Submit a complaint related to capital market transactions Back

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For inquiries call us at 800 SCAUAE (722823)

Service Code 370.07.001.000

Classification G2B, G2C

Sub Service Type Variation

Service Type Procedural

Priority Service Yes

Working Hours

Monday - Thursday

7:30 AM - 3:30 PM

Friday

7:30 AM - 12:00 PM

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Service Description

This service enables financial market participants to file complaints pertaining to capital market transactions and within subject matters over which the SCA has jurisdiction

Sector Enforcement Dept
Department/ Section Enforcement & Followup Department / Complaints Section
Service Audience Investors in financial markets + stock brokerage companies
Service Duration 30 Days

Service Fees

Service steps & procedures

Requirements & Documents

TERMS AND CONDITIONS:

The subject matter of the complaint should fall within the SCA’s jurisdiction (find the attachment for details on the subject matters that the SCA has jurisdiction over and those that the markets have jurisdiction over. The SCA Chairman’s Decision No. (04/Chairman) of 2021 on the Distribution of Jurisdiction and Powers between the Securities and Commodities Authority and the Licensed Securities Markets in the State
If the plaintiff had already submitted an initial complaint with the defendant but no satisfactory resolution was reached or a response received from the defendant within five business days (an exception is made if the SCA determines that the reasons submitted are serious).
The entity against which the complaint is made should be licensed by the SCA (a list of all SCA-licensed entities may be found in the following (link)
The entity against which the complaint is made should not have been deregistered or had its business license revoked and all guarantees recovered.
The dispute should not have been brought before a judicial authority, nor should a judicial ruling have been issued in its regard.
No more than a year should have elapsed since the last trading dispute or since knowledge of the incident subject of the complaint is proven.
If the complaint lacks any of the information provided for under Article (12) of Administrative Decision No. (45) of 2016 on Handling Complaints Related to Financial Market Transactions.
If the complaint had already been brought before the SCA by the same parties for the same reasons and had been resolved, unless, as an exception, the SCA determined that there were serious reasons that call for reconsideration.
If a year has elapsed since the last disputed trading transaction or since knowledge of the incident subject of the complaint is proven.
If the plaintiff was employed by the defendant, or vice versa.
Failure to comply with Article (8) of the regulations referred to above.
Any other cases at the SCA’s discretion.

REQUIRED DOCUMENTS:

Copy of the passport
Copy of the Emirates ID for UAE nationals and residents
The statement of claim and the supporting documents
Copy of the initial complaint

Frequently Asked Question

1 Can I file a complaint against an entity not licensed by the SCA? Where can I go to complain against unlicensed entities?

No, you cannot file complaints against unlicensed entities. In this case, you may resort to the competent authorities responsible for regulating the activities of the entity you are complaining against. Alternatively, you may turn to the judicial authorities that have jurisdiction over that entity.
2 How are entities not licensed by the SCA but engaged in activities regulated by it dealt with?

If the SCA becomes aware of an entity engaged in activities without being licensed, the incident will be investigated and the necessary actions will be taken to maintain investor rights. Those wishing to make financial claims against unlicensed entities must resort to the competent judicial authorities.
3 Can the fees paid be recovered in case a decision was issued in my favor? Can the defendant be obliged to bear the fees?

The fees cannot be recovered. The plaintiff should be responsible for fee payment in all cases.
4 If the broker sold my shares without my permission, can I have the shares transferred back to me and demand a compensation for such behavior?

The SCA will oblige the broker to transfer back the shares sold without your permission or authorization. However, it does not deal with compensation demands, and therefore the plaintiff should go to the competent court with these demands, if necessary.
5 Can I appeal against a decision issued? What is the appeal period?

Yes, parties to the complaint can appeal against a decision made in relation to their complaint within 30 days from the date they become aware of the decision. This can be done by applying to a service titled “Appealing Against Decisions Made by the SCA and the Markets” via the following link:
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6 Does the SCA have jurisdiction to consider complaints related to capital markets?

The SCA has jurisdiction over specific subject matters as the markets have jurisidiction over others. Please review The SCA Chairman’s Decision No. (04/Chairman) of 2021 on the Distribution of Jurisdiction and Powers between the Securities and Commodities Authority and the Licensed Securities Markets in the State using this link:
Press Here