Regulatory Alerts2024-01-01
Consultation Paper No. 9 of 2024 - Proposed Enhancements to the Regulatory Framework of the FSRA
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market proposes enhancements to its regulatory framework to align with the revised Basel Committee on Banking Supervision Principles. Key changes include stricter corporate governance requirements for banks and insurers, new powers to designate Domestic Systemically Important Banks with higher capital buffers, and updated criteria for managing connected counterparties and problem exposures. The FSRA also seeks to strengthen supervisory oversight by introducing prior notification and approval powers for major acquisitions, investments, and the establishment of new subsidiaries.
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