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Read NowThe Securities and Commodities Authority (the “SCA”) has recently issued two decisions amending certain provisions of the SCA Resolution No. 13 of 2021 Concerning the Booklet of the Rules of Financial Activities and the Status Rectification Mechanism (“Rulebook”).
In May 2021, the SCA issued its Rulebook for financial activities that sets out a new consolidated regime for licensing of financial activities in the UAE. The SCA initially introduced five broad categories of licensed financial activities, which were subsequently amended by SCA Decision of the Chairman of the Board of Directors No. (9/R.M.) of 2022 in May 2022.
More recently, SCA Decision of the Chairman of the Board of Directors No. (11/RM.) of 2022 has further amended the Rulebook:
In addition, SCA Decision of the Chairman of the Board of Directors No. (12/R.M.) of 2022 sets out the licensing fees applicable to ‘Category Six – Crowdfunding Platform Operator’ licenses.
The decisions have been published in the Official Gazette and are effective as of 15 June 2022.
Al Tamimi & Company’s Banking and Finance practice continues to work closely with the SCA in relation to the licensing of financial activities in the UAE. Our team can assist and support you with the SCA licensing process and adequately advise on any requirements and obligations that may apply.
If you require further information, please feel free to contact us.
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