As the world attempts to address the various challenges arising from the Novel Coronavirus (COVID-19), governments and financial services regulators have been making efforts to mitigate the effects of the pandemic on the economy and financial sector. Set out here is an overview of the measures taken and guidance provided by the financial services regulators in the United Arab Emirates (UAE) and overseas to address the financial markets and various regulatory concerns, including the:

  • Dubai Financial Services Regulatory Authority (DFSA) of the Dubai International Financial Centre (DIFC);
  • Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM);
  • UAE Central Bank for the federal ‘onshore’ UAE banking sector; and
  • Other international financial services regulators in the United States, EU, United Kingdom and Asia Pacific.

Please click on the link to download the full overview or the Download Alert button below. You can also read our previous alerts on our dedicated Coronavirus Resource Center.

Should you have any queries or require any assistance, please do not hesitate to contact our UAE Financial Services Regulatory team.

Author

Mazen Boustany is a partner of Baker McKenzie based in Dubai and head of the financial regulatory practice. He has over 25 years’ experience in the Middle East and has practiced in the UAE for more than 14 years. Mazen advises on all aspects of banking and finance law including Islamic finance, structured finance, securitisation, private equity, financial structuring and restructuring, cross-border transactions and investment funds. He has helped draft many of the financial regulations for governmental ministries and agencies including the UAE Central Bank and Ministry of Finance.

Author

Samir Safar-Aly is an English-qualified senior associate in Baker McKenzie's DIFC office in the UAE, focusing on financial crime and financial regulation for the wider MENA region from both an advisory and investigations perspective. Samir's expertise includes UAE, Saudi and wider international anti-money laundering (AML) and counter-terrorist financing (CTF) rules, anti-bribery and corruption laws (covering the GCC, UK and U.S.) and other areas of white-collar and financial crime. He also advises governments in Africa and Asia on public policy and legal and regulatory reform. Samir has particular expertise in financial and economic sanctions and regularly provides guidance on UN, U.S. (OFAC), UK, EU and GCC sanctions regimes and export-control issues across a wide range of sectors. With regards to financial regulation, Samir covers the GCC and wider Middle East and provides guidance on the cross-border marketing of financial services and products, conduct issues and license applications. He regularly advises the world's leading financial institutions, asset managers, as well as FinTech start-ups.

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