Regulatory Alerts2024-10-31
Fitness and Propriety Standards
The Central Bank of the United Arab Emirates (CBUAE) issued these mandatory Fitness and Propriety Standards to expand upon the Fitness and Propriety Regulation (Circular No. 4/2024) for all Licensees. The document establishes rigorous requirements for the assessment, authorization, and ongoing monitoring of individuals holding Designated Functions, including Board members, Senior Management, and Material Risk Takers. It outlines the Central Bank's supervisory powers, the Licensee's responsibilities to implement comprehensive assessment frameworks, and specific criteria regarding honesty, integrity, competence, and collective suitability.
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