Abu Dhabi Global Market introduces enhanced Prudential regime for investment firms, insurance intermediaries and banks
Source: ADGM , Author: Posted by BI-ME staff
Posted: Wed January 3, 2018 3:56 pm

UAE. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is pleased to publish and ‘go live’ with a number of enhancements to its “Prudential – Investment, Insurance Intermediation and Banking” (PRU) Rulebook.

This follows a successful public consultation which completed on 7 December 2017.

The new enhancements cover the prudential supervision of banks, insurance intermediaries and investment firms operating within ADGM‘s jurisdiction and support its internationally-recognised prudential regime, based on the best practices and standards developed by the Basel Committee on Banking Supervision (“BCBS”). 

These improvements are part of the FSRA’s ongoing commitment to foster a dynamic and well-regulated platform for institutions within the scope of PRU to operate their businesses prudently and efficiently. 

The newly implemented changes include:
- the introduction of revised capital requirements through implementation of the Countercyclical Capital Buffer, Credit Valuation Adjustment and Central Counterparties frameworks;
- the requirement for certain capital instruments to absorb losses at the Point Of Non-Viability;
- full implementation of the Leverage Ratio floor;
- the disclosure of the Leverage Ratio and the Liquidity Coverage Ratio; and
- the introduction of new reporting requirements, and further miscellaneous amendments that will provide greater clarity to institutions operating in ADGM.

The amendments to PRU and other consequential amendments to the rulebooks for insurance and captive insurance business are also effective immediately. 

The updated PRU Rulebooks is available on www.adgm.com/doing-business/adgm-legal-framework.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 16, 2018
UAE. GITEX - Day 2 highlights: Sir Tim Berners-Lee announced his new platform 'Solid'; Alibaba executive talks City Brain, while Google delves into the future of efficiency; Smart Dubai is inspiring new realities by leveraging technologies like AI, IoT and Blockchain.
date:Posted: October 15, 2018
UAE. Launch is part of AWS's continued investment in the UAE and Middle East; Amazon CloudFront locations offer all organizations in the region faster content delivery and added cybersecurity protection.
date:Posted: October 14, 2018
UAE. From Dubai's first autonomous taxi, to 5G powered flying cars, to AI glasses to assist the visually impaired: industry-shifting future tech debuts at GITEX 2018
UAE. GITEX - Day 2 highlights: Sir Tim Berners-Lee announced his new platform 'Solid'; Alibaba executive talks City Brain, while Google delves into the future of efficiency; Smart Dubai is inspiring new realities by leveraging technologies like AI, IoT and Blockchain.
dhgate