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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
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  • PIB 10.4 ICAAP

    • PIB 10.4.1

      This section applies to an Authorised FirmG in CategoryG 1, 2, 3A or 5.

      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 10.4.2

      (1) An Authorised FirmG must implement and maintain an ICAAPG which details the processes and procedures by which the firm will assess and maintain adequate Capital ResourcesG in relation to the risks faced by it.
      (2) The firm must conduct an ICAAPG assessment at least annually giving due regard to the GuidanceG in PIB section A10.2 of PIB App10.
      (3) The ICAAPG assessment conducted by the firm pursuant to (2) must be approved by its Governing BodyG and then submitted to the DFSAG within four months from the end of the firm's financial year.
      (4) In addition to (2), the firm must conduct an ICAAPG assessment:
      (a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital ResourcesG or Adjusted Capital ResourcesG , as applicable; or
      (b) as and when required by the DFSAG .
      (5) The ICAAPG assessment conducted by the firm pursuant to (4) must be approved by its Governing BodyG and then submitted to the DFSAG within two months from the date of such material change or requirement.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 10.4.3

      An Authorised FirmG must ensure that an ICAAPG assessment is documented in writing and includes details of:

      (a) the calculations and models used in the determination of the level of Capital RequirementsG which it considers will be adequate to cover all the risks identified by its ICAAPG assessment;
      (b) the firm's strategies and plans to ensure availability of the level of capital determined by the ICAAPG ;
      (c) specifications of any models used in the ICAAPG , including the underlying assumptions, parameters, and results of back-testing; and
      (d) any other relevant information, giving due and appropriate regard to the GuidanceG in PIB App10.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 10.4.4

      An Authorised FirmG must retain the records of an ICAAPG assessment for at least six years.

      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]