The Board of Directors of the Central Bank discussed, during its meeting last Thursday, two new systems presented by the Department of Development of Control Systems in the Banking Supervision Department, namely the system of crowdfunding based on loans, and the system of major acquisitions, which were approved by the Board and directed to issue and publish them in the Official Gazette.
The system for this type of loan aims to establish a framework for licensing, organizing and monitoring loan-based crowdfunding platforms and specifying the criteria that the central expects of these platforms to adhere to, in order to protect the financial system from the risks posed by such platforms, and protect the interests of consumers in the UAE.
The Board of Directors held its first meeting for the year 2020 on Thursday morning, January 30, 2020 at the headquarters of the Central Bank of Abu Dhabi, headed by the Chairman of the Board, Hareb Masoud Al Darmaki.
The council started its meeting by discussing the presentation submitted by the concerned team from the Operations and Monetary Policy Department regarding the new framework for monetary operations in dirhams (including the guideline for the monetary permission program), and instructed the council to implement and implement the new framework in accordance with the timetable approved in the road map and to develop the necessary steps to be followed for the announcement On the application of the new framework for local market customers.
The Board reviewed the requests submitted by some financial institutions operating in the state, and approved the completed requests for the conditions according to the law and the applicable regulations and specific to each activity separately.
The Board reviewed two notes on the quarterly financial system monitoring report and the quarterly precautionary policy status report, with a focus on the role of local banks of systemic importance (D-SIBs). The Council took note of the reports presented by the Financial Stability Department and directed that the necessary measures be taken in this regard.
The Board also reviewed the external auditor's report on the financial statements of the Central Bank as of September 30, 2019.
The Council reviewed a report submitted by the Consumer Protection Department at the Central Bank on the system and standards based on consumer protection, and the Council was directed in consultation with the relevant stakeholders.
Abu Dhabi - Emirates Today