SCA and the Economic Security Center of Dubai organize a second training course for judiciary personnel in Dubai

The Securities and Commodities Authority (SCA) and the Economic Security Center of Dubai organized a second training course on capital market development as part of efforts to put into effect the memorandum of cooperation previously signed by the two parties, as well as to advance mutual objectives to protect investor rights, ensure sound transactions, and create a credible and sustainable investment environment in the UAE.  

Attending the opening of the three-day training course—held at the SCA’s Dubai office—were H.E. Dr. Maryam Butti Al Suwaidi, the SCA’s CEO; H.E. Dr. Abdulla Mohammad Al Ghaferi, Chair of the Financial Markets Law Enforcement Committee in Dubai; H.E. Mohammed Khalifa Al Hadari, the SCA’s Deputy CEO for Supporting Services Sector; Khalifa Rabba, Chief Operating Officer at the Dubai Financial Market (DFM); and officials from both sides. 

Also participating in the course were 30 judges, consultants, judiciary personnel, and specialists from the Economic Security Center of Dubai, Dubai Courts, Dubai Public Prosecution, the General Secretariat of the Supreme Legislation Committee, the Dubai Financial Services Authority, the DFM, and Dubai Central Clearing and Depository Holding. 

In her opening speech, Dr. Al Suwaidi lauded the tireless efforts of the Financial Markets Law Enforcement Committee in Dubai to promote confidence in the UAE’s capital markets sector, indicating that the course is being organized in response to directives from the Cabinet and the UAE government to implement joint initiatives and unify the efforts of local and federal entities to achieve integration and create a safe and stable investment environment. 

Dr. Al Suwaidi stressed that protecting investor rights, ensuring market integrity and sound transactions, and taking preventive actions and measures to achieve economic balance are of top priority for the SCA. She drew attention to the importance of combining the efforts of supervisory authorities and relevant parties in the UAE to develop best regulatory and supervisory practices, especially given the current global financial and economic challenges. 

For his part, H.E. Dr. Al Ghaferi said that “this course complements our cooperative efforts with the SCA. By developing a specialized training program for professionals from different law enforcement, judicial, and legislative authorities in Dubai, we aim to establish the principles of governance and promote transparency in financial markets, share knowledge and expertise, create a sense of harmony between various authorities, and work as a team to support the UAE’s economy”. He thanked Dr. Al Suwaidi and the SCA’s teams for their ongoing cooperation in achieving the UAE’s and Dubai’s ambitions. 

The training program covered key topics, including protecting investors in the financial sector and the SCA’s mandates in terms of corporate governance procedures, financial data analysis, crime prevention, and other topics related to financial technology and anti-money laundering and counter-terrorism financing. 

On the final day of the course, the DFM shed light on topics related to securities custody, stock brokerage, central depository, and securities borrowing.

In 2022, the SCA and the Economic Security Center of Dubai entered into an MoU for sharing knowledge and expertise on financial crimes and expanding joint cooperation in areas related to combating money laundering and terrorism financing and dealing with dummy corporations engaged in activities without being properly licensed by the SCA.

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