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ARTICLE · 02 SEPTEMBER 2020

A Single Financial Services Regulator For The UAE

Clyde & Co
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In this article, we examine the potential advantages of the new entity and what this means for the financial services industry.

United Arab EmiratesFinance and Banking
Wayne Jones
Wayne Jones
Peter Hodgins
Peter Hodgins
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The UAE has announced that the regulation of the financial services sector will be undertaken by one unified regulator, and that the two existing regulators will be merged. The decision was announced on 5 July 2020, when the UAE Government confirmed the merger of the Insurance Authority (IA) and the Securities and Commodities Authority (SCA) headed by the Minister of Economy was to proceed. In this article, we examine the potential advantages of the new entity and what this means for the financial services industry.

The merger follows a period of review announced by Ministerial Resolution No. 814 on 23 September 2019 by a 10-member committee to investigate the implications of consolidating the two regulators. No date for the merged entity to be formed has been provided as yet.

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