SCA and UBF explore cooperation
ABU DHABI: The Securities and Commodities Authority (SCA) and the UAE Banks Federation (UBF) discussed the mechanisms of their strategic cooperation and identified areas of coordination and collaboration to support and promote the local asset management industry.
The two sides aim to create an attractive and stimulating environment for investment management companies and professional fund services providers, leading to significant growth in the local asset management industry.
The meeting took place between Dr Maryam Buti Al Suwaidi, CEO of the SCA, and Jamal Saleh, Director-general of the UBF.
During the meeting, the UBF affirmed that as a representative of Emirati banks and financial institutions, its strategy aligns with the SCA’S strategy to make the UAE a centre of asset and wealth management.
The meeting resulted in an agreement between the SCA and the UBF to form a joint commitee for continuous cooperation and coordination regarding legislative developments and industry trends related to the UAE’s asset management and financial sectors.
Both parties also agreed to drat a joint action plan to advance the local asset management sector and encourage banks and financial institutions to establish local entities for asset management activities in the country.
The meeting’s agenda included exchanging research and studies related to asset management and organising a joint forum to promote the UAE’S asset management sector to encourage foreign entities to establish operations there.
Both sides also aim to jointly support and promote green and sustainable investment funds and encourage financial institutions to establish such funds.
UAE Banks Federation recently highlighted the effectiveness of the UAE’S efforts in combating financial fraud supported by the many initiatives and measures being implemented by the sector under the guidance and supervision of the Central Bank of the UAE (CBUAE), which is taking proactive steps to combat financial fraud, at the 2023 ACFE Fraud Conference Middle East.