Latest news with #FinancialServicesRegulatoryAuthority
Fintech News ME
4 days ago
- 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.'
Al Etihad
5 days ago
- Business
- Al Etihad
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
24 July 2025 19:55 ABU DHABI (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 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 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 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 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 this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market 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 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 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 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 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.'
Zawya
5 days ago
- Business
- Zawya
ADGM's FSRA publishes 2024 annual report, reflecting on a year of growth and innovation
Strengthening the regulatory framework and further alignment with international standards. Enhancing measures to prevent financial crime was also a priority during the year. Increase of 30% in the number of financial services firms during 2024. Abu Dhabi, UAE: 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.' 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.
Hamilton Spectator
21-07-2025
- Automotive
- Hamilton Spectator
These Ontario communities have the most expensive auto insurance rates
Are you paying more for car insurance this year? Your higher rate could be due to your hometown. MyChoice , a Toronto-based insurance technology company, analyzed thousands of insurance quotes and found the average premium has increased 4.1 per cent over the past year across Ontario. But how much you'll pay also depends on where you live. And some Greater Toronto Area drivers may be enjoying lower insurance premiums this year. MyChoice CEO Aren Mirzaian explained in a news release why drivers might see higher premiums based on their address. 'Even within the same province, insurers calibrate their rates based on very localized risk data — everything from collision frequency to vehicle theft patterns — which is why drivers sometimes see sharp differences in premiums between neighbouring communities,' he said. The MyChoice analysis determined Kingston, Brantford, Burlington and Brampton have shown consistently higher rates of accidents and infractions compared to the provincial average. Insurers may adjust premiums to reflect the heightened risk exposure. Kingston had the highest average car insurance rate hike this year, rising 14.7 per cent from $1,378 to $1,581. Barrie's average premium increased 13.7 per cent from $1,683 to $1,915. Windsor saw a 12.7 per cent increase from $1,678 to $1,891. Brampton is the most expensive city for car insurance overall, according to the MyChoice study , with an average premium of $3,341. That's an increase of nearly 11 per cent from last year. While most areas of Ontario saw insurance premiums increase, others currently enjoy lower rates. Markham had the biggest rate drop, with the average premium falling seven per cent from $2,327 to $2,163 over the past year. Mississauga saw the average premium dip 2.1 per cent from $2,308 to $2,258. Richmond Hill was next with a rate drop of 2.1 per cent, going from $2,359 to $2,309. The MyChoice reports notes average auto insurance rates are rising due to auto theft, repair inflation and rising liability claims, as well as fraud and staged collisions. Ontario's Financial Services Regulatory Authority (FSRA) recently introduced a new fraud reporting rule that requires insurers to report fraud data on an ongoing basis. MyChoice offers the following tips to save money on auto insurance: Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Cision Canada
26-06-2025
- Business
- Cision Canada
Investing in consumers Français
FSRA grant funding applications for financial education and research now open TORONTO, June 26, 2025 /CNW/ - Ontario's financial services regulator, FSRA, is supporting financial literacy and better protecting consumers through its second annual proceeds from enforcement grant application program. "Now in our second year, the FSRA grant funding program will make bigger strides in helping consumers better understand the financial services they use each and every day," says Stuart Wilkinson, Chief Consumer Officer at FSRA. "If you have a good idea, whether that's an education initiative or research project, check out the program to see if you qualify." Not-for-profit organizations can now apply to access money FSRA collects through enforcement actions to fund educational initiatives and research. The proceeds from enforcement grant funding is also open to proposals from within FSRA. For details on this year's application process and to see if your idea may qualify, check out our page on grant funding. Applications close on September 26, 2025. More information on how we use the money we collect through enforcement actions can be found in our updated Use of Proceeds from Enforcement Guidance. FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
