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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
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Policy Statements
DFSA Codes of Practice
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Financial Markets Tribunal
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  • PIB 9.2.2

    (1) An Authorised Firm must ensure that its Governing Body is ultimately responsible for the Liquidity Risk assumed by the firm as well as the adequacy of systems, controls and processes used to manage that risk.
    (2) Without limiting the operation of (1), the responsibilities of an Authorised Firm's Governing Body in respect of Liquidity Risk include:
    (a) approving the Authorised Firm's Liquidity Risk policy;
    (b) establishing and maintaining a senior management structure with clearly defined responsibilities and roles for the management of Liquidity Risk and for ensuring compliance with the Authorised Firm's Liquidity Risk policy;
    (c) ensuring the senior management in (b) and other relevant personnel have the necessary experience to manage Liquidity Risk;
    (d) monitoring the Authorised Firm's overall Liquidity Risk profile on a regular basis by receiving adequate reporting and being aware of any material changes in the Authorised Firm's current or prospective Liquidity Risk profile;
    (e) ensuring that Liquidity Risk is adequately identified, assessed, mitigated, controlled and monitored in accordance with the Authorised Firm's Liquidity Risk policy;
    (f) ensuring that the Liquidity Risk policy are is documented; and
    (g) ensuring that the Liquidity Risk policy are is reviewed at least annually.
    Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]
    [Amended] DFSA RM148/2014 (Made 1st January 2015). [VER23/01-15]
    [Amended] DFSA RM209/2017 (Made 25th October 2017). [VER30/01-18]