“Securities” Launches a Program to Evaluate and Classify Financial Services Companies

MediaIn – Abu Dhabi, February 15, 2018

The Securities and Commodities Authority (SCA) has launched the “Evaluation and Classification of Financial Services Companies” program. The Commission has opened registration for companies wishing to participate in the first cycle of the program. Registration applications are being received until the first of March.

Dr. Obaid Saif Al Zaabi, Chief Executive Officer of the Securities Authority, said that the Authority has conducted an in-depth study of the basic components of the financial services industry and the possibilities that affect its performance – directly or indirectly, which has shown the need to create a competitive environment that encourages financial services companies to raise their institutional capacities and apply the concept of innovation in style and quality. The activities and financial services provided within the framework focuses on the axes that have the greatest impact on the stability of markets, increasing investor confidence, advancing the industry and achieving state leadership in this field.

The Commission requested the financial services companies that have been sent a circular to invite them to participate in the program by filling the application for registration to participate in the first session of the program which started yesterday.

The rating process will be carried out according to the criteria and principles set forth in the classification guide for financial services companies, which include corporate governance, operational efficiency, and investor perspective and community responsibility.