H.E. Abdulla Bin Touq Al Marri
Minister of Economy,
Chairman of SCA Board
The Securities and Commodities Authority (SCA) was established in 2000 with the purpose of laying solid infrastructure foundations for the financial and commodity markets operating in the country. It has spared no effort to issue legislation and regulations that help to create favorable investment opportunities, thus making it a main pillar of economic and financial stability. It benefited from its position on the board of the International Organization of Securities Commissions (IOSCO) in the implementation of regulations, tools, mechanisms, and procedures concerning the regulation and oversight of capital markets in accordance with the best international practices.
Given the instrumental role the UAE capital markets play in promoting the national economy and putting into effect the sustainable economy strategy, SCA drew up a list of priorities, on top of which was to elevate the standing of the country’s capital markets and bring them at the forefront of advanced financial markets across the globe as well as to create a favorable investment environment that attracts investors from home and abroad.
In line with the UAE government’s vision and strategy to bolster the country’s status and enhance its competitiveness to achieve the UAE Centennial 2071 goal to make the country’s knowledge economy among the world’s best and most competitive economies, SCA continues to fulfill its mission by implementing the best international standards and practices on regulating disclosures and institutional governance and promoting investor confidence, in addition to developing regulations to license brokerage activities and investment services and to regulate public funding through securities issues.
SCA has been paying particular attention to the regulation of fintech funding by regulating fintech sandboxes and implementing fintech initiatives including the SMART system, the e-voting mechanism, the eXtensible Business Reporting Language (XBRL) system, and the smart licensing system developed by OpenText. Ultimately, the challenges facing capital markets are true opportunities to unleash potential and encourage innovation and creativity in handling these challenges and using them innovatively to sustain the growth and stability of the country’s capital markets.