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Abu Dhabi Global Market Annual Report 2021 & Strategic Priorities 2022
Financial Services Regulatory Authority Annual Report 2021
TABLE OF CONTENTS
Table of contents
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CHAIRMAN'S FOREWORD
Chairman's foreword
Chapter
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Financial Services Regulatory Authority Annual Report 2021
Championing innovation
Chairman's Foreword
The year 2021 saw a series of remarkable achievements for the FSRA, from the launch of the ICE Future Abu Dhabi exchange, to ADGM-registered Fertiglobe completing its initial public offering on Abu Dhabi Securities Exchange
H.E. Ahmed Jasim Al Zaabi
CHAIRMAN, ADGM
With ADGM now in its seventh year of operations, it is encouraging to see the progress that has been made to cement its reputation as a leading IFC and its recognition as a destination of choice for those seeking to do business with and from the region.
Additionally, ADGM’s Financial Services Regulatory Authority (FSRA) has swiftly established itself as an industry leader that champions innovation through its transparent regulatory framework.
Through its agile approach, the FSRA supports the development of a progressive financial services environment, which upholds the integrity and robust oversight of all regulated activities in ADGM.
With a firm commitment to fostering growth and supporting the development of the entrepreneurial landscape across the region, the FSRA has introduced a series of firsts to benefit participants within the ADGM ecosystem.
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Financial Services Regulatory Authority Annual Report 2021
CHAIRMAN'S FOREWORD
CEO'S MESSAGE
CEO's message
Chapter
3
Financial Services Regulatory Authority Annual Report 2021
Providing opportunities for growth
CEO's message
AREAS OF INNOVATION
The FSRA again took steps to continue its progress as a leading and respected financial services regulator, enhancing ADGM’s value proposition as an IFC of choice not only in the region but globally.
ENHANCEMENTS TO OUR VENTURE CAPITAL FRAMEWORK
1
2
LAUNCH OF THE ICE FUTURE ABU DHABI
3
DIGITALISATION OF OUR REGULATORY SANDBOX
CEO'S MESSAGE
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Financial Services Regulatory Authority Annual Report 2021
The FSRA plays an important role in the ecosystem by providing opportunities for growth through a highly developed and comprehensive regulatory framework
Emmanuel Givanakis
CEO, FINANCIAL SERVICES REGULATORY AUTHORITY
2021 ACHIEVEMENTS
LAUNCH OF THE FIRST TOKENISED FUND
4
5
3 VIRTUAL ASSET MULTILATERAL TRADING FACILITIES
Providing opportunities for growth
CEO's message
AREAS OF INNOVATION
The FSRA will continue to build on its progressive and innovative approach to its regulatory capabilities, platform and environment in support of ADGM as a leading IFC for capital raising and investment risk management.
