Regulatory Alerts2024-10-31
Fitness and Propriety Regulation
The Central Bank of the UAE issued the Fitness and Propriety Regulation to establish minimum requirements for assessing the fitness and propriety of Authorized Individuals and Material Risk Takers within licensed financial institutions. The regulation mandates that licensees ensure individuals holding designated functions meet specific criteria regarding honesty, competence, and financial conduct to support good governance and protect stakeholders. It defines key terms, outlines the Central Bank's enforcement powers, and requires licensees to maintain robust record-keeping and reporting mechanisms to demonstrate ongoing compliance.
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