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The UAE Retail Payment Services and Card Schemes (RPSCS) Regulation, introduced by the Central Bank of the United Arab Emirates (CBUAE) in July 2021, marked a significant milestone in the country's digital payment landscape. This comprehensive guide will explore the key aspects of the RPSCS license, its requirements, and its impact on the UAE's financial sector. The RPSCS regulation came i...

AI brings with it unprecedented opportunities in transforming the financial services industry, but also unprecedented challenges in regulating it. Finding a balance is going to be increasingly difficult in a technology that changes in days, not years. This discussion is on a report that outlines key insights on consumer-facing AI and its implications for global financial innovation, based on the G...

A recent MOU signed between DIFC and Nasscom, also aims to attract and engage Indian technology companies in the DIFC’s AI, FinTech and innovation community, fostering groundbreaking advancements that benefit the wider financial services industry. The Innovation License initiative from the DIFC has been very successful, with over 1200 startups currently licensed, and growing at a rapid pace. The M...

The new changes include updated minimum standards for employment, provisions for part-time and remote work with pro-rata entitlements and special obligations, and updated rules on parental leave and pay. Time to update those employment contracts!

Have a listen to know all about setting up with a VARA license in the UAE! The Virtual Assets Regulatory Authority, or V (VARA for short), established in February 2022 under Law No. (4) of 2022, represents and represents a pioneering initiative by the Dubai government to regulate the fast-growing sector of virtual assets. As the world's first dedicated regulatory body for virtual assets, VARA aims...

The proposals in this paper are intended to provide more clarity on what the DFSA requires from: (i) Authorised Firms that fall within the scope of the Client Assets regime; and (ii) Registered Auditors that prepare Client Asset Auditor’s Reports.

The Financial Services Regulatory Authority ("FSRA") released a Consultation Paper in late 2023, and invited feedback from the general public regarding suggested changes, which would mainly affect the General Rulebook ("GEN") and the Fees Rules ("FEES"). This was after a fee benchmarking exercise against other financial centres. The approved changes came into effect o...

The Riffle Starting Jan 2025, ADGM Registration Authority will charge lesser fees for approvals and licenses of non-financial and retail business, and a slight increase for financial companies.

Today, we’re going to talk about the key reporting requirements that Fund Managers need to be aware of, the consequences of non-compliance, and why it’s crucial to adhere to these guidelines.

Primary Audience – Crowdfunding Platforms and Credit Fund Managers The DFSA has made amendments to legislation, effective from August 1, 2024.

The older DIFC Prescribed Regulations had provisions wherein Prescribed Companies could avail office space and hire employees. There were also some other offerings such as a technology holding company, that fell in between PCs and Commercial Holding companies.  The DIFC has now streamlined their offerings by issuing new Prescribed Companies Regulations, that make PCs pure passive vehicles.    The...

The new DIFC Prescribed Company Regulations addresses a significant gap in the offerings from the center, where there was no product comparable to the Special Purpose Vehicle regimes that existed in many comparable jurisdictions. The earlier PC regime required a Qualifying Applicant or a Qualifying Purpose, both of which tied in the product to existing DIFC clients.  Under the new regime, Prescrib...

The financial services industry is growing at a rapid pace in the MENA region. The Dubai International Financial Centre, or DIFC, is at the forefront of this change. Ranked among the top 10 onshore financial centres worldwide, the DIFC is arguably the place to be for financial service companies looking at targeting not just the UAE, but the whole MENA region. Setting up a representative office in...

Today we have a look at the key findings from the 2023-2024 Thematic Review conducted by the Dubai Financial Services Authority, or DFSA. This review focuses on firm disclosures and their compliance with financial promotions rules.  The DFSA undertook this Thematic Review to evaluate how well Authorised Firms adhere to financial promotion rules, accurately represent their regulatory status, and di...

This podcast is the second of a series that specifically addresses the DFSA Seo Letters that are published from time to time. Today, we have a detailed look into the SEO Letter related to DFSA’s Assessment of Private Banking Business Models. 

This podcast is the first of a series that specifically addresses the DFSA Seo Letters that are published from time to time. Today, we have a detailed look into the SEO Letter related to Brokerage Business Models.  The DFSA conducted risk assessments on brokerage firms to evaluate compliance with regulatory obligations in General (GEN), Conduct of Business (COB), and Anti-Money Laundering (AML) mo...

Today, let's discuss the advisory and arranger license from the DIFC. Popularly known as the Category 4 Advisory license, this is the entry point for aspiring firms to start offering financial services from the centre. DIFC is one of the world’s top ten onshore financial centers and offers a secure and efficient platform for businesses and financial institutions to reach into and out of the em...