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The two sides also discussed several common issues, including passporting of selected activities to serve the interest of the securities sector and meet its needs, promote the movement of capital, and ensure the protection of investors dealing in securities.
In this context, the two sides agreed to create a joint committee that includes the UAE financial markets. The committee’s mission is to reach an agreement on “passported” activities and passporting mechanisms, as well as on areas of bilateral cooperation, including: facilitating access to markets, regulating the practice of passporting, establishing rules that ensure fair competition, listing and marketing financial products and services, overcoming hurdles and obstacles, and facing challenges to mutual cooperation efforts and information exchange.
The meeting also addressed aspects related to listing sukuk and bonds on the financial markets of both sides, which provides investors with more options and increases market depth.
During the meeting, central clearing was examined in light of the trend to separate central clearing from the markets in line with the standards and requirements set by international organizations and global indexes.
The deliberations addressed issues pertaining to professional training and improving the performance of those working in the financial services industry, making use of the advanced training programs offered by SCA’s training center, and promoting the DIFC’s role as a strategic partner to develop the securities industry and raise Emiratization rates.
