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Upon directives of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Board Chairman of the Securities and Commodities Authority (SCA), to reinforce the bonds of cooperation and transfer expertise and knowledge to all local, regional, and global bodies, H.E. Dr. Obaid Al Zaabi, Acting CEO of SCA, received a delegation from the Jordan Investment Commission of the Parliament in the Hashemite Kingdom of Jordan. During the meeting, the Jordanian delegation was introduced to the role of SCA in regulating the financial markets of the UAE and developing the financial regulations and legislation governing the transactions in the UAE financial markets in accordance with the best international standards. The visiting delegation was led by MP Abdullah Khawaldeh, Chairman of the Jordan Investment Commission of the Jordanian Parliament. The meeting was attended by Jalil Tarif, the Secretary General of the Union of Arab Securities Authorities.
Dr. Obaid Al Zaabi receives a delegation from the Jordanian Parliament
Dr. Obaid Al Zaabi reviewed SCA’s business methodology and performance at the regulatory and supervisory levels. He explained the experience of the financial markets in the UAE and the future plans to develop the UAE markets and upgrade them to the ranks of advanced markets.
The visiting delegation watched a presentation delivered by SCA’s department managers on the main principles and work processes in the financial markets and regulations pertaining to the relationship between government agencies supervising the securities market and the relevant regulatory components. He highlighted the most important amendments of the draft amendment to the Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Market, which the SCA has recently finalized. The amended law is in line with the best international practices and keeps pace with the changes and developments of the markets and the economic development process in the UAE.
Furthermore, the two parties exchanged views on the role of financial markets, issues relating to regulatory bodies, prospects of future cooperation between the SCA and counterpart regulatory bodies in the Arab region under the umbrella of the Union of Arab Securities Authorities. The parties discussed ways to enhance cooperation between the securities sector in the UAE and its counterpart in Jordan, exchange experiences and know-how, discuss aspects of the current conditions in the global markets and their implications on the emerging financial markets and regional markets.
The Jordanian delegation, comprising 11 PMs and three senior staff of the Parliament, expressed their admiration of SCA’s experience in the UAE. The delegation viewed SCA’s experience in relation to the issuance of mutual funds and discussed aspects relating to Islamic finance, sukuk and bonds regulations, methods to attract foreign investments, and mechanisms and procedures relating to the foreign investment attraction.
MP Abdullah Al Khawaldeh, head of the Jordanian delegation, expressed his appreciation to the SCA and commended what the delegation has seen during the tour in the different departments and divisions of the SCA premises in Dubai. He also voiced the interest of the delegation to explore the vital role played by the regulators and stock exchanges in advanced and emerging markets as the drivers of the economic development. He noted that the delegation has taken advantage of reviewing the aspects relating SCA’s law and the key guidelines governing the functioning of the financial market as well as the relationship between the government institutions and the securities market. He also commended the high professionalism and outstanding performance of the SCA in accordance with high quality standards.
It is worth noting that the Jordan Economy and Investment Commission in the Jordanian Parliament is currently considering the promulgation of important legislations at the top of its agenda, including the securities law, banks law, and investment law.
