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The Securities and Commodities Authority (SCA) has called on investors, stakeholders, and all related parties to offer feedback on the draft amendment to Federal Law No. (4) of 2000 on the Emirates Securities and Commodities Authority and Market prepared recently.
SCA explained—in a press release—that it had published the draft amendment on its website to get feedback from investors and the industry. It said that it will keep receiving feedback for 30 days through its formal channels announced in its website www.sca.gov.ae, indicating that industry feedback will be taken into consideration when approving the final wording of the law.
The draft amendment was prepared pursuant to the directives of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Board Chairman of SCA, as part of SCA’s keenness to develop the legislations governing securities markets in a manner that keeps pace with market developments and variables and as part of its attempt to (1) develop the securities industry in the country; (2) regulate modern financial activities in line with the best global practices; (3) guarantee a positive impact on investment volume and quality; (4) maintain the rights of all investors; and (5) keep pace with the country’s economic development.
The draft amendment promotes investor rights, bolsters SCA’s financial and administrative independence as a financial body, provides the necessary financial coverage for regulation of all industry-related financial activities, grants the board more powers, and grants SCA more regulatory and supervisory powers.
The draft amendment takes into consideration the rewriting of SCA’s goals to reflect its regulatory and supervisory roles accurately and comprehensively in line with the best global practices to meet its international membership requirements.
