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    Media Announcements FSRA Publishes a Consultation Paper on Proposed Enhancements to its Regulatory Framework for Continued Alignment with BCBS Principles

    FSRA Publishes a Consultation Paper on Proposed Enhancements to its Regulatory Framework for Continued Alignment with BCBS Principles

    ADGM FSRA: 29 October 2024

    The Financial Services Regulatory Authority (FSRA), the financial services regulator for ADGM, the international financial centre of Abu Dhabi, has today published a Consultation Paper to seek views on its proposals for enhancements to its regulatory framework for continued alignment with international best practices enshrined in the Core Principles for effective banking supervision, issued by the Basel Committee on Banking Supervision.

    The key areas of enhancements to the regulatory framework pertain to:

    • Corporate governance expectations
    • Requirements around notifications to the FSRA
    • Related party transactions
    • Provisioning for credit exposures
    • Stress testing expectations
    • Designation of domestic systemically important banks
    • Expectations around management of country risk and transfer risk

    This consultation paper should be of interest to all Authorised Persons operating in ADGM or seeking to do so, particularly banks, insurers and those entities that are authorised to carry on the Regulated Activities of Providing Credit or Managing a Profit Sharing Investment Account which is a PSIAu in ADGM.

    For the Consultation Paper, please click here: Consultation Paper No. 9 of 2024 – Proposed Enhancements to the Regulatory Framework of the FSRA

    The Consultation Paper is open for feedback until 28 November 2024.

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