The Abu Dhabi Global Market’s and Dubai International Financial Centre’s vision for a fair, efficient, and transparent marketplace is always advocated by the Financial Services Regulatory Authority (FSRA) and Dubai Financial Services Authority (DFSA) by upholding compliance standards and making a progressive global financial hub. The regulatory requirements mandated by these bodies play a major role in bringing the registered entities in line with the standards of these international financial centres.
Both authorities have an upcoming deadline: April 30th, 2024, for several crucial filings this year. It is imperative for businesses to ensure they fulfill these obligations promptly to maintain compliance and avoid potential penalties.
What are DFSA & FSRA?
FSRA and DFSA stand as significant pillars in the financial landscape, each playing a crucial role in regulating and safeguarding the financial services of ADGM and DIFC.
The Dubai Financial Services Authority (DFSA) operates as an independent regulatory body within the Dubai International Financial Centre (DIFC). Its jurisdiction spans a wide array of financial activities including asset management, banking, securities, insurance, and more. Moreover, it diligently enforces anti-money laundering (AML) and counter-terrorist financing (CTF) measures, ensuring the integrity and security of the financial environment within the DIFC.
On the other hand, the Financial Services Regulatory Authority (FSRA) holds sway in the Abu Dhabi Global Market (ADGM). This regulatory body is dedicated to upholding internationally recognized standards and best practices, ensuring that financial entities operate on a level-playing field while prioritizing the interests of customers and investors.
What sets the FSRA apart is its adaptive regulatory framework. It keeps pace with evolving global standards and market innovations, maintaining a keen eye on international standard-setting bodies. FSRA actively engages with stakeholders through public consultations, fostering transparency and inclusivity in its regulatory processes.
We have made the list of filings due on April 30th, 2024, that you must follow and comply with.
- Regulatory Returns Auditor’s Report – FSRA & DFSA Regulated Entities
- Financial Statements and Auditor’s Report – FSRA & DFSA Regulated Entities
- Internal Risk Assessment Process (IRAP) – FSRA & DFSA Regulated Entities
- Internal Capital Adequacy Assessment Process (ICAAP) – FSRA & DFSA Regulated Entities
- Client Money Auditor’s Report – FSRA & DFSA Regulated Entities
- Safe Custody Auditor’s Report – FSRA & DFSA Regulated Entities
- Annual Report on Controllers – FSRA & DFSA Regulated Entities
- Public Listed Company Auditor’s Report – FSRA & DFSA Regulated Entities
- Quarterly EPRS Returns – FSRA & DFSA Regulated Entities
- AML Return – FSRA & DFSA Regulated Entities & DNFPB Entities
- ADGM FATCA & CRS SCF – For all ADGM entities
MS as your compliance partner in both ADGM and DIFC
Our team comprises finance, compliance and legal professionals equipped with the expertise, competence, and up-to-date regulatory knowledge necessary to support your finance function. MS is committed to ensuring absolute compliance with ADGM and DIFC’S regulatory requirements without fail. Take the first step towards planning your crucial filings for the month ahead with our seamless plan and proactive guidance.
