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UAE: CBUAE launches consultation on new Financial Consumer Protection Regulatory Framework

The Central Bank of the United Arab Emirates ('CBUAE') announced, on 10 February 2020, in a statement ('the Statement') that it had launched a consultation process with key stakeholders on its proposals to develop a new Financial Consumer Protection Regulatory Framework ('the New Framework'). In particular, the Statement indicates that the CBUAE aims to enhance consumer protection from financial misconduct by creating the New Framework and that it will strengthen the protection of financial consumers in the UAE through more comprehensive requirements to be met by all financial institutions that are subject to CBUAE supervision. In addition, the Statement highlights that the principles of the New Framework include disclosure and transparency, and the protection of consumer data and privacy.

You can read the press release here.