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Cancellation of Commodity Brokerage License

  • Service Channels
  • Total Service Requests 1
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For inquiries call us at 800722823
Pariorty Service No
Working Hours 7:30 - 14:30

Service Description

Cancellation of Commodity brokerage license is a service provided by SCA to companies wishing to permanently stop practicing the activity. Commodity brokerage firms should apply for cancellation of their license at Dubai Gold and Commodities Exchange (DGCX). The brokerage firm must meet the requirements for the cancellation of its license as determined by the SCA
  • Department Licensing Department
  • Service Audience SCA licensed commodity brokers
  • Service Fees Cancelation fees: AED 1,000
    Fees for re-listing 15,000 AED
  • Service Duration 7 working days

Service steps & procedures

  • Company applies for license cancellation at DGCX, and pay fees.
  • DGCX reviews the application, and forwards it to SCA for approval.
  • After reviewing the application, SCA issues its approval of the cancellation.
  • Company to publish advertisement in two UAE dailies, one in Arabic and one in English, and submits copies to SCA

  

Requirements & Documents

  • Letter from the company to DGCX requesting cancellation of license.
  • Letter from the company to DGCX with information on any pending legal cases or pending client complaints against it.
  • Letter from DGCX with comments on the Company's request and recommendation to SCA
  • DGCX to attach details of company's open position in the market as well as funds with the market or clearing.
  • DGCX to attach information on the clients funds with the broker company.
  • A receipt of the paid fees is to be submitted after SCA issues an approval of the cancellation.
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