Amendments to the Securities and Commodities Authority Rulebook

The Securities and Commodities Authority (the “SCA”) has recently issued two decisions amending certain provisions of the SCA Resolution No. 13 of 2021 Concerning the Booklet of the Rules of Financial Activities and the Status Rectification Mechanism (“Rulebook”).

In May 2021, the SCA issued its Rulebook for financial activities that sets out a new consolidated regime for licensing of financial activities in the UAE. The SCA initially introduced five broad categories of licensed financial activities, which were subsequently amended by SCA Decision of the Chairman of the Board of Directors No. (9/R.M.) of 2022 in May 2022.

More recently, SCA Decision of the Chairman of the Board of Directors No. (11/RM.) of 2022 has further amended the Rulebook:

Introducing a new sixth category of licensed financial activities. This amendment now introduces ‘Category Six – Crowdfunding Platform Operator’ that will be brought in under the Rulebook; and

Removing the financial activity of ‘Investment funds foundation and management (the management company)’.

In addition, SCA Decision of the Chairman of the Board of Directors No. (12/R.M.) of 2022 sets out the licensing fees applicable to ‘Category Six – Crowdfunding Platform Operator’ licenses.

The decisions have been published in the Official Gazette and are effective as of 15 June 2022.

Disclaimer
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
Top