Financial Services Regulatory Authority (FSRA)
ADGM’s regulatory body overseeing authorized firms and markets.
Detailed Description
Financial Services Regulatory Authority (FSRA)
What is the primary role of the FSRA?
The primary role of the FSRA is to ensure that financial institutions operate in a safe, sound, and ethical manner, protecting consumers and maintaining the integrity of the financial system.
What are some key functions of the FSRA?
Key functions of the FSRA include licensing financial institutions, conducting inspections and audits, monitoring compliance, and providing consumer education.
How does the FSRA ensure compliance among financial institutions?
The FSRA ensures compliance by requiring institutions to submit regular reports, maintain adequate capital levels, implement internal controls, and conduct risk assessments.
What enforcement powers does the FSRA have?
The FSRA has powers to conduct investigations, impose fines, revoke licenses, and issue cease-and-desist orders against non-compliant institutions.
How has the FSRA adapted to recent financial innovations?
The FSRA has introduced new regulations to address challenges posed by fintech and digital currencies, while also focusing on sustainability and responsible finance.