Topic: United Arab Emirates

Subscribe to United Arab Emirates RSS feed

Anti-money laundering: Regulation Around the World

In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the … Continue Reading

Outcomes FATF Plenary, 14-17 June 2022

On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022. Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the people of Ukraine, and as a result of Russia’s invasion, the FATF agreed to severely … Continue Reading

Basel Committee issues principles for the effective management and supervision of climate-related financial risks

On 15 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued principles for the effective management and supervision of climate-related financial risks. The 18 principles are intended to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks. They cover corporate governance, internal controls, risk … Continue Reading

Basel Committee finalises principals on climate-related financial risks and progresses work on specifying crypto-assets’ prudential treatment

On 27 May 2022, the Basel Committee met and approved a finalised set of principles for the effective management and supervision of climate-related financial risks. The Committee also progressed work on specifying crypto-asset prudential treatment and issuing a second consultation paper. Additionally, the Committee finalised the review of the treatment of cross-border exposures within the … Continue Reading

Global financial services webinar – Crypto fund and buy-side developments

Tuesday, 7 June, 2022 08:00 – 09:00 BST / 11:00 – 12:00 GST / 15:00 – 16:00 HKT 11:00 – 12:00 EDT / 16:00 – 17:00 BST / 19:00 – 20:00 GST In this webinar, members of our global financial services team will compare notes on their jurisdiction’s approach to crypto funds. The speakers will … Continue Reading

NGFS publishes its 2022-2024 work program

On 30 May 2022, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) published its new work program, detailing its priorities for the next two years. The new work program will be undertaken by four work streams and two task forces: Work stream on Supervision – Chaired by Mr Jamey Hubbs … Continue Reading

Wolfsberg Group FAQs on negative news screening

On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … 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 launches consultation on supervisory and regulatory approaches to climate-related risks

On 29 April 2022, the Financial Stability Board (FSB) issued a report setting out certain recommendations that are intended to assist supervisory authorities in developing their approaches to monitor, manage and mitigate cross-sectoral and system-wide risks arising from climate change and promote consistent approaches across sectors and jurisdictions. The report: Examines supervisory and regulatory reporting … Continue Reading

IOSCO report on issues and considerations of market data in secondary equity markets

On 28 April 2022, the International Organization of Securities Commissions (IOSCO) published a report setting out some issues and considerations for regulators when reviewing the regulation of market data. The report provides feedback on IOSCO’s earlier consultation report ‘Market Data in the Secondary Equity Market’ and offers the following considerations that regulators may find helpful … Continue Reading

Report on the state of effectiveness and compliance with the FATF standards

On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, 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 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … 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

IOSCO seeks feedback on market liquidity issues affecting corporate bond markets under stress and good practices concerning ETFs

On 6 April 2022, the International Organisation of Securities Commissions (IOSCO) published a report, Corporate bond markets – drivers of liquidity during COVID-19 induced market stresses. The report analyses the work of the IOSCO working group on corporate bond market liquidity, which was tasked with analysing the corporate bond market microstructure, resilience and liquidity provision … Continue Reading

FSB work programme for 2022

On 31 March 2022, the Financial Stability Board (FSB) published its work programme for 2022. Priority areas for the FSB include: Supporting international cooperation and coordination on current financial stability issues. Against the backdrop of the Russia-Ukraine conflict and its economic impacts, the FSB is reinforcing its forward-looking monitoring to identify, assess and address new … Continue Reading

NGFS acknowledges that nature-related risks could have significant macroeconomic and financial implications

On 24 March 2022, the Network for Greening the Financial System (NGFS) issued a statement on nature-related financial risks. Among other things the statement notes that on the basis of available scientific evidence, the NGFS is of the view that nature-related risks, including those associated with biodiversity loss, could have significant macro-economic implications, and that … Continue Reading

Regulation Around the World focusing on horizon scanning – out now

What’s on the regulatory horizon for financial services firms? In the latest instalment of our Regulation Around the World series we focus on horizon scanning with members of our global financial services team exploring some of the key upcoming regulatory trends. Our global updater focussing on horizon scanning is accompanied by further analysis in our … Continue Reading

Beyond Sanctions – new financial services hub

Our financial services and regulation team have launched the ‘Beyond Sanctions’ insights hub, highlighting the broader issues that financial services firms will need to consider, above and beyond the immediate concerns and challenges arising from the economic sanctions. Visit our hub to find out more.… Continue Reading

IOSCO consults on recent retail investor trends and related conduct implications

On 21 March 2022, the International Organisation of Securities Commissions (IOSCO) published a consultation report that seeks comments on the issues identified in an earlier report by its Retail Market Conduct Task Force (RMCTF) which focussed on the retail conduct implications of COVID-19. The RMCTF report was largely based on a survey which highlighted some … Continue Reading

FSB report – FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability

On 21 March 2022, the Financial Stability Board (FSB) published a report regarding FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability. The main outcome of the report was that the COVID-19 pandemic has accelerated the trend toward digitalisation of retail financial services. While comprehensive data on the market shares of … Continue Reading

IOSCO 2022 sustainable finance work plan

On 14 March 2022, the International Organization of Securities Commissions (IOSCO) published its work plan to develop sustainable finance. Among other things IOSCO plans to review the soon-to-be-published IFRS International Sustainability Standards Board (ISSB) Exposure Drafts of proposed climate and general sustainability disclosure requirements, as well as the final standards when they are produced. The … Continue Reading

FATF public statement on revisions to Recommendation 24

On 7 March 2022, the Financial Action Task Force (FATF) issued a public statement regarding amendments it had adopted to Recommendation 24 and its Interpretative Notes on 4 March 2022. The Recommendation requires countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate … 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 … Continue Reading

Research shows huge increase in use of DeFi protocols for money laundering

Blockchain analytics firm Chainalysis have recently published the results of research showing that there has been a huge increase in the use of decentralised finance (DeFi) protocols to launder money over the last year. DeFi is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. In 2021, there was … Continue Reading
LexBlog