New SCA Licensing Regime
In 2020, the Securities and Commodities Authority (SCA), which is the UAE's financial and capital markets regular, published a draft new rulebook on financial activities regulated by the SCA. The SCA's consultation on the draft new rulebook was a very positive development welcomed by businesses and professionals alike. It signaled a clear departure from the SCA's then licensing framework and offered the public an opportunity to comment and provide their opinion on the SCA's proposed regulatory framework.
In May 2021, the SCA issued the long awaited rulebook (for which the consultation was sought from the public last year) on the financial activities and mechanisms of status regularisations (the "New Rulebook") pursuant to SCA Decision No.13/RM/2021.
This article discusses the most significant highlights and changes made following the SCA's issuance of the New Rulebook, looking at, the repeal of previous regulations and compliance with the new regulations.
The New Rulebook, which is effective as of 17 May 2021, has revamped the entire licensing and regulatory framework under the SCA in relation to the activities regulated by the SCA.
The full article can be downloaded here: The Mena Business Review – The UAE's New SCA Licensing Regime
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.