Month: November 2022

According to the latest Cyber Thematic Review Report published by the DFSA, the combined efforts of the regulator and industry are beginning to have an impact.  Since carrying out its initial review in 2020, the DFSA has been working hard to raise cybersecurity awareness in the DIFC by encouraging information exchange about cyber threats and assisting firms with their ongoing efforts to build effective cyber resilience.  However, more work is needed in some key areas to ensure this good work continues to gather momentum.

Continue reading “DFSA Helping Firms to Counter Cyber Threats”

On 7 November 2022, the DFSA issued Consultation Paper 145 which sets out proposals on reducing the prudential burden for select lower risk firms by:

1.      Defining lower risk firms and carving out a new prudential regime
2.      Removing EBCM but increasing base capital
3.      Adjusting the credit floor for liquid assets
4.      Liquid assets to match base capital
5.      No IRAP

Continue reading “Reduced regulatory burden for smaller firms in the DIFC”

On 7 November 2022, the DFSA issued a Consultation Paper (CP146) setting out proposed changes which will amend the Prudential reporting requirements for authorised Insurance Firms only (no impact on brokers or MGAs). The DFSA has invited comments on its proposals by 7 December 2022.
Continue reading “Revised DFSA reporting requirements for Insurance Firms”

On 7 November 2022, the DFSA issued Consultation Paper 146 setting out proposed changes affecting the presently unregulated Buy Now Pay Later (BNPL) sector. The DFSA has invited comments on its proposals, the short window for which will close on 7 December 2022. 
Continue reading “Changes are coming for Buy Now Pay Later firms operating in the DIFC”

The DFSA has recognised the growth in interest in innovative financial products and has introduced a comprehensive regime aiming to strike a balance between encouraging innovation and protecting consumers. The new regime came into force on 1 November and here we set out the key points for interested parties to be mindful of when considering offering financial services using Crypto Tokens.
Continue reading “DFSA Crypto Rules: 3 points to walk you through the regulatory minefield.”