Total Solutions Total Solutions has been operating in the Dubai International Financial Centre ("DIFC") since 2004 and in the Abu Dhabi Global Market (ADGM) since 2016 and is
Regulatory Updates May 2017
Total Solutions has been operating in the Dubai International Financial Centre (“DIFC”) since 2004 and in the Abu Dhabi Global Market (ADGM) since 2016 and is one of the leading Governance, Risk, Compliance and Human Resources consultancy firms in the DIFC. We are registered with the Dubai Financial Services Authority (“DFSA”) as a Designated Non-Financial Business and Profession (“DNFBP”). We offer our services to multiple financial services providers with offices in the DIFC, ADGM, UAE and other GCC countries. For more information regarding our company, people and services, kindly visit our website: www.tsme.ae or click here.
The purpose of this Regulatory Updates letter is to inform you of recent regulatory changes and enforcement actions in the DIFC, ADGM, UAE, GCC countries and other international jurisdictions. This is only a selection of regulatory developments which we consider as most relevant for DIFC and ADGM Firms. For further information and/or suggestions as to the content please feel free to contact us.
Dubai Financial Services Authority (DFSA) – Signs International Agreement on Audit Oversight
The DFSA has joined 21 of the world’s leading regulators of auditors in an agreement to increase co-operation with the oversight of audit professionals.
Dubai Financial Services Authority (DFSA) – Hosts Annual Audit Outreach
The DFSA hosted its annual outreach event for Registered Auditors (RAs), during which it shared the results of its annual audit inspection.
Dubai Financial Services Authority (DFSA) – Alerts the Financial Services Community
The DFSA alerted the financial services community and the public about a fraudulent advance fee scam that falsely impersonates the DFSA and uses false documents purporting to be from the DFSA.
The Dubai Financial Services Authority (DFSA) – Strengthens Dubai’s Financial Technology Proposition
The DFSA has announced a new FinTech consultation paper. The paper is the third in a series, setting out the DFSA’s approach to the regulation of financial technology (FinTech) activities.
Dubai Financial Services Authority (DFSA) – Releases Notice of Consultation Paper
The DFSA has issued the Consultation Paper No.112 – Testing Fintech Innovations in the DIFC Consultation.
Dubai International Financial Centre (DIFC) Authority – Signs MoU with Government of Dubai Legal Affairs Department
The DIFC Authority has signed a Memorandum of Understanding (MoU) with the Government of Dubai Legal Affairs Department to collaborate on projects regulating the licensing and practice of the legal profession in the Emirate.
Dubai International Financial Centre (DIFC) – Calls on Applicants for FinTech Hive at DIFC
The DIFC has announced that applications for its ‘FinTech Hive at DIFC’ accelerator programme will open on 17 April 2017, following registered interest from over 200 companies since its launch in January.
Dubai International Financial Centre (DIFC) – Signs MoU with Mumbai Metropolitan Region Developmental Authority (MMRDA)
The DIFC has entered into a Memorandum of Understanding (MoU) with MMRDA, an urban town planning and development authority established by the Government of the State of Maharashtra.
Dubai International Financial Centre (DIFC) Investments LLC – Outlines Robust Performance for 2016
The Chairman of DIFC Investments LLC and Governor of Dubai International Financial Centre (DIFC), His Excellency Essa Kazim, was pleased to report a ‘robust’ performance as he delivered the audited financial statements for the 12 months ending 31 December 2016.
Nasdaq Dubai – Announces Launch of ‘Market Site’
Nasdaq Dubai, the region’s international stock exchange, has announced it will create a premier platform for capital market, economic, and business thought leadership, named ‘Market Site’.
Nasdaq Dubai – Sets Up Task Force with Tunisia To Pave Way for Issuing First Sukuk
Nasdaq Dubai and the Bourse de Tunis have set up a task force to pave the way for Tunisia’s first ever issuance of a Sukuk.
We provide AML Consultancy Services
Advice on development and implementation of a risk based approach
Advice on development and maintenance of an effective AML Framework
Independent review of the effectiveness of AML Frameworks
Advice on the implementation of new AML rules and standards
Ad hoc and on-going screening services
KYC file preparation and review
Abu Dhabi Global Market (ADGM) – Revises Capital Requirements of Managers of Collective Investment Funds
The Financial Services Regulatory Authority (FSRA) of the ADGM has revised the capital requirements applicable to managers of collective investment funds (CIF) with immediate effect on 10 April 2017.
Abu Dhabi Global Market (ADGM) – Ranks as the Top Fintech Hub for Mena Region
The ADGM has been ranked as the top FinTech Hub for the MENA region in the latest Global FinTech Hubs Review, “A Tale of 44 Cities”, by Deloitte in partnership with the Global FinTech Hubs Federation.
Abu Dhabi Global Market (ADGM) – Welcomes Launch of CNBC Market Update from the Middle East
The ADGM will be the live Middle East business update center of the CNBC, starting this month.
Capital Market Authority KSA (CMA) – Publishes Draft of the Updated Mergers and Acquisition Regulations for Public Consultation
The CMA has published a draft of the Updated Mergers and Acquisition Regulations, on its website for the period of “30” calendar day. Inviting the concerned, the interested and the public to provide their comments and observations on the draft.
Capital Market Authority KSA (CMA) – Publishes Circulars Issued for Listed Companies on Its Website
The CMA will start to publish the circulars issued to listed companies on its website. Publishing these circulars allows the public to have an available access to the most recent regulatory updates set by the CMA and the consequent obligations on listed companies which will contribute to raise the level of governance and increase participants’ awareness in the capital market.