In order to achieve our mission and goals, our business plan is based on four key strategic themes that focus on:
CEO'S MESSAGE
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Financial Services Regulatory Authority Annual Report 2021
PEOPLE
1
EFFICIENCY
3
PERFORMANCE
2
GROWTH
4
The FSRA plays an important role in the ecosystem by providing opportunities for growth through a highly developed and comprehensive regulatory framework
Emmanuel Givanakis
CEO, FINANCIAL SERVICES REGULATORY AUTHORITY
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Financial Services Regulatory Authority Annual Report 2021
WHAT WE DO
What we do
Chapter
6
Financial Services Regulatory Authority Annual Report 2021
WHAT WE DO
Chapter 3
FSRA Operational Objectives
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OBJECTIVE 1
Support ADGM’s initiatives in ESG and the development of a smart financial centre through digital solutions enabling the sustainability and innovation agenda of financial institutions
2
OBJECTIVE 2
Develop and implement regulations, rules, guidance and policies that are internationally best-in-class, progressive and innovative to support the sustainable growth of financial institutions
3
OBJECTIVE 3
Foster and strengthen transparency and governance on authorisation, supervision and enforcement processes and decisions
6
OBJECTIVE 6
Implement appropriate changes required to ensure best in class customer experience including implementation of technology solutions and automation
4
OBJECTIVE 4
Prevent, detect, deter and restrain misconduct in the ADGM through effective, appropriate and risk-based supervisory and enforcement action
5
OBJECTIVE 5
Be a proactive player in the global regulatory community and actively engage in international collaboration and co-operation
7
OBJECTIVE 7
Foster the development and interactions of community participants enabled by digital platforms
8
OBJECTIVE 8
Share knowledge and best practices and build industry connections
9
OBJECTIVE 9
Promote diversity and inclusion, and support employee engagement within ADGM
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Financial Services Regulatory Authority Annual Report 2021
Enable the sustainability and innovation agenda of financial institutions
Chapter
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
FINANCIAL FIRMS LICENSED
39
63
102
191
140
2017
2019
2021
2018
2020
5x
growth in VC activities in the last 2 years
$5.67BN
bank assets
$219.9M
insurance gross written premiums
Chapter 4
Blazing a trail of growth
9
G-SiFis
$33BN
AUM of investment managers
76
funds, 59 domestic & 17 foreign
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
Chapter 4
Home to the first Murban futures contract in the world
The ICE Futures Abu Dhabi (IFAD) derivatives exchange was launched on 29 March 2021. A joint venture between the Intercontinental Exchange, Abu Dhabi National Oil Company (ADNOC) and nine of the world’s largest energy traders, IFAD is home to the world’s first Murban Crude futures contract, offering transparent pricing for this global crude for the first time.
Physically settled and delivered via the Port of Fujairah, the Murban futures contract is complemented with a range of cash settled derivatives. By 31 December 2021, over 1.16 million contracts (equating to that number of barrels of Murban Crude oil) had been traded on IFAD, and 91 different participants were active on IFAD with a range of refiners, producers, traders and financial participants trading on screen.
3 virtual asset MTFs and service providers commenced operations
1st derivatives exchange in Abu Dhabi & first Murban derivatives product in the world
19
derivative products listed
43
members
1.1M
(1,162,945 contracts) 2021 transaction volume
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
Chapter 4
FSRA’s virtual asset regulatory framework caters to global participants seeking a trusted and well-regulated environment in which to operate, ensuring that our licensed firms are subject to a high level of regulatory compliance and standards to address the risks associated with virtual asset activities.
Launch of virtual asset exchanges and service providers
Three virtual asset MTFs and service providers were launched in ADGM in 2021, a major milestone following the establishment of the FSRA’s virtual asset regulatory framework in 2018.
Given the increasing virtual asset activities in the financial system, such as financial derivatives and investments based on crypto assets as well as financial transactions via cryptocurrencies, the FSRA has brought such activities into its regulatory perimeter, to ensure the holistic supervision and surveillance of the financial system.
READ MORE
KEY RISK FOCUS
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AML/CTF/TAX
2
CONSUMER PROTECTION
3
TECHNOLOGY GOVERNANCE
FSRA AML Rulebook applies in full to virtual Asset activities. Entities will need to consider reporting obligations in relation to FATCA and Common Reporting Standards.
All material risks associated with Virtual Assets generally, Accepted Virtual Assets and Virtual Assets products, services and activities must be disclosed.
Systems and controls must be in place in relation to Virtual Asset wallets; origin and destination of Virtual Asset funds; private keys; security and risk management.
4
EXCHANGE TYPE ACTIVITIES
Virtual Asset trading platforms regulated as ‘Multilateral Trading Facilities (MTFs)
(including market surveillance; settlement processes; transaction recording; transparency & public disclosure mechanisms; and exchange-like operational systems and controls, inclucing in relation to access).
5
CUSTODY
Custodians regulated similarly to FSRA regulated ‘conventional’ custodians. FSMR includes Virtual Assets as Client Assets and Client Investments, and requires more frequent reconciliations/reporting.
