New CBUAE law addresses overlapping work functions: SCA CEO

ABU DHABI, The new law issued to govern the Central Bank of the United Arab Emirates and regulate financial institutions and activities addresses some overlapping work functions and responsibilities that the Securities and Commodities Authority (SCA) had before with CBUAE, said Dr. Obaid Saif Hamad Al Zaabi CEO of SCA.

Speaking to the Emirates News Agency (WAM), Al Zaabi said the new law is a qualitative step forward on the path to boost the competitiveness of the UAE banking sector and is another steppingstone to bolster the country’s financial industry in its entirety.

“The new law strengthens CBUAE’s enforcement powers to impose a broad range of administrative and financial controls, and goes in harmony with best international practices,” he added.

A number of task forces had been formed earlier to address overlapping functions between the Ministry of Economy, CBUAE and SCA, primarily the workings of investment funds, corporate governance and asset management activities, according to SCA Chief, who explained that responsibilities used to overlap mainly on non-banking investment activities.

Source: Emirates News Agency