Capital Market Authority KSA (CMA) – Publishes FAQ’s on the Website
The CMA has published a number of Frequently Asked Questions (FAQ’s) related to the Capital Market Law, Companies Law and their implementing regulations FAQ’s on the Authority’s website.
Capital Market Authority Kuwait (CMA) – Issues Awareness Announcement on Financial Statements Review and Approval
The CMA has announced that it will not address entities subject to its supervision regarding providing them with the information about the financial statements starting from 1/6/2017. Accordingly, the CMA would like to notify licensed persons and investment funds not to provide it with the draft reviewed periodical financial statements or the draft annual financial statements for obtaining the mentioned letter.
Capital Market Authority Kuwait (CMA) – Issues Announcement on General Assemblies Agendas
The CMA has announced that the agendas of the ordinary and extraordinary general assemblies’ meetings of the mentioned companies shall not be perused by the CMA for approval. Additionally, see the above link for more.
Central Bank of Bahrain (CBB) – Pushes for Financial Digital Transformation in Bahrain
The CBB has made an initiative to push Financial Technology in the Kingdom, the CBB welcomed a team from BNP Paribas Bank at its headquarters, for a seminar on “Digital Transformation”, presented by BNP’s top officials.
Qatar Financial Centre (QFC) – Widens its Platform to allow Investment Clubs and Foundations
The QFC has announced the recent introduction of legislation to allow Investment Clubs and Foundations to be set-up under its umbrella.
We provide DIFC and ADGM Authorisation Services
Advice on preparation of Regulatory Business Plans
Advice on preparation of financial projections
Preparation of policies and procedures required for authorisation
Assistance with incorporation or registration processes
Outsourced Governance, Risk and Compliance functions
Joint Money Laundering Steering Group (JMLSG) – Revises Part II and III of its Risk-Based Guidance in Line with the New Proposed Money Laundering and Terrorist Financing Regulations
The JMLSG published proposed revisions to Parts II and III of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The proposed revisions are also believed to be consistent with the Risk Factor Guidelines which are to be issued by the European Supervisory Authorities.
UK Financial Reporting Council (FRC) – Launches Investigation into KPMG in Relation to the Audit of the Financial Statements Of Rolls-Royce Group
The FRC has started an investigation under the Audit Enforcement Procedure into the conduct of KPMG Audit Plc. The investigation is in relation to the audit of the financial statements of Rolls-Royce Group plc for the year ended 31 December 2010 to December 2013.
Egyptian Financial Supervisory Authority (EFSA) – Launches the “Statement of Investor Rights” with CFA Society Egypt
The EFSA signed the “Statement of Investor Rights” which was prepared by the CFA Society Egypt in support of the “Uphold investors rights initiative” launched by the CFA Society in Egypt in conjunction with many countries all over the world. This initiative aims at raising awareness and uniting investment experts.
Financial Services Board South Africa (FSB) – Publishes Proposed Central Reporting Requirements for Over-the-Counter Derivatives
The registrar of Securities Services published the draft Trade Reporting Obligation Board Notice for a second round of public consultation.
Mauritius Financial Services Commission (FSC) – Issues the Draft Insurance (Deposit) Rules for Consultation
The FSC is in the process of issuing the insurance (Deposit) rules. The purpose of the rules is to prescribe the amount and custodian of the deposit required to be maintained by insurers. In line with its policy to enhance the transparency of its rule-making-process, the FSC invites the views and comments of stakeholders and public in general on the proposed set of rules.
Bank for International Settlements (BIS) – Issues Twelfth Progress Report on Adoption of the Basel Regulatory Framework
The latest report on the adoption of the Basel regulatory framework provides a high-level view of Basel Committee members’ progress in adopting Basel III standards as of end-March 2017.
The focus of the report focused on the status of adoption of all the Basel III standards (which will become effective by 2019) ensuring that the Basel standards are transformed into national law or regulation according to the internationally agreed timeframes.
Financial Action Task Force (FATF) – Evaluates Sweden’s Measures to Combat Money Laundering and Terrorist Financing
The FATF recently conducted an evaluation of Sweden’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. This purpose being was to review the level of effectiveness of Sweden’s AML/CFT regime as well as its level of technical compliance with the FATF Recommendations.
Sweden is commonly viewed as a low crime country, however there are money laundering risks surrounding its financial hub financial which has been linked to tax crimes. Although authorities have a grasp of AML risks there is a lack of a national AML/CFT coordination mechanism which has led to criticism as different authorities do not share the same understanding of these risks involved.
International Monetary Fund (IMF) – Reaches Staff-Level Agreement for Completion of First Review of Tunisia’s Extended Fund Facility
An IMF mission visited Tunis during April to conduct the first review of Tunisia’s economic program supported by the four-year IMF Extended Fund Facility approved in May 2016. The End of Mission press releases include statements of IMF staff teams that convey preliminary findings. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
Interested in our HR Consultancy Services? Contact us today! firstname.lastname@example.org
HR administration services (payroll/salary administration/policies and procedures)
We operate a state of the art fully web based payroll system which can take care of your entire salary and HR administration (leave registration, gratuity calculation, salary slips, salary payments, etc.)
We can take care of all your Government Services requirements (visa applications & transfers, non-objection letters, etc.)
Contracting & Secondment
We can assist you with your contracting and secondment needs