Leveraging digital infrastructure to support open collaboration and innovation
Chapter 4
The FSRA introduced the first fintech regulatory sandbox, namely the “RegLab”, in the MENA region in 2016. Within the RegLab, fintech start-ups can develop and test their innovative solutions in a controlled environment under the guidance of the regulator, allowing them to scale and adjust to the regulatory requirements over time.
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
13
problem statements
7
corporate champions
154
applicants
ADGM DIGITAL LAB - FINTECH REGULATORY SANDBOX 2.0
Co-sandbox programme piloted with the Central Bank of UAE to accelerate digitalisation in the banking sector
100
participants on the platform
Annual ADGM Fintech Innovation Challenge hosted on Digital Lab
Leveraging digital infrastructure to support open collaboration and innovation
Chapter 4
To further support and facilitate fintech adoption, the FSRA digitalised the RegLab in the form of the “Digital Lab”, enabling financial innovation and growth in an enhanced model of creative collaboration between regulators, start-up innovators and the financial industry.
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Financial Services Regulatory Authority Annual Report 2021
THE ADGM DIGITAL LAB
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
ADGM DIGITAL LAB
-
Fintech Solution
-
Dummy FI Data
-
SupTech Tools
-
Consortium Prototype
GLOBAL STARTUPS
INCUMBENTS
REGULATOR PARTICIPATION
OTHER REGULATOR & GOVERNMENT ENTITY
APIs/Middleware
Web Portal
Fintech
InsurTech
WealthTech
RegTech
RiskTech
Bank
Insurer
Broker
Fund Manager
Digital Marketplace
Testing Environment
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
Fintech co-sandbox programme with other regulators
Chapter 4
In April 2021, the FSRA piloted a fintech co-sandboxing programme with the Central Bank of the UAE (CBUAE) to accelerate digital transformation in the UAE banking sector. Under the co-sandbox programme, a financial institution licensed by the CBUAE and a fintech in ADGM can apply to the CBUAE and FSRA to jointly develop and test fintech solutions in the ADGM Digital Lab, which allows both regulators to connect digitally and supervise the activities online.
Through the Digital Lab, the FSRA seeks to strengthen supervisory cooperation among global regulators, by working with them to test and supervise cross-border deployment of fintech solutions.
Chapter 4
Building a vibrant green finance ecosystem
ADGM launched the ADGM Sustainable Finance Agenda in 2019, which sets out a roadmap to develop a sustainable finance hub that supports capital formation, raising and deployment as well as the creation and issuance of products to achieve positive economic, social and environmental objectives.
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
The Sustainable Finance Agenda roadmap centres on four pillars:
2
Building cooperation and fostering dialogue with national and international stakeholders to promote green and sustainable investments in the UAE and regionally.
COOPERATION
3
Fostering communication, knowledge and awareness of sustainable finance across the UAE and regionally by hosting events and training through the ADGM Academy.
EDUCATION
1
REGULATORY INTEGRATION
Integration of sustainability into the FSRA’s regulatory framework, building on existing UAE initiatives and global best practices. ADGM will play a key role in creating a harmonised green taxonomy for the UAE.
4
ECOSYSTEM CREATION
Creation of a robust, sustainable finance ecosystem in ADGM that is home to a diverse pool of institutions and that provides a comprehensive range of innovative product offerings and services that support the capital formation and deployment of financing and investments
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: ENABLE THE SUSTAINABILITY AND INNOVATION AGENDA OF FINANCIAL INSTITUTIONS
Developing Abu Dhabi as the hub of sustainable finance
Chapter 4
As an international financial centre, ADGM has been working closely with key partners and stakeholders to collectively contribute to Abu Dhabi and the UAE’s sustainability agenda.
