International Relations
Cooperation with other Authorities

Since its establishment, the Securities and Commodities Authority (SCA) has been working to boost mutual cooperation with its counterparties. The SCA has entered into several bilateral Memoranda of Understanding (MoUs) with regulatory authorities in different parts of the world with the aim of boosting cooperation and exchange of information. These MoUs facilitate exchange of training and technical assistance and hence developing the financial markets under the jurisdiction of these authorities.

Following is the list of these MoUs:

Name Date
Memorandum of Understanding (MoU) among regulators of financial markets of the Gulf Cooperation Council (GCC) countries. 15-Sep-2015
State Committee for Securities - Republic of Azerbaijan 02-Apr-2015
National Securities and Stock Market Commission - Ukraine 13-Jan-2015
Capital Markets Authority - Kuwait 15-Dec-2014
Financial Supervision Authority - Romania 04-Jun-2014
Jersey Financial Services Commission 05-May-2014
Securities And Exchange Commission of Pakistan 07-Nov-2013
Labuan Financial Services Authority / Malaysia 16-Sep-2013
Securities And Exchange Commission of Brazil 16-Sep-2013
MoU concerning consultation, cooperation and the exchange of information related to the supervision of the Alternative Investment Fund Managers Directive (AIFMD) entities with EU Authorities 22-Jul-2013
Polish Financial Supervision Authority 07-Feb-2013
MMoU of the International Organization of Securities Commissions 11-Oct-2012
Commission De Surveillance Du Secteur Financier - Luxembourg 18-Jan-2012
Financial Services And Markets Authority - The Kingdom Of Belgium 16-Jan-2012
Hellenic Capital Market Commission - Greece 11-Jan-2012
Capital Markets Board of Turkey 13-Oct-2010
Autorité Des Marchés Financiers - Québec, Canada 08-Jun-2010
The Irish Financial Services Regulatory Authority 07-Jun-2010
Comisión Nacional Del Mercado De Valores - Spain 13-Apr-2010
Palestine Capital Market Authority 21-Dec-2009
Central Bank of Lebanon (Banking Control Commission of Lebanon) 18-Nov-2009
Authority of French Markets 07-Apr-2009
Federal Financial Markets in Russia 31-Mar-2009
Financial Services Authority in United Kingdom 03-Mar-2009
Centre for Coordination and Control Over Functioning of Securities Market under the State Property Committee of the Republice of Uzbekistan (CSM) 17-Mar-2008
Federal Financial Supervisory (BAFIN) - Germany 10-Feb-2008
New Zealand Securities Commission 09-Dec-2007
ISLE of Man Financial Supervision Commission 28-Nov-2007
Financial Services Board, South Africa‎ 11-Apr-2007
State Securities Commission, Vietnam 04-Sep-2007
Securities and Ecxchange Commission, Thailand 16-Jul-2007
Korea Financial Supervisory Commission‎ 22-May-2007
Securities and Exchange Board of India, India 26-Mar-2007
Capital Market Authority, \sultant of Oman 29-Jan-2007
Syrian Commission on Financial Markets and Securities 19-Dec-2006
China Securities Regulatory Commission 06-Dec-2006
Securities Comission of Tunis / Conseil Du Marche' Financier 05-Jun-2006
le Conseil Déontologique des Valeurs Mobilières (CDVM)/ Morroco 05-Jun-2006
Commission d’Organisation et de Surveillance des opérations de Bourse/ Algeira 01-May-2006
Jordan Securities Commision 04-Apr-2006
Capital Market Authority, Egypt 20-Mar-2006
Dubai Financial Services Authority 27-Sep-2005
Monetary Authority of Singapore 14-Aug-2005
Australian Securities & Investments Commission 14-Mar-2005
Securities Commission of Malaysia 01-Mar-2005

The SCA also signed MoUs with a number of specialized international institutions and bodies to benefit from their services, including professional training, research and accredited programs to help develop the UAE financial markets and financial industry, in general, and to uplift the professional standards of personnel of the securities industry, in particular.

