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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]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
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  • PIB 11 Disclosure Requirements

    • Introduction

      • PIB 11 Guidance

        1. This chapter specifies the disclosures required to be made by an Authorised FirmG to enable market participants and potential counterparties to exercise market discipline in relation to the firm. PIB chapter 11 applies to banks, principal dealers and Islamic banks and specifies the disclosure requirements for such firms.
        2. PIB Appendix 11 provides a detailed list of disclosure requirements for Authorised FirmsG to which this chapter applies.
        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 11.1 Application and General Obligation of Disclosure

      • PIB 11.1 Guidance

        The purpose of the requirements in this chapter is to ensure that minimum public disclosures are made available to market participants to assist them in forming an opinion on the risk profile and capital adequacy of an Authorised FirmG . The DFSAG expects an Authorised FirmG to convey its actual risk profile to market participants.

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

      • PIB 11.1.1

        An Authorised FirmG in CategoryG 1, 2 or 5 must make the disclosures as prescribed in this chapter.

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

      • PIB 11.1.2

        (1) An Authorised FirmG which is a member of a Financial GroupG must, subject to (2), ensure that the disclosures specified in PIB App11 are made at Financial GroupG level.
        (2) An Authorised FirmG which is a SubsidiaryG of
        (a) a Regulated Financial InstitutionG ; or
        (b) another Authorised FirmG which is in CategoryG 1, 2 or 5;
        which is already subject to equivalent public disclosure requirements, does not need to comply with the requirements in this chapter to the extent that it meets those equivalent public disclosure requirements.
        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

      • PIB 11.1.3

        An Authorised FirmG must disclose the quantitative indicators in Table 15 of App 11 if it is:

        (a) a G-SIB; or
        (b) in Category 1 or 5 and has a Leverage Ratio Exposure Measure of US$ 200 Billion or more.
        Derived from DFSA RM209/2017 (Made 25th October 2017). [VER30/01-18]

        • 11.1.3 Guidance

          An Authorised FirmG does not have to disclose the information in Table 15 of App 11 if it is a subsidiary of another Regulated Financial InstitutionG or Authorised FirmG that has to disclose the information — see PIB Rule 11.1.2.

          Derived from DFSA RM209/2017 (Made 25th October 2017). [VER30/01-18]

    • PIB 11.2 Disclosure Policy

      • PIB 11.2.1

        An Authorised FirmG must implement and maintain a written disclosure policy that:

        (a) sets out the firm's approach for determining which of the disclosures set out in PIB App11 it needs to make;
        (b) details the processes and procedures and its internal controls in relation to such disclosure;
        (c) details the medium for disclosure that most appropriately meets the purposes of this chapter; and
        (d) is approved by the Governing BodyG of the firm.
        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

      • PIB 11.2.2

        An Authorised FirmG must ensure that appropriate verification, whether internal or external, is performed in relation to any disclosure, and take all reasonable steps to ensure its accuracy and timeliness.

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

      • PIB 11.2.3

        To the extent that any required disclosure is substantially similar to a disclosure required of the Authorised FirmG under the International Financial Reporting StandardsG , a disclosure under such standards must be taken to meet the requirement for disclosure under this chapter.

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

    • PIB 11.3 Disclosure Frequency, Locations and Process

      • Frequency

        • PIB 11.3.1

          (1) The disclosures set out in this chapter must be made by the Authorised FirmG at least once a year, other than disclosures of CET1 Capital, T1 Capital and T2 Capital, deductions from Capital ResourcesG , Liquidity Coverage Ratio, Net Stable Funding Ratio and Leverage Ratios which must be made on a quarterly basis.
          (2) Reporting deadlines must be in accordance with quarterly and annual reporting obligations under the DFSAG RulebookG .
          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]

      • Locations

        • PIB 11.3.2

          (1) An Authorised FirmG must, subject to (2), make these disclosures either in its annual report or periodic financial statements.
          (2) An Authorised FirmG may disclose the items marked as quantitative in PIB App11 in a medium or location other than its annual report or periodic financial statements, provided that:
          (a) it has prior approval of the DFSAG to do so;
          (b) the annual report or periodic financial statements contain clear references to the location of such disclosures; and
          (c) such disclosures are readily accessible by the market.
          Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

          • PIB 11.3.2 Guidance

            An Authorised FirmG has discretion to determine the form of the disclosures required, and may choose to use graphical and other representations where appropriate.

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

      • Omissions

        • PIB 11.3.3

          (1) An Authorised FirmG may omit certain disclosures if the omitted item is:
          (a) not material, in accordance with the concept of materiality under the International Financial Reporting StandardsG ,
          (b) proprietary in nature, and the disclosure of the relevant information to the public would undermine the Firm's competitive position or render the Firm's investments in products and systems less valuable, or
          (c) confidential in nature, and the disclosure of the relevant information would violate or jeopardise confidentiality agreements with ClientsG or CounterpartiesG .
          (2) Where in reliance upon (1)(b) or (c) an Authorised FirmG omits an item that is marked as a quantitative disclosure in PIB App11, it must disclose general qualitative information about the subject matter of that particular requirement, together with the reasons for the omission.
          Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]