GUDING PRINCIPLES ON SUSTAINABLE FINANCE
Coordinated the UAE’s first Guiding Principles on Sustainable Finance
ABU DHABI SUSTAINABLE FINANCE DECLARATION
Establishing a vibrant sustainable finance industry
SUSTAINABLE FINANCE WORKING GROUP (SFWG)
Coordinating ideas and initiatives on sustainable finance.
STATE OF SUSTAINABLE FINANCE REPORT
Highlighting collective achievements of stakeholders
HIGH-LEVEL STATEMENT
A set of commitments by the SFWG towards UAE’s net-zero
ABU DHABI SUSTAINABLE FINANCE FORUM (ADSFF)
Explores emerging themes and showcase solutions
POSTGRADUATE CERTIFICATION IN SUSTAINABLE FINANCE
Developing the talent pool in the banking and finance industry
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Financial Services Regulatory Authority Annual Report 2021
Develop a world-class regulatory framework
Chapter
2021 IN REVIEW: DEVELOP A WORLD-CLASS REGULATORY FRAMEWORK
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Financial Services Regulatory Authority Annual Report 2021
Chapter 5
To further develop the private capital markets ecosystem, the FSRA launched an industry consultation in November 2021 on a regulatory framework to broaden participation among retail investors seeking opportunities to invest in growing and mature ventures. Following industry consultation, the framework was launched in February 2022.
Bolstering the financing ecosystem for innovative start-ups and enterprises
In May 2021, the FSRA implemented enhancements to its regulatory framework for managers of VC funds, which was introduced in May 2017.
The enhanced framework is part of the FSRA’s broader set of objectives to develop a comprehensive, vibrant financing ecosystem to support and bolster the growth and diversification of enterprises in the UAE and its economy.
Expanding the scope of permitted forms of investments in VC funds such as through debt instruments, including via bonds and convertible notes
Allowing co-investments by third parties alongside a VC fund
Broadening the scope of fund structures and special purpose vehicles
The enhancements to the regulatory framework include:
2021 IN REVIEW: DEVELOP A WORLD-CLASS REGULATORY FRAMEWORK
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Financial Services Regulatory Authority Annual Report 2021
Enabling digital and data innovation
Chapter 5
Regulations implemented in a well-calibrated manner can be a tremendous enabler to support the digital transformation of financial services, instilling trust and legitimacy while assuring innovation is deployed in a responsible manner.
The FSRA launched several sets of enabling regulations in 2021 that better support and govern the use of technology to deliver financial services and build a more inclusive and sustainable financial sector.
ELECTRONIC TRANSACTIONS REGULATIONS
In February 2021, ADGM introduced a forward-looking regulatory framework to allow electronic signatures, contracts, records and documents to be legally enforceable in ADGM
DATA PROTECTION REGULATIONS 2021
In February 2021, ADGM updated its Data Protection Regulations that had been in place since 2015, to enhance the protection of personal data processed in the centre.
THIRD PARTY PROVIDERS FRAMEWORK
In April 2021, the FSRA introduced a framework to regulate providers of third party fintech services (Third Party Providers or TPPs)
GUIDANCE ON FINANCIAL INSTITUTIONS ADOPTING ENABLING TECHNOLOGIES
In November 2021, the FSRA jointly issued with the CBUAE, the DFSA and the SCA, a set of cross-sectoral guiding principles and best practices
ELECTRONIC KNOW YOUR CUSTOMER (EKYC)
In June 2021, the FSRA published a Consultation Paper with proposed amendments to its regulatory framework to help facilitate the use of non-face-to-face, digital KYC
2021 IN REVIEW: DEVELOP A WORLD-CLASS REGULATORY FRAMEWORK
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Financial Services Regulatory Authority Annual Report 2021
on authorisation, supervision and enforcement processes and decisions
Chapter
2021 IN REVIEW: FOSTER AND STRENGTHEN TRANSPARENCY AND GOVERNANCE
Foster and strengthen transparency and governance
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Financial Services Regulatory Authority Annual Report 2021
Chapter 6
At the FSRA, we continuously explore regtech to effectively supervise the industry as it continues to evolve. In November 2021, the FSRA published a report, “Powering The Future of Regulation”, on its experience with using regtech solutions that make compliance, simpler, more efficient and more effective.
