Banking Frontiers

UAE changes regulatory structure


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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