution Planning for Insurers. Resolution Funding for Insurers. This practices paper considers different sources of resolution funding including policyholder protection schemes and standalone resolution … Continue Reading

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

The Council of the IFSB has adopted two new standards

On 10 December 2021, the Council of the Islamic Financial Services Board (IFSB) adopted two new standards: IFSB-23: Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services (IIFS). IFSB-23 was developed to align the IFSB’s guidance on capital adequacy for the banking sector with the latest updates to global capital standards, particularly those issued … Continue Reading

FSB global monitoring report on non-bank financial intermediation

On 16 December 2021, the Financial Stability Board (FSB) published the Global Monitoring Report on Non-Bank Financial Intermediation 2021. The report presents the results of the FSB’s annual monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI). In contrast to the trend over the past decade, the NBFI sector grew less … Continue Reading

ISDA paper – Contractual Standards for Digital Asset Derivatives

On 14 December 2021, the ISDA published a paper ‘Contractual Standards for Digital Asset Derivatives’. The paper: Identifies novel technology and market-driven events that could disrupt the operation of a digital asset derivatives transaction and provides a framework for dealing with these events. Explores how digital assets (and the derivatives that reference them) can be … Continue Reading

A draft framework for money laundering/terrorist financing risk assessment of a remittance

On 13 December 2021, the International Monetary Fund (IMF) and the World Bank published a report setting out a draft framework and methodology for risk assessment in remittance corridors having the potential of being identified as “safe remittance corridors”. At its October 2020 Finance Ministers and Central Bank Governors meeting, the G20 endorsed the Roadmap … Continue Reading

FSB illustrates practical approaches to the execution of bail-in

On 13 December 2021, the Financial Stability Board (FSB) published a paper on the execution of bail-in. Bail-in is at the core of resolution strategies for global systemically important banks (G-SIBs). Set out in the Key Attributes of Effective Resolution Regimes for Financial Institutions, it is an important tool enabling an orderly resolution that minimises … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

FSB seeks feedback on how existing national and regional data frameworks affect cross-border data flows

On 10 December 2021, the Financial Stability Board (FSB) launched an online survey as part of its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments. The FSB intends to use the survey to gather stakeholders’ feedback in order to better understand how requirements applicable to data could affect (either enabling or … Continue Reading

ABC Compliance Survey 2021: five key areas to consider enhancements

Since the UK Bribery Act 2010 came into force in July 2011, standards and scope of anti-bribery and corruption (ABC) compliance programmes have evolved significantly in many jurisdictions. Norton Rose Fulbright recently carried out a global survey to assess how companies’ ABC compliance programmes compare against current global best practice expectations, as documented in guidance … Continue Reading

FSB 2021 Resolution Report: “Glass half-full or still half-empty?”

On 7 December 2021, the Financial Stability Board (FSB) published its 2021 Resolution Report. The Resolution Report takes stock of the progress made in implementing the FSB resolution policies and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. It also sets out the FSB’s priorities in the resolution area going forward. Looking … Continue Reading

IOSCO consultation report – The use of innovation facilitators in growth and emerging markets

On 7 December 2021, the International Organization of Securities Commissions issued a consultation report, The use of innovation facilitators in growth and emerging markets. The consultation report covers three types of innovation facilitators: innovation hubs, regulatory sandboxes, and regulatory accelerators. The consultation report proposes four recommendations for emerging market member jurisdictions to consider when setting … Continue Reading

FSB publishes implementation progress of OTC derivatives market reforms in 2021

On 3 December 2021, the Financial Stability Board (FSB) published a report regarding the implementation progress of over-the-counter (OTC) derivatives market reforms in 2021. The report tracks the international progress in implementing G20 reforms to global OTC derivatives markets following the 2008 global financial crisis. The following progress has been made since the previous annual … Continue Reading

FSB report on good practices for Crisis Management Groups

On 30 November 2021, the Financial Stability Board (FSB) issued a report on good practices for Crisis Management Groups (CMGs). The report sets out good practices that have helped CMGs to enhance preparedness for the management and resolution of a cross-border financial crisis affecting a global systemically important bank (G-SIB) consistent with the FSB’s Key … Continue Reading

IOSCO and CPMI publish a discussion paper on client clearing: access and portability

On 29 November 2021, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a discussion paper on client clearing. The discussion paper considers issues concerning access to central counterparties (CCPs) and effective porting practices. The discussion paper does not intend to provide guidance on … Continue Reading

2021 list of G-SIBs

On 23 November 2021, the Financial Stability Board (FSB) published the 2021 list of global systematically important banks (G-SIBs) using end-2020 data and an assessment methodology designed by the Basel Committee on Banking Supervision (Basel Committee). FSB member authorities apply the following requirements to G-SIBs: Higher capital buffer. The G-SIBs have been allocated to buckets … Continue Reading

IOSCO final report ESG Ratings and Data Products Providers

On 23 November 2021, the Board of the International Organisation of Securities Commissions (IOSCO) published a final report with a set of recommendations calling for oversight of ESG Ratings and Data Product Providers. The use of ESG ratings and data products has grown considerably in response to investors’ mounting interest in investing in companies that … Continue Reading

FSB statement to support preparations for LIBOR cessation

 On 22 November 2021, the Financial Stability Board (FSB) issued a statement to support preparations for LIBOR cessation. Key points in the statement include: Significant progress has been made in transitioning to Risk-Free Rates (RFRs), but market participants still need to finalise preparations to cease new use of LIBOR by end-2021. The FSB recognises the … Continue Reading

CPMI (BIS) consultative report: Extending and aligning payment system operating hours for cross-border payments

On 18 November 2021, the Committee on Payments and Market Infrastructures (CPMI) and Bank for International Settlements (BIS) published a consultative report titled Extending and aligning payment system operating hours for cross-border payments as part of the G20 cross-border payments programme. The report focuses on the operating hours of real-time gross settlement (RTGS) systems which … Continue Reading

Open banking around the world: A global comparative guide

We are delighted to announce the launch of the 2021 version of ‘Open banking around the world: A global comparative guide’. Our guide profiles the latest developments being taken to facilitate open banking throughout key jurisdictions in 2021, covering what open banking means in each jurisdiction, applicable legislation, requirements for third party access and strong … Continue Reading

Global Asset Management Quarterly – New issue

The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom The new regime for preferential taxation of qualifying asset holding companies Luxembourg Luxembourg update Australia Australian Federal Government commits to the new corporate collective investment vehicle (CCIV) regime with … Continue Reading

Basel Committee consults on ‘Principles for the effective management and supervision of climate-related financial risks’

On 16 November 2021, the Basel Committee on Banking Supervision (BCBS) issued a public consultative document titled Principles for the effective management and supervision of climate-related financial risks. The BCBS reports that a review of the existing Basel Framework has concluded that while the ‘Core Principles for Effective Banking Supervision’ (Core Principles) and the ‘Supervisory … Continue Reading

RT Plus – Recent U.S. Enforcement Developments

A new episode of RT Plus is available now to stream and download. This episode features Celia Cohen and Samuel Ramer, both of whom are partners in NRF’s US practice. This podcast will be of particular interest to US based firms but also to non-US firms that have some dealings with the US. In this … Continue Reading
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