Latest news with #FinancialServicesRegulatoryAuthority
Cision Canada
26-06-2025
- Business
- Cision Canada
Investing in consumers Français
FSRA grant funding applications for financial education and research now open TORONTO, June 26, 2025 /CNW/ - Ontario's financial services regulator, FSRA, is supporting financial literacy and better protecting consumers through its second annual proceeds from enforcement grant application program. "Now in our second year, the FSRA grant funding program will make bigger strides in helping consumers better understand the financial services they use each and every day," says Stuart Wilkinson, Chief Consumer Officer at FSRA. "If you have a good idea, whether that's an education initiative or research project, check out the program to see if you qualify." Not-for-profit organizations can now apply to access money FSRA collects through enforcement actions to fund educational initiatives and research. The proceeds from enforcement grant funding is also open to proposals from within FSRA. For details on this year's application process and to see if your idea may qualify, check out our page on grant funding. Applications close on September 26, 2025. More information on how we use the money we collect through enforcement actions can be found in our updated Use of Proceeds from Enforcement Guidance. FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Cision Canada
12-06-2025
- Business
- Cision Canada
Pension plans resilient in the face of global economic volatility Français
TORONTO, June 12, 2025 /CNW/ - Ontario's financial services regulator (FSRA) has released its Q1 2025 Solvency Report for Defined Benefit Pension Plans, covering the period January 1, 2025 to March 31, 2025, revealing a median solvency ratio of 119 per cent – down three percentage points from the previous quarter. Due to the announcement of US tariffs, the report also provided an estimate for the first week of April 2025, projecting that the median solvency ratio likely declined further, by approximately five percentage points from the end of Q1, driven by adverse market conditions. Despite this decrease, the vast majority of pension plans continued to demonstrate resilience, with funding levels remaining healthy amidst these economic and market challenges. "While we've seen a decline in the solvency ratio over the past few months, pension plans remain resilient," said Andrew Fung, FSRA Executive Vice-President, Pensions. "However, with this global trade war and ongoing economic uncertainty, it's critical for plan administrators to proactively manage risk and regularly reassess their investment strategies to ensure long-term sustainability." FSRA recommends that pension plans use stress testing, modeling, and other analytical tools to evaluate potential vulnerabilities and strengthen financial resilience. FSRA releases its solvency report each quarter to assess the financial health of Ontario defined benefit pension plans. The report provides timely information to plan members about the performance of their plan and the state of the economy both nationally and internationally. FSRA continues to work on behalf of all stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
Gulf Insider
26-05-2025
- Business
- Gulf Insider
UAE Fines 23 Companies Dh610,000 For Violating Global Tax Reporting Rules
The Financial Services Regulatory Authority (FSRA) of ADGM in Abu Dhabi on Monday announced Dh610,000 fine on 23 companies for violating reporting and tax regulations. The companies have been fined under the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022, which require entities to collect and report information on foreign account holders to help combat international tax evasion. The regulator added that action has been taken for compliance breaches and failures to submit risk assessments, required annual information returns, follow due diligence procedures, report information in a complete and accurate manner, and collect valid self-certification forms. The UAE entered into agreements with other countries for global tax transparency by facilitating the automatic exchange of financial account data between different jurisdictions. In April, FSRA imposed millions of dirhams fines on the Hayvn Group of Companies, its former CEO Christopher Flinos and related entities after an investigation found serious regulatory breaches and misconduct into regulatory breaches and misconduct. Emmanuel Givanakis, CEO of the FSRA at ADGM, said this decision reflects UAE's commitment to financial transparency and alignment with global commitments to information exchange. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility,' said Givanakis. Earlier this month, the Registration Authority (RA) of ADGM joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern region.
Fintech News ME
26-05-2025
- Business
- Fintech News ME
Deutsche Bank Secures ADGM License to Expand UAE Operations
Deutsche Bank has announced that it has obtained a financial services permission from the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM). This authorisation enables the bank to conduct a range of regulated activities within the international financial centre. The license allows Deutsche Bank to carry out activities under the Financial Services and Markets Regulations 2015 (FSMR), specifically: arranging deals in investments, arranging credit, and advising on investments or credit. The development marks an expansion of the bank's presence in the United Arab Emirates (UAE), where it has operated for over 25 years. The bank first opened a representative office in Abu Dhabi in 1999, and now maintains four legal entities in the country, including the newly licensed ADGM branch. Deutsche Bank provides a range of services across investment banking, corporate banking, and wealth management in the UAE. Jean-Pierre Habis has been appointed Senior Manager for the ADGM branch. In this role, he will oversee key aspects of the bank's regulated business and support the delivery of financial services tailored to client needs. According to Jamal Al Kishi, Chief Executive Officer for Middle East and Africa, 'Receiving this license is an important step in our strategy to better meet the evolving needs of our clients in the UAE and across the region. It improves our ability to deliver on our Hausbank promise, to serve as a trusted partner to clients wherever they operate.'
Yahoo
09-05-2025
- Business
- Yahoo
Ripple M&A Target Hidden Road to Open New Office in Abu Dhabi With a Potential Royal Family Addition
Hidden Road, a prime broker that focuses on crypto and traditional assets, which recently agreed to be acquired by Ripple, is opening an office in Abu Dhabi, according to two people with knowledge of the matter. The office will be led by James Stickland, a partner at the firm, said the people, who spoke on condition of anonymity because the matter is private. Hidden Road confirmed the plans. The company has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, Hidden Road said in a press release shared with CoinDesk on Thursday. A member of the Abu Dhabi royal family could potentially join the board of the company's local entity when it receives final regulatory approval, one of the people said. Once Hidden Road receives this final approval, it will be authorized to offer clearing and prime brokerage services to institutional investors in the UAE, the company said. They are not the only firm making moves in the region. Circle, the issuer of the second-largest stablecoin, USDC, said it received in-principle regulatory approval from Abu Dhabi last month, paving the way for an expansion across the Middle East. Prime brokers are an essential part of the plumbing of financial markets. They provide trading, financing and custody services to large institutions. Stickland is the former CEO of Elwood Technologies and Elwood Asset Management, the crypto firm backed by billionaire hedge fund manager Alan Howard. He joined Hidden Road over a year ago, according to his LinkedIn profile. Ripple agreed to buy multi-asset prime broker Hidden Road for $1.25 billion last month, marking one of the largest M&A deals in the digital asset industry to date. The crypto company, headed by Brad Garlinghouse, said it will inject fresh capital into Hidden Road to expand its clearing, prime brokerage, and financing operations, aiming to make the firm the largest non-bank prime broker globally. Hidden Road said last month that it had received FINRA approval to operate as a U.S. broker-dealer, enhancing its fixed income prime brokerage in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
