PIB 11 PIB 11 Disclosure Requirements
PIB 11 Guidance1. This chapter specifies the disclosures required to be made by an
Authorised Firmto 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 Firmsto which this chapter applies.
PIB 11.1 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 Firm. The DFSAexpects an Authorised Firmto convey its actual risk profile to market participants.
Authorised Firmin Category1, 2 or 5 must make the disclosures as prescribed in this chapter.
PIB 11.1.2(1) An
Authorised Firmwhich is a member of a Financial Groupmust, subject to (2), ensure that the disclosures specified in PIB App11 are made at Financial Grouplevel.(2) An Authorised Firmwhich is a Subsidiaryof(a) a Regulated Financial Institution; or(b) another Authorised Firmwhich is in Category1, 2 or 5;which is al 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.
PIB 11.1.3 PIB 11.1.3
Authorised Firmmust 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]
Authorised Firmdoes not have to disclose the information in Table 15 of App 11 if it is a subsidiary of another Regulated Financial Institutionor Authorised Firmthat 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 PIB 11.2 Disclosure Policy
Authorised Firmmust 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 Bodyof the firm.
Authorised Firmmust 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.
To the extent that any required disclosure is substantially similar to a disclosure required of the
Authorised Firmunder the International Financial Reporting Standards, a disclosure under such standards must be taken to meet the requirement for disclosure under this chapter.
PIB 11.3 PIB 11.3 Disclosure Frequency, Locations and Process
PIB 11.3.1(1) The disclosures set out in this chapter must be made by the
Authorised Firmat least once a year, other than disclosures of CET1 Capital, T1 Capital and T2 Capital, deductions from Capital Resources, 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 DFSA Rulebook.
PIB 11.3.2 PIB 11.3.2(1) An
Authorised Firmmust, subject to (2), make these disclosures either in its annual report or periodic financial statements.(2) An Authorised Firmmay 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 DFSAto 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.
PIB 11.3.2 Guidance
Authorised Firmhas discretion to determine the form of the disclosures required, and may choose to use graphical and other representations where appropriate.
PIB 11.3.3(1) An
Authorised Firmmay omit certain disclosures if the omitted item is:(a) not material, in accordance with the concept of materiality under the International Financial Reporting Standards,(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 Clientsor Counterparties.(2) Where in reliance upon (1)(b) or (c) an Authorised Firmomits 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.