Latest news with #EmmanuelGivanakis
Fintech News ME
30-07-2025
- Business
- Fintech News ME
FSRA Updates Cyber Risk Management Rules for ADGM Financial Firms
The Financial Services Regulatory Authority (FSRA) of ADGM has announced the implementation of amendments to its regulatory framework concerning cyber risk management for Authorised Persons and Recognised Bodies. The updated requirements will take effect from 31 January 2026. The changes follow a consultation period and industry engagement stemming from Consultation Paper No. 3 of 2025. The amendments require firms to embed cyber risk considerations into their broader risk management frameworks. These revisions build on existing guidance, including the FSRA's Information Technology Risk Management Guidance and Governance Principles and Practices to Mitigate Cyber Threats and Crime. According to the FSRA, feedback from stakeholders generally supported the proposed direction as a necessary progression of the regulatory regime in response to the evolving cyber risk landscape. In light of this, the FSRA has introduced a six-month implementation period, clarified the principle of proportionality, and refined expectations regarding third-party IT service providers. Further guidance has been issued to assist firms in evaluating the materiality of cyber incidents. The FSRA also plans to revise its cyber incident notification template by the end of 2025. Commenting on the amendments, Emmanuel Givanakis, CEO of the FSRA, stated: '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.'
Al Etihad
29-07-2025
- Business
- Al Etihad
ADGM's FSRA issues cyber risk management framework
29 July 2025 16:58 ABU DHABI (WAM)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 31st January implementation follows extensive industry engagement and feedback received on Consultation Paper No. 3 of 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 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 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.'
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@
Fintech News ME
25-07-2025
- Business
- Fintech News ME
FSRA Licenses 272 Firms in 2024 Amid Key Regulatory Reforms
The Financial Services Regulatory Authority (FSRA) of ADGM has released its 2024 Annual Report, detailing key regulatory developments and reaffirming its role in maintaining a high-standard regulatory environment for financial services. The report outlines the FSRA's continued efforts throughout the year to ensure its framework remains consistent with international standards, with a particular emphasis on financial crime prevention. Notable progress was made in areas such as digital asset regulation, supervisory alignment, and institutional transparency. A significant development in 2024 was the introduction of a dedicated regulatory framework for fiat-referenced tokens (FRTs), a category of stablecoins. The framework outlines specific requirements on reserve quality, governance, and redemption rights to support financial stability and investor protection. By formally recognising FRT issuance as a regulated activity, the FSRA aims to support responsible financial innovation within the jurisdiction. The FSRA also implemented proposals to align its supervisory practices more closely with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision. In parallel, a new whistleblowing framework covering the entirety of ADGM was introduced, aimed at improving transparency and market integrity. On financial crime, the FSRA collaborated with national authorities and ministries to provide technical input for strengthening the UAE's anti-money laundering (AML) and counter-financing of terrorism (CFT) regime. These contributions supported the UAE's successful removal from the Financial Action Task Force (FATF) grey list in 2024. These initiatives, among others, have contributed to a more resilient, transparent, and innovation-supportive regulatory environment in ADGM. The FSRA also engaged extensively with domestic and international partners to advance regulatory standards and promote cross-border cooperation. The number of financial services firms licensed by the FSRA grew by 30% year-on-year to 272, the highest annual increase recorded to date, reflecting continued expansion within ADGM's financial ecosystem. The report further highlights the FSRA's commitment to workforce development, particularly through initiatives such as the Al Yah Programme, which provides UAE nationals with technical training, soft skills development, and structured mentorship. Looking ahead, the FSRA states that it remains committed to supporting sustainable financial growth and maintaining market confidence through innovation and collaborative regulation. Reflecting on the year, Emmanuel Givanakis, CEO of the FSRA, said: 'From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
Zawya
25-07-2025
- Business
- Zawya
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
ABU DHABI, 24th July 2025 (WAM) -- The Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the capital of the UAE, has published its 2024 Annual Report, outlining the Authority's key regulatory achievements and underscoring its commitment to delivering a world-class regulatory environment for financial services. The report reflects on a year during which the FSRA advanced its objectives and regulatory priorities significantly, particularly in ensuring that its regulatory framework remained aligned to international standards and the critical area of financial crime prevention. Innovation remained a central focus in 2024, especially in the area of digital assets, where the FSRA introduced a dedicated regulatory framework for fiat-referenced tokens (FRTs), a particular category of stablecoins. The new regime sets clear standards on reserves quality, governance, and redemption rights to ensure financial stability and investor protection. By recognising FRT issuance as a regulated activity, the FSRA has reinforced ADGM's position as a leading hub for responsible financial innovation. Of particular note were proposals to enhance the regulatory framework based on increased alignment with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision (BCBS), subsequently implemented. Alongside this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market integrity. In the area of financial crime, the FSRA, alongside other authorities and ministries in the UAE, was instrumental in providing technical input that helped further enhance effective AML and Counter Financing of Terrorism (CFT) controls in the country. These efforts contributed significantly towards the removal in 2024 of the UAE from the Financial Action Task Force (FATF) grey list. These key legislative and policy initiatives, amongst others, enhanced the regulatory landscape, ensuring resilience, transparency, and innovation within ADGM. Beyond this, the FSRA worked closely with domestic and international partners to shape sound regulation, promote cross-border cooperation, and support national policy objectives. The year was again one of continuing growth for financial services in ADGM as the number of financial services firms licensed by the FSRA rose by 30% to 272 from a year earlier, the largest annual increase to date. The report also highlights the FSRA's efforts to invest in talent development, including the Al Yah Programme for UAE nationals, which continues to combine technical training, soft skills development, and mentorship. Looking forward, the FSRA remains focused on enabling sustainable financial growth, technological agility, and robust market confidence through innovation, collaboration and principled regulation. Emmanuel Givanakis, CEO of the FSRA of ADGM, said, 'As we reflect on the key achievements of 2024, it is clear that the FSRA has made significant strides in enhancing the environment for financial services to thrive in ADGM. This is driven by our commitment to innovation and progressive regulation, whilst maintaining market integrity and investor protection. From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
