New UAE SCA Rulebook consultation
The UAE Securities and Commodities Authority (SCA) has issued a draft of its new Rulebook in Arabic for public consultation.
We understand that the SCA’s intention with the new Rulebook is to consolidate its current separate regulations into a more internationally comparable rulebook format. This will inevitably require work to ensure the rules, which are based on regulations drafted at different times by different people, will be clear and consistent. This should hopefully ultimately lead to a clearer and easier to understand set of rules and principles.
The current issued draft of the Rulebook consists of three main parts:
- Part One - sets out the general provisions (such as the scope of application, interpretation, exemptions, etc.).
- Part Two - deals with the provisions governing the licensing of financial activities and the accreditation of certain professional positions.
- Part Three - covers conduct of business when carrying out licensed activities.
- Glossary - lists defined terms and expressions used in the Rulebook.
- Annex - sets out the relevant licensing categories and accredited positions.
The draft Rulebook, which was only issued by the SCA in Arabic, is open for consultation and interested parties have until 28 July 2020 to provide their feedback. If you would like guidance on the draft Rulebook (of which we have commissioned our own English translation) and would like to feed into our consultation response, please contact Muneer Khan as soon as possible.
