Dr. Obaid Al Zaabi:
SCA identified initiatives aimed at developing the electronic environment to meet the requirements of the fourth electronic revolution.
SCA designed an advanced e-system for carrying out inspections on brokerage firms and financial services companies.
An application is launched to facilitate access to legislation and rules regulating financial market transactions.
https://youtu.be/DSlcg2D85TM
As part of its participation in the 37th Gitex Technology Week Exhibition, the Securities and Commodities Authority (SCA) announced launching a new e-system and an application, as well as new initiatives as part of the National Investor Awareness Project, a project aimed at raising awareness of financial markets. This reflects SCA's keen interest in developing the business environment and in keeping up with the latest, cutting-edge technologies to promote effective communication with investors and market participants, improve the quality of government services, and facilitate access to these services by employing information technology to provide smart and efficient solutions.
Dr. Obaid Al Zaabi, Acting CEO of SCA, said that during its participation at Gitex, SCA showcased its latest e-services, designed to facilitate access to all services round the clock. It also launched an e-system for conducting inspections and an application to facilitate access to legislation. He added that what characterizes the e-system is that it was developed based on risk management system—that is, the priority in inspections is given to high-risk companies, based on specified criteria and an annual plan. This e-system is comprehensive, covering all on-site inspection stages, including the reports produced and the correspondence between SCA and the inspected company. It is easy to use and maintains confidentiality at all stages.
The system also enables the production of an outcomes report, discussing the number of violations detected and the number of those remedied, plus a number of other reports that will help with planning and organization, measuring customer satisfaction automatically, and receiving customer feedback.
The application, on the other hand, provides investors with correct technical and legal information to enable them to make low-risk investment decisions. SCA has developed this application to cover all legislation governing securities and commodities markets and to serve all market participants and interested parties. It facilitates access to legal information and provides details about any amendments made.
Dr. Al Zaabi noted that SCA announced some of the initiatives it launched as part of the National Investor Awareness Project—introduced this year under the patronage of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Board Chairman of SCA—including releasing 3D infographic clips, designed to raise investor awareness.