Making regulatory compliance easier and more transparent for supervised firms
The FSRA supports financial institutions that seek to implement innovative digital channels for delivering financial services. These channels can improve financial outcomes for customers, but also present risks due to their reliance on newer types of enabling technologies.
3mos
in principle approval
In-principle approval for Financial Services Permission (FSP) applications (other than for MTFs, OTFs and RIEs) to be granted within 3 months of receipt of application fees
2mos
issuance of inspection report
Inspection report for onsite reviews to be issued within 2 months of completion of close-out meeting
2mos
issuance of supervisory reports
Supervisory reports / “Dear SEO” letters to be issued within 2 months of completion of thematic reviews
POWERING THE FUTURE OF REGULATION
The report outlines a number of key use cases on technology enabling better compliance and supervision, to complement existing documentation reviews and onsite inspections.
01
VIRTUAL ASSET REGULATORY COMPLIANCE
02
DIGITAL REGULATION
03
CLIENT MONEY MONITORING
04
ENABLING TRADE FINANCE
05
MONITORING OF THIRD PARTY PROVIDER OF FINTECH SERVICES
2021 IN REVIEW: FOSTER AND STRENGTHEN TRANSPARENCY AND GOVERNANCE
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: PREVENT, DETECT, DETER AND RESTRAIN MISCONDUCT IN THE ADGM
through effective, appropriate and risk-based supervisory and enforcement action
Chapter
Prevent, detect, deter and restrain misconduct in the ADGM
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Financial Services Regulatory Authority Annual Report 2021
Supporting business growth through risk-based supervision and enforcement
Chapter 7
The FSRA is committed to maintaining the highest standards of prudential risk management and business conduct among its supervised firms through effective, appropriate and risk-based supervisory and enforcement action.
PRO-ACTIVE RISK-BASED SUPERVISION AND ENFORCEMENT
2021 IN REVIEW: PREVENT, DETECT, DETER AND RESTRAIN MISCONDUCT IN THE ADGM
investigations conducted
*(excluding MTFs, OTFs and RIE)
41 days
to grant in - principle approvals for FSP*
17
supervisory audits/ management visits conducted
21
thematic audits on CSR tax compliance programme
17
thematic audits of DNFBPs conducted
50
complaints handled
3
$55k
financial penalties imposed
9
enforcement actions taken
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Financial Services Regulatory Authority Annual Report 2021
Chapter 7
Combating money laundering and terrorist financing
Enhancing surveillance and supervision of high-risk areas
The FSRA contributes actively in supporting the national AML/CFT agenda, and maintains a robust supervisory framework and enforcement regime in the areas of AML/CFT. We continuously hone and strengthen our risk-based approach and tools in the area of AML/CFT supervision.
We reviewed and enhanced the AML/CFT risk assessment and rating methodology, so as to inform the supervisory approach to address financial crime risks, and to intensify our supervision in higher-risk areas and activities.
Deepening collaboration with industry and regulatory stakeholders
The FSRA regularly publishes regulatory guidance and conducts outreach workshops and webinars to strengthen awareness of and collaboration between regulated entities and relevant stakeholders in enhancing their understanding of the obligations under the UAE’s AML/CFT framework, as well as the requirements in the FSRA regulations and rules.
