Latest news with #ConsultationPaper
Zawya
29-07-2025
- Business
- Zawya
ADGM's FSRA issues cyber risk management framework
Amendments include integration of cyber risk management into existing risk management frameworks. A six-month transition period is provided to facilitate compliance. Abu Dhabi, UAE: The Financial Services Regulatory Authority (FSRA) of ADGM today announced the implementation of amendments to its regulatory framework for Authorised Persons and Recognised Bodies in relation to cyber risk management. Compliance with the amendments will be required from 31 January 2026. The implementation follows extensive industry engagement and feedback received on Consultation Paper No. 3 of 2025. The amendments require firms to integrate cyber risk management into their existing risk frameworks and build upon the FSRA's Information Technology Risk Management Guidance and Governance Principles and Practices to Mitigate Cyber Threats and Crime. Feedback received during the consultation period supported the amendments as a natural evolution of the FSRA's regulatory framework in this dynamic risk area. In response to this feedback, the FSRA has enhanced the proposed amendments by providing firms with a six-month period to ensure compliance, clarifying the principles of proportionality and integration of cyber risk management frameworks, and adapting requirements for arrangements with IT service providers. The FSRA has also revised its guidance to assist firms in assessing the materiality of cyber incidents and is planning to update its cyber incident notification template before the end of the year. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA, said, 'These amendments reflect the FSRA's ongoing commitment to operational resilience and cybersecurity. By continuing to integrate global best practices into our framework, we safeguard the integrity of the financial services industry in ADGM. These recent developments demonstrate our ongoing dedication to responsible innovation and further position ADGM as a leading jurisdiction for secure and forward-looking financial activity.' The FSRA acknowledges the constructive and well-received feedback provided in response to the Consultation Paper. To view the amended legislation, click here: FSRA Rules (Cyber Risk Management) | Rulebook About ADGM ADGM, which opened on 21 October 2015, is the international financial centre (IFC) of the capital city of the United Arab Emirates. ADGM is contributing significantly to Abu Dhabi's position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within a regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi. ADGM is a top-ranking IFC in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and other jurisdictions have positioned it as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries, please contact: E: media@
Time of India
23-05-2025
- Business
- Time of India
TRAI responds to DoT's queries on digital connectivity rating for buildings
The Telecom Regulatory Authority of India ( TRAI ) on Thursday released its response to the Department of Telecommunications ' ( DoT ) back-reference in respect of telecom regulator's 'Recommendations on Rating of Buildings or Areas for Digital Connectivity' made in February 2023. Digital connectivity is vital to the way people live and work. The exponential growth in digitalization during the last two decades has revolutionized the world impacting everything, from economy, innovation, science, and education, to health, sustainability, governance, and lifestyle, according to Ministry of Communications release. In the past, Telecom Regulatory Authority of India (TRAI) and the Government have taken various policy initiatives to fulfil the demands of telecom connectivity . Key recommendations already made by TRAI in this regard have been given in the Consultation Paper (CP) on 'Rating of Buildings or Areas for Digital Connectivity' in March 2022. These policy interventions have helped in improving connectivity. However, the Authority noted that all these efforts have fallen short in achieving the desired level of digital connectivity specifically inside the buildings or areas. The Authority noted that confluence of the Internet of Things (IoT) with building operations and the future of the workplace is creating a significant opportunity for building owners, operators, and occupants to create smart, digitally connected spaces to support the end users. To fulfil such demand, development of Digital Connectivity Infrastructure (DCI) should be made an integral part of basic infrastructure for Buildings. However, there are various issues in the current framework which are bottlenecks in achieving the demands of good digital connectivity. In respect of development of buildings, there are relevant Acts, bye-laws, and regulations that prescribe minimum or essential requirements for building services like water, electricity, gas, fire safety, structural safety and other provisions. There are local bodies and authorities who are responsible to enforce the same by granting approvals at various stages of the construction of the Buildings as well as supervision during the construction and approval for the use of such facilities. Model Building By laws (MBBL) published by the Town and Country Planning Organisation (TCPO) under Ministry of Housing and Urban Affairs (MoHUA) contains the provisions for all building services. States adopt the provisions of the MBBL in their respective State bye-laws for building development related activities. In this context, the Authority had submitted comprehensive recommendations dated February 20, 2023 to the Government on 'Rating of Buildings or Areas for Digital Connectivity' to address the issues relating to in-building digital connectivity in a collaborative manner. "These recommendations become more relevant in the present context and to achieve seamless 5G and upcoming 6G services inside buildings and to make them future ready. The 5G and upcoming 6G access networks require higher frequency to deliver high data rates, but higher frequency have higher attenuation rates due to building walls and other building materials," the release said. Subsequently, the DoT, through a back-reference dated March 19, 2025, sought clarification from TRAI on certain recommendations. After examining the issue, TRAI has finalized its response to the back-reference.
