Dubai: The Dubai Financial Services Authority (DFSA) launched the Task Force on Sustainable Finance (TFSF) in the Dubai International Financial Centre (DIFC) yesterday. Comprised of members from 12 DIFC-based entities, the TFSF aims to drive forward discussions regarding sustainable finance in the DIFC with the aim of supporting the consistent application and adoption of global regulatory standards relating to sustainable finance in the DIFC.
Sustainability forms a key area of regulatory focus for the DFSA. The DFSA is actively involved in numerous sustainability-orientated regulatory groups, including the Network for Greening the Financial System (NGFS), the Sustainable Insurance Forum (SIF) and the UAE Working Group on Sustainable Finance.
In launching the TFSF in the DIFC, the DFSA aims to harness its own involvement in global forums and the global experience of DIFC firms to bring global best-practice to the development of sustainable finance in the DIFC.
- Christopher Calabia, Chief Executive of the DFSA opened the TFSF meeting, remarking that: “The financial services sector has an important role to play in ensuring that we leverage the power of the purse to reduce emissions and funnel capital toward innovations in energy and carbon capture that will help us to flatten the curve of increases in average temperatures.” He emphasised that as a significant global hub for banking, securities, and insurance, the DIFC has a part to play in this work as well – which is why the engagement of industry leaders in discussions with regulators and supervisors is so important
Representatives from Blackrock, Credit Agricole Corporate and Investment Bank, HSBC Bank Middle East Limited, Lloyd’s of London, Moody's Investors Service Middle East Limited, Natixis, PwC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Zurich Insurance Company Ltd attended the meeting. The initiative is supported by the Dubai International Financial Centre Authority and The General Secretariat of the Executive Council of Dubai.
The SFTF will next meet in January to discuss the next steps and how the work could be progressed through dedicated workstreams.
- Ends -
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.
- Christopher Calabia was appointed Chief Executive of the DFSA on 1 October 2021. He joins the DFSA with nearly 30 years of experience focusing on supervision and regulation, including serving for over two decades at the Federal Reserve Bank of New York and two years as a member of the independent Secretariat at the Basel Committee on Banking Supervision in Switzerland. As Chief Executive, Chris leads the DFSA’s development as an innovative, future-focused regulator providing world-class financial services regulation in the DIFC. Chris steers the work of the DFSA across four key themes of Delivery, Engagement, Innovation and Sustainability.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.