Financial Services Regulatory Authority, Abu Dhabi Global Market
An FSRA compliance monitoring programme for ADGM firms
FSRA content is being prepared in the same structure as VARA, so every requirement can be marked applicable per licence, linked to your policies and controls, and tested.
Status: In preparation. FSRA requirements follow VARA in the same structure. TODO(Miles): confirm availability before launch
What the compendium covers for FSRA (ADGM)
- Planned scope, to be confirmed: the General Rulebook (GEN), the Conduct of Business Rulebook (COBS), and the Anti-Money Laundering and Sanctions Rules and Guidance (AML). TODO(Miles): confirm the FSRA rulebooks in scope
How updates are handled
- Every requirement will carry its section reference, source link, effective dates and version.
- When a rule changes, the requirement gets a new version, and firms with the old version marked applicable get a change task.
- New and changed content is reviewed by a person before it is published.
Typical monitoring tests
- A periodic review of a sample of client files against your client classification and due diligence procedures.
- A check that each item on the compliance monitoring plan was performed, reviewed and evidenced on time.
- A check that policies due for review were reviewed and re-approved by the right people.
- A review of a sample of breaches and complaints logged in the period, and how they were handled.
Glossary
- ADGM
- Abu Dhabi Global Market, a financial free zone in Abu Dhabi.
- FSRA
- The Financial Services Regulatory Authority, which regulates financial services in ADGM.
- FSMR
- The Financial Services and Markets Regulations, the primary legislation for financial services in ADGM.
- FSP
- Financial Services Permission. The permission the FSRA grants a firm to carry on regulated activities.
- MLRO
- Money Laundering Reporting Officer.
The tests above are examples of what a plan can hold. Your own tests come from the requirements you mark applicable and from your policies.
TODO(Miles): check the glossary definitions and the planned scope against the current FSRA publications