27 activities and 23 competences for the Securities Authority in its new draft law

Media In Abu Dhabi – 19 December 2018 / WAM /
The new Securities and Commodities Authority (SCA) law has set 23 jurisdictions for the Commission to exercise its mandate to regulate the securities sector in the UAE after the law has been officially approved by the concerned authorities.
Under the draft law, which was published on the website today, 27 financial activities have been identified, which will be subject to the regulation, licensing, supervision and supervision of the Commission in accordance with the provisions of the draft law, which consists of 92 articles.
The draft law provides for the exemption of the trading commission in securities from the tax duties and provides for the amendment of the name of the Securities and Commodities Authority established under Federal Law No. 4 of 2000 to become the Capital Markets Authority.
In addition, the Authority shall have the powers necessary to regulate the securities sector in the State and to exercise the functions entrusted to it in accordance with the provisions of this Law and any relevant laws and decisions issued to implement them. Transfer, transfer, transfer, transfer and delivery of securities, and any other transactions or rights within the objectives and terms of reference of the Authority.
It shall also regulate financial and related activities and any other financial activities in coordination with the regulatory authorities as well as organizing the business and market activity, central clearing, depository center, listed entity and any other bodies within the jurisdiction and objectives of the Authority.
The Authority will regulate the work and activity of the market established in the free zones or financial free zones within the State and control it in the event of agreement with the regulator of that market.
. Identify and regulate issuers of securities, types and categories of securities issued, as well as the right to determine the criteria for managing conflicts of interest to the entities under their control and supervision.
The list of powers shall also include dealing in securities within the State, whether originating in the State or in a foreign country, in a free zone or free zone within the State, regulating the governance of licensed entities and public shareholding companies listed on the market; Issued by the Central Bank if licensed, in addition to organizing the processes and procedures for capital formation of projects .. It has the authority to regulate mergers and acquisitions of entities subject to the supervision and control of the Commission and within its objectives and competencies and processes and procedures of central clearing solutions Contracting Parties.