Following is the list of these MoUs:

Name Date
The Accounting and Auditing Organization for Islamic Financial Institutions(AAOIFI) 24-May-2016
The Chartered Alternative Investment Analyst Association, Inc. (CAIAA) 03-Nov-2015
The Korea Financial Investment Association (KOFIA) 15-Jun-2015
PEPOLECERT International Limited (PCI) 28-May-2015
General Council for Islamic Banks and Financial Institutions (CIBAFI) 18-Nov-2014
The Securities Industry Development Corporation (SIDC) 28-Oct-2014
American Academy of Financial Management 24-Jul-2013
The Arab Academy for Banking and Financial Sciences 28-Feb-2013
International Capital Market Association 06-Nov-2012
The International Federation of Technical Analysts 09-May-2011
International Compliance Association 16-Feb-2011
The International Centre For Financial Regulation (ICFR) 14-Jun-2010
CFA Institute 09-Jun-2009
Certified Institute for Securities and Investment 16-Jan-2009
Cass Business School, U.K 29-Oct-2007
International Organizations

The SCA joined the International Organization for Securities Commissions (IOSCO) in 2003 as an ordinary member. The IOSCO is recognized as the global standard setter for the securities sector.

The SCA’s membership of IOSCO helps the former to capitalize on the international experience in financial market development and on the international standards set by the IOSCO.

The SCA also plays an active role in interacting with the IOSCO by participating in the latter’s meetings and responding to its requests, including surveys and sharing of viewpoints on issues raised by the IOSCO, seeking the views of its members. It’s worth noting here that the SCA is a member of IOSCO's Presidential Committee, Growth and Emerging Markets Committee and Africa and Middle East Committee.

The International Organization of Securities Commissions (IOSCO), established in 1983, is the acknowledged international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements, and promotes adherence to internationally recognized standards for securities regulation, and is working intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.

IOSCO's membership regulates more than 95% of the world's securities markets. Its members include 129 securities regulators and 80 other securities markets participants (i.e. stock exchanges, financial regional and international organizations, etc.). IOSCO is the only international financial regulatory organization which includes all the major emerging markets jurisdictions within its membership.

The member agencies currently assembled together in the International Organization of Securities Commissions have resolved, through its permanent structures:

  1. to cooperate in developing, implementing and promoting adherence to internationally recognized and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks;
  2. to enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries;
  3. to exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate legislations.

In October 2012, the SCA received an invitation to sign IOSCO’s multi-lateral memorandum of understanding (MMoU), having met all the necessary requirements of the MMoU. Signing the MMoU is now one of the major criteria being used by international financial and investment institutions in classifying financial markets of the world. It is also a significant international recognition which reflects the strength of the legislative and regulatory frameworks of the UAE's financial markets. This reflects positively on the level of local and foreign investor confidence and enhances the attraction of UAE's markets to foreign investment.

The MMoU represents a common understanding amongst its signatories of how they will consult, cooperate, and exchange information for securities regulatory enforcement purposes. The MMoU itself sets out the specific requirements for what information can be exchanged and how it is to be exchanged; legal ability to compel information; types of information that can be compelled; legal ability to share information; and permissible uses of information. It also sets out specific requirements regarding the confidentiality of the information exchanged.

Further information about IOSCO can be accessed from the latter’s website: www.iosco.org

Agreement was reached to establish a union that would bring together all Arab market regulators to help boost Arab economic development and integration through achieving harmony and conformity of their market regulations and laws, and improving their market legislation and regulation standards to ensure equity, efficiency and transparency.

The UASA facilitates cooperation in regulating public securities issuances and promotes the setting up and development of specialized financial services companies, including marketing agents of new issuances. It also promotes joint trading and listing in Arab markets, boosts intra-Arab investments and spreads investment awareness among all investors in all its member states.

UASA seeks to:
  1. Achieve the highest levels of coordination in order to protect market efficiency and safe transactions in Arab securities markets; share information, technical assistance and special expertise in order to support Arab markets development; and put in place effective regulatory rules for those markets.
  2. Unify efforts to achieve highly efficient market supervision in member states and promote cooperation and collaboration among members concerning relevant market regulations and laws to achieve maximum harmony among them.
  3. Surmount Arab investment obstacles, expand Arab investment base and diversify its tools, in addition to improving the performance level of Arab securities sector and encouraging joint listing and trading in Arab markets

Founding meeting:

On 30 January 2007, UASA's founding meeting was held in Abu Dhabi in which heads and officials of market regulators of Jordan, UAE, Algeria, Saudi Arabia, Syria, Iraq, Oman, Palestine, Qatar, Kuwait and Egypt took part.

