Initiative Details

Identifying of Systemically Important Financial Institutions (SIFI)

07/11/2019

• In line with the principles of "IOSCO" and based on the Financial Stability Board Standards, the CMA is currently working on developing a framework including the requirements and procedures related to financial institutions, which may be defined as systematic functions (SIFI) working in UAE and falling within the scope of the CMA's regulatory jurisdiction. The initiative aims at:
• Achieving the objective of strengthening the stability of financial markets and protecting them from potential systemic risks as a result of exercising activities licensed by the CMA.
• Developing systems and mechanisms to monitor the implications of implementing activities licensed by certain companies, which may support the systemic risks to be dealt with by the CMA.
• Identifying roles and responsibilities with counterpart regulators in capital markets to ensure complementarity and coherence of each party role in ensuring markets stability and protection.