H.E Mohamed Ali ALShorafa ALHammadi
Chairman of SCA Board,
Today, the Authority is focused on achieving the goals set by our wise leadership of having both the Authority and the local capital markets become worldwide leaders. The Authority strives to becoming the benchmark for regulatory authorities among the regional and global financial markets.
With that in mind, the Authority is adamant to raising the level of transactions in the capital and commodity markets in the State by following the highest standards of transparency, integrity and justice. We are committed to continuously developing our services for better dealings, to enhancing mechanisms to preserve the rights of investors in the financial market, to developing a professional competitive environment among financial service companies ensuring the highest standards of excellence, to observing the highest standards of disclosure, to raising the efficiency and effectiveness of inspection and control processes, to implementing appropriate measures against market violators, to working on reducing the volume of risks, and to developing an investment awareness campaign that caters to our main stakeholders through a variety of channels.
In light of these commitments, the Authority is planning a series of initiatives and events that will cater to developing and updating bylaws and regulations aligning with the changes that occur at an international level against best practices, developing regulations and tools that would add depth to the State's securities markets, complying with accounting and international auditing standards for securities issuers, issuing standards of professional conduct for dealers, investing in the human capital that work in the securities sector through training, and training professionals in brokerage companies and financial services specifically.
Moving forward, the Authority is dedicating the necessary resources towards regulating financial technology professional licensing incubators (Fintech Sandbox), implementing initiatives for financial technology applications offered by the Authority such as crowdfunding platforms, regulating virtual assets and digital issuances, blockchain digital transactions system, and others.
Conclusively, we further confirm our commitment towards the continuous development and adoption of international best practices in the global financial market placing the Authority and State’s capital markets among the best in the world – in line with the governments vision.