{"id":26062,"date":"2022-07-29T16:38:15","date_gmt":"2022-07-29T16:38:15","guid":{"rendered":"https:\/\/tcit.ae\/ubf\/?page_id=26062"},"modified":"2022-09-08T10:31:52","modified_gmt":"2022-09-08T10:31:52","slug":"close-out-netting","status":"publish","type":"page","link":"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/close-out-netting\/","title":{"rendered":"Close Out Netting"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"26062\" class=\"elementor elementor-26062\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-27beaf0 bannerHeadering elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"27beaf0\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-74e4935\" data-id=\"74e4935\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd1875c elementor-widget elementor-widget-heading\" data-id=\"cd1875c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Initiatives<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d2ed384 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d2ed384\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c679ef3\" data-id=\"c679ef3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c95ece elementor-widget elementor-widget-heading\" data-id=\"3c95ece\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Initiatives List<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-415a8b7 uael-submenu-icon-plus uael-nav-menu__breakpoint-none sidebarmenu uael-nav-menu__align-left uael-link-redirect-child elementor-widget elementor-widget-uael-nav-menu\" data-id=\"415a8b7\" data-element_type=\"widget\" data-widget_type=\"uael-nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"uael-nav-menu uael-layout-vertical uael-nav-menu-layout\" data-layout=\"vertical\">\r\n\t\t\t\t<div class=\"uael-nav-menu__toggle elementor-clickable\">\r\n\t\t\t\t\t<div class=\"uael-nav-menu-icon\">\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<nav class=\"uael-nav-menu__layout-vertical uael-nav-menu__submenu-plus\" data-toggle-icon=\"\" data-close-icon=\"\" data-full-width=\"\"><ul id=\"menu-1-415a8b7\" class=\"uael-nav-menu\"><li id=\"menu-item-26025\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/compliance-framework-assessment\/\" class = \"uael-menu-item\">Compliance Framework Assessment<\/a><\/li>\n<li id=\"menu-item-26132\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/standardization-of-islamic-windows\/\" class = \"uael-menu-item\">Standardization of Islamic Windows<\/a><\/li>\n<li id=\"menu-item-26133\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/tasharuk-cyber-security-intelligence-sharing-platform\/\" class = \"uael-menu-item\">TASHARUK \u2013 Cyber security intelligence sharing platform<\/a><\/li>\n<li id=\"menu-item-26129\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/ethical-selling-framework\/\" class = \"uael-menu-item\">Ethical Selling Framework<\/a><\/li>\n<li id=\"menu-item-26131\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/modus-operandi\/\" class = \"uael-menu-item\">Modus Operandi<\/a><\/li>\n<li id=\"menu-item-26125\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/close-out-netting\/\" class = \"uael-menu-item\">Close Out Netting<\/a><\/li>\n<li id=\"menu-item-26127\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/customer-complaint-handling-framework\/\" class = \"uael-menu-item\">Customer Complaint Handling Framework<\/a><\/li>\n<li id=\"menu-item-26128\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/emirates-digital-wallet\/\" class = \"uael-menu-item\">Emirates Digital Wallet<\/a><\/li>\n<li id=\"menu-item-26130\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/islamic-governance-unit\/\" class = \"uael-menu-item\">Islamic Governance Unit<\/a><\/li>\n<li id=\"menu-item-26126\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/court-banking-experts\/\" class = \"uael-menu-item\">Court Banking Experts<\/a><\/li>\n<li id=\"menu-item-26134\" class=\"menu-item menu-item-type-post_type menu-item-object-page parent uael-creative-menu\"><a href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/together-with-together\/\" class = \"uael-menu-item\">Together with Together<\/a><\/li>\n<\/ul><\/nav>\r\n\t\t\t\t\t\t\r\n\t\t<\/div>\r\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-685a7ce\" data-id=\"685a7ce\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0250c2c elementor-widget elementor-widget-heading\" data-id=\"0250c2c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Modus Operandi<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a653813 elementor-widget elementor-widget-text-editor\" data-id=\"a653813\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>In 2015, the Ministerial Council for Services approved the drafting of a federal law on \u2018netting\u2019 aimed at regulating contracts and transactions in line with international best practices. Enshrining close-out netting into UAE federal legislation would improve the stability of financial markets in the UAE, increase the availability of credit to, and reduce costs for, UAE entities and support the UAE\u2019s commitment to adopt international standards and best practices.<\/p><p>In 2016, the UAE Central Bank has supported the proposal of UBF regarding \u2018close-out netting\u2019, the process whereby counterparties who have a number of obligations to each other, can agree to offset and net those obligations in order to reduce exposure and therefore risk between two counterparties.<\/p><p>The UAE&#8217;s new Netting Law (Federal Law No. 10 of 2018) (the Federal Netting Law) was issued in September 2018. The Federal Netting Law allows for the recognition of netting agreements, close out netting provisions and related collateral arrangements, particularly in an insolvency scenario.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Initiatives Initiatives List Compliance Framework Assessment Standardization of Islamic Windows TASHARUK \u2013 Cyber security intelligence sharing platform Ethical Selling Framework Modus Operandi Close Out Netting Customer Complaint Handling Framework Emirates Digital Wallet Islamic Governance Unit Court Banking Experts Together with Together Modus Operandi In 2015, the Ministerial Council for Services approved the drafting of a &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/tcit.ae\/ubf\/activities\/initiatives\/close-out-netting\/\"> <span class=\"screen-reader-text\">Close Out Netting<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":25964,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/26062"}],"collection":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/comments?post=26062"}],"version-history":[{"count":19,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/26062\/revisions"}],"predecessor-version":[{"id":30265,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/26062\/revisions\/30265"}],"up":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/pages\/25964"}],"wp:attachment":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/media?parent=26062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}