MAR
Implementation of Targeted Financial Sanctions (TFS) in collaboration with the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control
APR
FAQ on AML Returns for DNFBPs
EDUCATIONAL SESSIONS
MAY
Foreign Account Tax Compliance Act (FATCA) and CRS reporting obligations
Some of the sessions that the FSRA coordinated and/or conducted in 2021 include:
SEP
Online awareness session on Joint Cybercrime Webinar (with CBUAE, DFSA, ACAMS, and LexisNexis)
OCT
AML/CFT Public Private Partnership Committee (PPPC), aimed at providing a common platform to bring together relevant governmental agencies and the private sector stakeholders
2021 IN REVIEW: PREVENT, DETECT, DETER AND RESTRAIN MISCONDUCT IN THE ADGM
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: BE A PROACTIVE PLAYER IN THE GLOBAL REGULATORY COMMUNITY
Chapter
Be a proactive player in the global regulatory community
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Financial Services Regulatory Authority Annual Report 2021
Engagement with international regulatory agencies
Chapter 8
The FSRA has been a member of the IOSCO since 2016 and is a signatory of both the IOSCO Multilateral MoU and the IOSCO Enhanced Multilateral MoU. As part of its IOSCO membership, the FSRA sits on Committee 2 on the Regulation of Secondary Markets, Committee 3 on the Regulation of Market Intermediaries, the Africa Middle East Regional Committee, and the Growth and Emerging Markets Committee. It is also a member of the IOSCO Fintech Network and Initial Coin Offerings Consultation Network.
READ MORE
01
INITIATING THE EUROPEAN UNION PUBLIC AFFAIRS PROJECT
02
ORGANISING AND CHAIRING THE INAUGURAL ANNUAL EU - MENA FINANCIAL CONFERENCE
2021 HIGHLIGHTS
03
CHAIRING THE SUSTAINABLE FINANCE WORKING GROUP
04
HOSTING INTERNATIONAL DELEGATIONS
05
BECOMING A MEMBER OF THE IFAD SUPERVISORY COLLEGE
FSRA continues to contribute to the development of global standards of markets and securities regulation, particularly on areas relating to trading venues, digitalisation, virtual assets, artificial intelligence and machine learning
2021 IN REVIEW: BE A PROACTIVE PLAYER IN THE GLOBAL REGULATORY COMMUNITY
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Financial Services Regulatory Authority Annual Report 2021
Engagement with federal authorities in the UAE
Chapter 8
The FSRA continues to engage on a wide range of matters with other UAE authorities in order to ensure that the financial services sector in the country is subject to appropriate regulation and supervision, whilst also ensuring that it can operate efficiently and effectively to grow and diversify the economy of the country.
101
MOUs signed by the FSRA
19
international regulatory body meetings
JOINT GUIDANCE
issued in collaboration with other UAE Authorities
APR 2020
joint guidance for banks and finance companies in relation to the application of International Financial Reporting Standard 9 during the circumstances caused by COVID-19.
MAY 2020
joint AML Supervisory Guidance on the treatment of AML related and Obligations in the Context of the COVID-19.
JUN 2021
joint AML/CFT supervisory guidance on the common themes observed during inspections of FIs and DNFBPs in the UAE
NOV 2021
joint Guidelines for Financial Institutions Adopting Enabling Technologies’
2021 IN REVIEW: BE A PROACTIVE PLAYER IN THE GLOBAL REGULATORY COMMUNITY
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: IMPLEMENT BEST-IN-CLASS CUSTOMER EXPERIENCE
Chapter
Implement best-in-class customer experience
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Financial Services Regulatory Authority Annual Report 2021
Chapter 9
FSRA Connect
To enhance the FSRA’s operational excellence and engagement experience of stakeholders, we commenced the development of FSRA Connect, a supervisory information system that supports online applications, automated workflows, and data analytics in the core areas of authorisation, supervision and enforcement.
Phase 1 of the implementation, which covers the authorisation function of FSRA, was successfully launched in November 2021. The next phase of implementation covering the Phase 1 of the implementation, which covers the authorisation function of FSRA, was successfully launched in November 2021. The next phase of implementation covering the supervision and enforcement functions is expected to be launched in 2022.functions is expected to be launched in 2022.