India Gazette
22-05-2025
- Business
- India Gazette
TRAI responds to DoT's queries on digital connectivity rating for buildings
New Delhi [India], May 22 (ANI): The Telecom Regulatory Authority of India (TRAI) on Thursday released its response to the Department of Telecommunications' (DoT) back-reference in respect of telecom regulator's 'Recommendations on Rating of Buildings or Areas for Digital Connectivity' made in February 2023. Digital connectivity is vital to the way people live and work. The exponential growth in digitalization during the last two decades has revolutionized the world impacting everything, from economy, innovation, science, and education, to health, sustainability, governance, and lifestyle, according to Ministry of Communications release. In the past, Telecom Regulatory Authority of India (TRAI) and the Government have taken various policy initiatives to fulfil the demands of telecom connectivity. Key recommendations already made by TRAI in this regard have been given in the Consultation Paper (CP) on 'Rating of Buildings or Areas for Digital Connectivity' in March 2022. These policy interventions have helped in improving connectivity. However, the Authority noted that all these efforts have fallen short in achieving the desired level of digital connectivity specifically inside the buildings or areas. The Authority noted that confluence of the Internet of Things (IoT) with building operations and the future of the workplace is creating a significant opportunity for building owners, operators, and occupants to create smart, digitally connected spaces to support the end users. To fulfil such demand, development of Digital Connectivity Infrastructure (DCI) should be made an integral part of basic infrastructure for Buildings. However, there are various issues in the current framework which are bottlenecks in achieving the demands of good digital connectivity. In respect of development of buildings, there are relevant Acts, bye-laws, and regulations that prescribe minimum or essential requirements for building services like water, electricity, gas, fire safety, structural safety and other provisions. There are local bodies and authorities who are responsible to enforce the same by granting approvals at various stages of the construction of the Buildings as well as supervision during the construction and approval for the use of such facilities. Model Building By laws (MBBL) published by the Town and Country Planning Organisation (TCPO) under Ministry of Housing and Urban Affairs (MoHUA) contains the provisions for all building services. States adopt the provisions of the MBBL in their respective State bye-laws for building development related activities. In this context, the Authority had submitted comprehensive recommendations dated February 20, 2023 to the Government on 'Rating of Buildings or Areas for Digital Connectivity' to address the issues relating to in-building digital connectivity in a collaborative manner. 'These recommendations become more relevant in the present context and to achieve seamless 5G and upcoming 6G services inside buildings and to make them future ready. The 5G and upcoming 6G access networks require higher frequency to deliver high data rates, but higher frequency have higher attenuation rates due to building walls and other building materials,' the release said. Subsequently, the DoT, through a back-reference dated March 19, 2025, sought clarification from TRAI on certain recommendations. After examining the issue, TRAI has finalized its response to the back-reference. TRAI's response to the back-reference has been placed on the TRAI's website. (ANI)
Business Recorder
13-05-2025
- Business
- Business Recorder
SECP issues consultation paper on ‘industry self-regulation'
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Monday issued a strategic framework sets out a clear roadmap for eligible industry associations to transition into Self-Regulatory Organizations (SROs) over the next three years. The SECP has been working closely with the prominent industry bodies within its regulatory ambit, wherein, some associations are licensed as Section 42 companies and others are registered with Directorate General of Trade Organizations (DGTO) i.e. Pakistan Stock Broker Association (PSBA); Insurance Association of Pakistan (IAP); Mutual Fund Association of Pakistan (MUFAP); NBFI and Modaraba Association of Pakistan; Pakistan Microfinance Network (PMN) and Pakistan Fintech Network (PFN). In this regard, the SECP has issued Consultation Paper on Standard Principles for Recognition and Conduct of Industry Associations, introducing a strategic framework aimed at strengthening Pakistan's financial sector through enhanced self-regulation. The Commission further intends to facilitate the establishment of multiple industry associations to represent specialized sub-sectors within one regulated sector. This approach will enable more focused representation for distinct business categories such as leasing companies, modarabas, microfinance companies, as well as fintech firms operating within these sectors. Each association will operate within clearly defined mandates based on their respective sub-sector's characteristics and regulatory requirements. These SROs will be vested with the authority to set ethical standards, monitor industry conduct, enforce compliance, and drive sector-specific initiatives, all in alignment with SECP's overarching regulatory objectives. Key features of the proposal include the mandatory conversion of trade associations into Section 42 companies under the Companies Act, 2017, ensuring they operate as not-for-profit entities. This aims to enhance transparency, strengthen governance, and uphold financial integrity. The framework also aligns with international best practices, emphasizing diverse and merit-based membership, strong governance, conflict-of-interest safeguards, stakeholder engagement, fair dispute resolution, a robust code of conduct, and ongoing investment in training of members and investor education. To enhance sector-specific advocacy, the Commission encourages the establishment of specialized associations within regulated sectors, each focusing on distinct sub-sectors. This targeted approach enables tailored representation that addresses the unique operational dynamics, challenges, and compliance requirements of each segment. This initiative underscores SECP's commitment to nurturing a transparent, accountable, and competitive financial ecosystem. By enabling the evolution of industry associations into functional SROs, the Commission aims to elevate market integrity, build investor confidence, and foster sustainable sectoral growth, the SECP added. Copyright Business Recorder, 2025
