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UAE regulators and exchanges issue High-Level Statement on Sustainable Finance to advance national Net-Zero goal

UAE regulators and exchanges issue High-Level Statement on Sustainable Finance to advance national Net-Zero goal

05 November, 2021

The UAE Sustainable Finance Working Group, comprised of numerous federal and local UAE regulators and exchanges chaired by Abu Dhabi Global Market (ADGM), issued a High-Level Statement on Sustainable Finance detailing their commitment to achieving the UAE’s sustainability objectives and the recently announced Net-Zero 2050 ambition as the first country in the MENA region. The Statement follows on from the UAE Core Regulators’ Group which began its work in 2019. It builds upon the commitments set out in the UAE Guiding Principles on Sustainable Finance, published in 2020, which serve to guide the implementation and integration of consistent sustainable practices among the UAE’s financial entities, contributing to the health and resilience of the nation’s economy.

UAE regulatory authorities jointly issue

UAE regulatory authorities jointly issue "Guidelines for Financial Institutions Adopting Enabling Technologies"

15 November, 2021

The Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) (the Regulators) jointly issued “Guidelines for Financial Institutions Adopting Enabling Technologies” (the Guidelines). The Guidelines set out cross-sectoral principles and best practices for financial institutions when adopting enabling technologies for the development or offering of innovative products and services. The enabling technologies include Application Programming Interfaces; Big Data Analytics and Artificial Intelligence; Biometrics; Cloud Computing; and Distributed Ledger Technology.

DFSA launches Task Force on Sustainable Finance in DIFC

DFSA launches Task Force on Sustainable Finance in DIFC

18 November, 2021

The DFSA launched the Task Force on Sustainable Finance (TFSF) in the DIFC. Comprised of members from 12 DIFC-based entities, the TFSF aims to drive forward discussions regarding sustainable finance in the DIFC with the aim of supporting the consistent application and adoption of global regulatory standards relating to sustainable finance in the DIFC. In launching the TFSF in the DIFC, the DFSA aims to harness its own involvement in global forums and the global experience of DIFC firms to bring global best-practice to the development of sustainable finance in the DIFC.

Dubai Financial Services Authority strengthens international ties and signs its 110th MoU with the International Financial Services Centre Authority

Dubai Financial Services Authority strengthens international ties and signs its 110th MoU with the International Financial Services Centre Authority

08 February, 2022

The DFSA has signed a Memorandum of Understanding (MoU) with the International Financial Services Centre Authority (IFSCA) in India to consult, cooperate and exchange information for enhanced cross-border financial supervision. The agreement sets a framework for mutual assistance and exchange of information between the two authorities for augmented supervision, enforcement and oversight on companies with footprints in both jurisdictions. The MoU also aids the exchange of information relating to financial crime such as money laundering, terrorism financing, proliferation financing or targeted financial sanctions.

DFSA introduces Whistleblowing regime

DFSA introduces Whistleblowing regime

07 April, 2022

The Dubai Financial Services Authority (DFSA) launched its regulatory regime for Whistleblowing. The regime is the first of its kind to be introduced by a financial service regulator in the UAE and applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre (DIFC). It provides enhanced legal protection for persons who report misconduct internally within DFSA Regulated Entities or externally to their auditor, the DFSA or a law enforcement agency. It also aims to improve the Whistleblowing culture in these Entities by increasing transparency around how they handle regulatory concerns, assess those concerns and, where appropriate, escalate those concerns.

DFSA appoints new Chief Executive

DFSA appoints new Chief Executive

29 July, 2022

The Board of Directors of the Dubai Financial Services Authority (DFSA) appointed Ian Johnston as the DFSA’s Chief Executive. Ian, who served as the DFSA’s Chief Executive from 2012 to 2018, reprised his role from 1 September 2022. Over the past four years, Ian has been consulting to regulators and policy makers in Asia, Europe and the Middle East and has undertaken projects funded by the World Bank and the European Bank of Reconstruction and Development. Ian has also served on the DFSA’s Legislative Committee since January 2022.

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