Better allocation of resources and response time through pooled supervision
In February 2021, the FSRA implemented “pooled supervision”, where firms with lower assessed risks are supervised by a collective pool of FSRA officers, instead of being pre-assigned a single supervisory officer as in the case of firms with higher assessed risks. Firms in pooled supervision may reach out to the FSRA through a dedicated mailbox, and an FSRA officer is then assigned to handle each case.
At the FSRA, we are committed to fostering a fair, efficient and responsive regulatory environment for our market participants and stakeholders, leveraging innovation and technology
2021 IN REVIEW: IMPLEMENT BEST-IN-CLASS CUSTOMER EXPERIENCE
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: FOSTER THE DEVELOPMENT AND INTERACTIONS OF COMMUNITY PARTICIPANTS
Chapter
Foster the development & interactions of community participants
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Financial Services Regulatory Authority Annual Report 2021
2021 IN REVIEW: FOSTER THE DEVELOPMENT AND INTERACTIONS OF COMMUNITY PARTICIPANTS
ADSFF brought together leading institutional investors, government representatives, regulators, international agencies, development finance institutions and project developers
Abu Dhabi Sustainable Finance Forum (ADSFF)
Chapter 10
The 3rd edition of ADSFF, which was held as a virtual event in January 2021, maintained the momentum to keep sustainable finance at the forefront of the financial services industry in the MENA region. The agenda
The agenda focused on rebuilding the global post-Covid economy in a more sustainable and equitable way.
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Financial Services Regulatory Authority Annual Report 2021
Fintech Abu Dhabi Festival
Chapter 10
From 22 to 24 November 2021, the FSRA hosted the fifth edition of its annual FinTech Abu Dhabi Festival (Fintech AD 2021), the largest fintech event and gathering in the MENA region, with the theme of “Powering the Future of Finance".
27k
registrations
250
global
investors
180
speakers
100
global fintechs
40+
countries
2021 IN REVIEW: FOSTER THE DEVELOPMENT AND INTERACTIONS OF COMMUNITY PARTICIPANTS
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Financial Services Regulatory Authority Annual Report 2021
Chapter
Share knowledge and best practices and build industry connections
2021 IN REVIEW: SHARE KNOWLEDGE AND BEST PRACTICES AND BUILD INDUSTRY CONNECTIONS
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Financial Services Regulatory Authority Annual Report 2021
Industry dialogues to share knowledge and best practices
Chapter 11
The FSRA regularly engages the industry in dialogues in order to understand the needs and challenges of the industry, as well as share knowledge and best practices to enhance regulatory compliance among our supervised firms.
2021 UPDATES & AWARENESS SESSIONS
1
Quarterly updates on the sectors and types of financial services firms operating in ADGM, and FSRA’s requirements and expectations on the application process and criteria to be authorised
2
Compliance Practices Outreach’ covering FSRA’s key areas of focus and relevant requirements, in respect of the role of compliance and compliance frameworks and findings from reviews and inspections
3
Webinar on “Risk Management” that outlined the FSRA’s risk rating methodology applicable to supervised firms, and its expectations regarding firms’ risk management systems, controls and practices.
2021 IN REVIEW: SHARE KNOWLEDGE AND BEST PRACTICES AND BUILD INDUSTRY CONNECTIONS
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Financial Services Regulatory Authority Annual Report 2021
Chapter
Promote diversity and inclusion in FSRA
2021 IN REVIEW: PROMOTE DIVERSITY AND INCLUSION
and support the improvement of ADGM’s employee engagement
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Financial Services Regulatory Authority Annual Report 2021
Staff coming together to share knowledge and better understand the workings of other departments and authorities
Lunch & Learn
Senior leadership engaging staff to foster a one-ADGM vision and togetherness
Townhalls
Staff coming together to catch up and welcome new colleagues in a relaxed atmosphere over food and refreshment
Breakfast Get-together
Celebrating Emirati Women’s Day
Embracing Gender Diversity
Promote diversity and inclusion in FSRA
Chapter 12
2021 IN REVIEW: PROMOTE DIVERSITY AND INCLUSION