Abu Dhabi - Mubasher: The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) on Wednesday published a number of enhancements to its Prudential Rulebook for Investment, Insurance Intermediation and Banking (PRU).
These enhancements followed a successful public consultation, which was completed on 7 December 2017, the ADGM stated.
The new enhancements include the prudential supervision of banks, insurance intermediaries and investment firms operating within ADGM‘s jurisdiction and support its internationally-recognised prudential regime, according to best practices and standards developed by the Basel Committee on Banking Supervision (BCBS).
“These improvements are part of the FSRA’s ongoing commitment to foster a dynamic and well-regulated platform for institutions within the scope of PRU to operate their businesses prudently and efficiently,” the ADGM revealed.
The new modifications incorporate, among other points, the introduction of revised capital requirements, the requirement for certain capital instruments to absorb losses at the point of non-viability, and full implementation of the Leverage Ratio floor.