The UAE initiated the call to have such an organization in order to have a professional umbrella and mechanism that will help boost Arab economic development and integration through achieving harmony and conformity of Arab financial markets rules and regulations; improve the legislative and organizational standards of those markets in a way that would ensure equity, efficiency and transparency; and promote the sharing of information and expertise among member states.

It is also to help develop capital market regulatory criteria to ensure safe and efficient market transactions, facilitate the means of cooperation in organizing public issuance of securities, promote joint listing and trading on Arab markets to boost intra-Arab investments and spread investment awareness in all member states and participate as a bloc in related regional and international conferences and fora.

The SCA participates in all UASA events and provides the organization with continuous support, including hosting the UASA's secretariat at its Dubai office building.

All UASA-related information can be accessed through its website: www.uasa.ae

Article (5) of the economic agreement concerning the boosting of investment environment among GCC countries states the following:

With the aim of developing local, foreign and intra-GCC investments , and in order to create a transparent and stable investment environment, member states have agreed to take the following measures:

  1. Unify their investment-related regulations and laws.
  2. Give equal national treatment to investment owned by natural persons and corporate entities of GCC nationality.
  3. Integrate GCC financial markets and unify their policies and regulations.
  4. Adopt unified standards and criteria in accordance with the charter of the GCC Standardization Organization.

Whereas the GCC agreement on procedures for achieving the “Integration of GCC financial markets and the unification of their policies and regulations” requires the setting up of a ministerial committee consisting of board chairpersons of market regulators of GCC member states, which shall make and refer recommendations directly to the GCC Supreme Council through the ministerial council, the latter has issued during its 115th session held on May 2010 in Saudi Arabia, a resolution to set up a permanent ministerial committee made up of board chairpersons of market regulators of GCC member states.

The committee, which will make recommendations to the ministerial council, shall have the following mandate:

  • Unifying market-related policies and regulations for achieving integration, in implementation of clause (3) of Article (5) of the GCC economic agreement and all resolutions issued by the GCC Supreme Council and those to be issued later in this regard.
  • Achieving the requirements of GCC Common Market and the content of Article (3) which states that: “Citizens of GCC member states – natural persons and corporate entities – shall enjoy same treatment in their host country as the citizens of that state, without discrimination in all economic aspects, including trading in stocks and bonds.

Meanwhile, the committee of board chairpersons of GCC market regulators has held its first meeting on 31st March 2010 in Riyadh and made the following recommendations:
  1. The need to set up a permanent ministerial committee consisting of board chairpersons of market regulators of GCC member states. The committee, which shall make recommendations to the ministerial council, shall have the authority mentioned above.
  2. The need to set up a high-level committee consisting of chief executive officers of GCC market regulators (or their equivalents) to recommend the necessary mechanisms for implementing the ministerial committee’s tasks and plan of action within a timeframe that will lead to achieving the integration of GCC markets.

The committee of chief executive officers of GCC market regulators (or their equivalents) held its first meeting in Riyadh on 20 – 21 June 2010 during which the committee discussed among other things an Emirates Securities and Commodities Authority's (SCA) proposal concerning GCC markets integration and unification of the policies and regulations of those markets. In response to this proposal, a number of working teams were set up to discuss all aspects of integration of the financial markets and to lay down the rules for governing them.

The SCA, which is a member in all the working teams, has presented many initiatives during the meetings of the teams. Following are some of the SCA initiatives.

