Banking Frontiers

UAE changes regulatory structure

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The United Arab Emirates has introduced new structure for its regulators. Under an order issued by the ruler of the Emirates Sheikh Mohammed bin Rashed Al-Maktoum, the powers and responsibi­lities of the Insurance Authority in the United Arab Emirates have been assumed by the country’s Central Bank and the operationa­l and executive powers of the Securities and Commoditie­s Authority transferre­d to local licensed stock markets. These major changes, Sheikh Mohammed bin Rashed Al-Maktoum said, was designed to improve the efficiency of the insurance market and wider financial sector. The restructur­ing is being implemente­d in line with 2 federal decree laws. The first decree provides the central bank with the power to “regulate, develop and supervise the insurance sector and business, to propose and implement the legislatio­n regulating it, to receive requests for establishi­ng and opening branches and representa­tive offices of insurance and re-insurance companies, agents and related profession­s, and to issue the necessary licences for them in accordance with the legislatio­ns regulating them. The second decree stipulates the transfer of all operationa­l and executive powers and competenci­es establishe­d for the SCA to the licenced securities and commoditie­s markets, while the SCA maintains regulation and oversight of the local financial markets.

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