SCA Board of Directors presents key developments in country’s financial markets

Tue 05-12-2017 21:40 PM

DUBAI, 5th December, 2017 (WAM) — The Board of Directors of the Securities and Commodities Authority, SCA, held its 19th meeting during its 5th session in Dubai, led by Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the SCA Board of Directors, as part of the SCA’s efforts to develop the country’s financial management and control system and its financial activities and services system related to the securities sector, to comply with the best international standards and practices.

During the meeting, the board discussed several important topics and issues related to the securities sector, including conducting adjustments on some of the SCA’s systems, viewing the financial restructuring plans of certain public shareholding companies, providing the SCA’s Advisory Board with the latest information, and renewing the SCA’s XBRL membership (the standard for reporting financial statements). The board was also informed about the UAE Cabinet’s approval of the SCA’s new organisational structure.

The SCA Board of Directors presented the outcomes of a session organised by the SCA, which saw the participation of representatives from the country’s financial markets, who discussed the state of the financial markets in the UAE.

The board also reviewed a report on the leading recommendations from the discussion session and the SCA’s related efforts, as well as what was discussed during a meeting on the SCA’s initiatives to develop the country’s legislative system and financial procedures, with the aim of advancing the financial markets and improving new financial services.

The board also reviewed the SCA’s efforts to develop the primary market and enlist new companies in the primary and secondary markets, as well as a memo regarding the visits made to the SCA by relevant local and foreign institutions, under the framework of exchanging expertise and viewing the best practices in various areas of mutual interest.

WAM/Tariq alfaham/Hassan Bashir


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