Putting into effect the memorandum of cooperation entered into between the Securities and Commodities Authority (SCA) and the Economic Security Center of Dubai (ESCD), the First Training Course on Capital Market Development was concluded at the SCA’s Dubai branch. The course, which is the first collaborative initiative between the SCA and the ESCD, was attended by members of the Financial Markets Law Enforcement Committee in the Emirate of Dubai (FMLEC) and opened in the presence of H.E. Dr. Maryam Al Suwaidi, CEO of SCA, and H.E. Faisal Yousuf bin Selaitin, Deputy Chairman of SCA and Executive Director of ESCD.
At the end of the training, H.E. Mohammed Khalifa Al Hadari, Deputy CEO of SCA; H.E. Dr. Abdulla Al Ghaferi, FMLEC Chairman; and Khalifa Rabba, Chief Operating Officer at the Dubai Financial Market (DFM), awarded completion certificates to participants.
In her opening remarks, Dr. Al Suwaidi indicated that the training course was held in response to directives from the Cabinet to promote initiatives and efforts aimed at enhancing cooperation and coordination among government entities, including those overseeing joint stock companies, securities and commodities transactions, and financial instruments listed on domestic exchanges. She lauded the support of the SCA board, chaired by H.E. Mohammed Ali Al Shorafa, to this training course and the other programs and activities organized to help serve the interest of the national economy and protect UAE-based investors.
Dr. Al Suwaidi also noted that the training coincided with the SCA’s launch of the National Campaign Against Unlicensed Financial Activities, a campaign of particular importance to the SCA and the FMLEC as the decree forming the committee provides for monitoring and following up on capital market violations and crimes and other violations and crimes involving securities and commodities transactions and locally-listed financial instruments.
For his part, H.E. Faisal bin Selaitin expressed his appreciation of SCA’s efforts in organizing the training. He said that in 2021, the Securities and Exchange Higher Committee was formed under the chairmanship of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, with the aim of developing financial markets and achieving the highest levels of transparency. As part of its plans, the committee is seeking to upgrade the UAE markets to reflect the aspirations and vision of Dubai’s ruler, H.H. Sheikh Mohammed bin Rashid Al Maktoum.
Twelve FMLEC members participated in the four-day course. They represented five entities, namely the ESCD, the Supreme Legislation Committee in Dubai, the DFM, Dubai Financial Services Authority, and Dubai Multi Commodities Center.
The course featured eight sessions that addressed topics related to SCA’s remit, including the legislation governing the securities market; licensing procedures; governance and disclosure; aspects related to enforcement and supervision; oversight of financial services, investment management, listed companies, and funds; anti-money laundering and counter-terrorism financing; supervision of capital market intermediaries; periodic inspections; and other financial technology-related topics. The course was held in response to the desire to foster mutual cooperation with the FMLEC as a strategic partner and to fulfill common visions and goals to drive the national economy to greater heights, ensure the integrity of securities transactions, and protect UAE-based investors.