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FSRA proposes updating its regulatory framework for Money Services

ADGM FSRA 25/06/2020
FSRA proposes updating its regulatory framework for Money Services

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published a consultation paper proposing enhancements to its framework for Providing Money Services, via revisions primarily to the “Financial Services and Markets Regulations 2015” and the “Conduct of Business Rulebook (COBS)”.

The encouragement by ADGM of innovative FinTech approaches in the financial services sector, including for money services, has led to new business models for the provision of money services to consumers in ADGM and more widely throughout the region. The proposals reflect the growing importance of money services, in terms of the use of both payment accounts and stored value mechanisms to undertake transactions. These enhancements will update the existing framework to reflect the emergence of these new business models and methods for the transfer of money.

For more information on the proposed updates, please visit the dedicated webpage: Proposals for revision of the regulatory framework for Providing Money Services in ADGM

 

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