  • Proposal for GCC markets integration and unification of policies and regulations.
  • Proposal for the restructuring of financial regulatory systems.
  • Unified rules for listing of stocks on GCC securities markets.
  • Unified rules for listing of bonds and Sukuk on GCC securities markets.
  • Unified rules for listing of mutual fund units on GCC securities markets.
  • Unified rules for issuance and offering of shares on GCC securities markets.
  • Unified rules for offering of bonds and Sukuk on GCC securities markets.
  • A working paper on structuring financial regulatory system.
  • A working paper on Training and Research at the Financial Markets.
  • Organized an annual conference to discuss an issue of great interest to the legislative and regulatory bodies of GCC financial markets. This was in response to a decision by the committee of chief executive officers of GCC market regulators.
  • Proposing a sample report concerning the updates and developments in GCC financial markets.
  • Proposing a sample periodic report about the level of progress in the implementation of unified rules for listing of securities and a proposal on how to improve and develop the format
  • A working paper on Relationship and Coordination between the Regulators and Financial Markets
  • Organized a workshop for representatives of market regulators from GCC member states to showcase its XBRL experience. The theme of the workshop was “Financial Statement Transparency Using the XBRL”

The SCA is an associate member of the Islamic Financial Services Board (IFSB), which was set up in 2002, but became actively operational as of 10th March 2003.

It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Shariah principles, and recommend them for adoption.

To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organization of Securities Commissions and the International Association of Insurance Supervisors.

As of December 2013, the 185 members of the IFSB comprise 56 regulatory and supervisory authorities, eight international inter-governmental organizations and 122 market players, professional firms and industry associations operating in 45 jurisdictions. More information about IFSB can be accessed online through: www.ifsb.org

The SCA is a full member of the Association of National Numbering Agencies (ANNA) since 2009. ANNA, which was set up under Belgian Law in 1991, has members comprising of national numbering agencies accredited by local regulatory bodies.

Only one agency is allowed ANNA membership from a jurisdiction. ANNA is committed to activating its ISO 6166 quality standardization and other criteria as may be amended from time to time. It also provides international securities identification number (ISIN) to its members, in particular and to all those with interest in the securities industry, in general, for use in trading of securities and other transactions in the securities industry.

More information about ANNA can be accessed online through: ( www.anna-web.com )

Internal Cooperation

Since its establishment, the SCA continues to build and enhance relations and cooperation with federal and local bodies, educational and professional institutions in order to achieve its strategic objectives and to provide the best services to the local community. As part of these efforts, the SCA signed many memorandum of understanding (MoU) with federal and local bodies, universities and professional institutions as listed below:

Federal bodies Date
Ministry of Finance_ MoU For Automatic Exchange of Information for tax purposes under International Tax Agreements 01-May-2016
Ministry Of Interior 20-Apr-2014
Emirates Identity Authority 16-Oct-2012
The National Human Resource Development and Employment Authority 11-Oct-2012
The National Media Council 14-Jun-2012
Ministry of Finance 27-Dec-2011
National Bureau of Statistics 27-Jun-2010
Central Bank of the UAE 24-Feb-2009
Ministry of Public Sector Development 25-Sep-2007
Local bodies Date
RAK Chamber of Commerce & Industry 26-May-2016
Department of Economic Development - Abu Dhabi 13-Jan-2013
twofour54 12-Jun-2011
Department of Economic Development - Dubai 29-Apr-2010
Financial markets in UAE Date
Abu Dhabi Global Market Financial Services Regulatory Authority 03-Aug-2015
Dubai Multi Commodities Centre 14-Jan-2015
Dubai Financial Market 05-Sep-2010
Abu Dhabi Securities Exchange 05-Sep-2010
Dubai Gold and Commodities Exchange 05-Jul-2006
Universities Date
University Paris - Sorbonne Abu Dhabi 27-Mar-2014
University of Dubai 29-Oct-2013
Khalifa University 27-Nov-2012
Khalifa University 11-Jun-2012
The UAE University 18-Dec-2011
The University of Sharjah 07-Apr-2011
Zayed University 15-Feb-2011
The Emirates Institute for Banking & Financial Studies 31-Jan-2011
The Higher Colleges of Technology 19-Sep-2010
Hamdan Bin Mohammed University 07-Jan-2010
American University of Sharjah 13-May-2010
UAE Academy 05-Jul-2007
Professional institutions Date
Etisalat Academy 12-Dec-2013
E-Vision 27-Nov-2013
CFA Emirates 29-Jun-2010
The Emirates Institute for Banking & Financial Studies 29-Jun-2010
CFA Emirates 09-Jun-2009
HAWKAMAH - the Institute for Corporate Governance 03-Jul-2006