ABU DHABI, The Board of Directors of the Securities and Commodities Authority (SCA) held its fifth meeting, under the chairmanship of Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board, during its seventh term via videoconferencing.
The meeting addressed several initiatives to develop financial services and activities related to the UAE’s securities sector in line with the best international standards and practices.
It also discussed several related issues and draft resolutions, most notably establishing the final procedures concerning unreceived profits for the shareholders of listed local public joint-stock companies, as well as a proposal to transfer the funds of the clients of brokerage firms from their inactive accounts to an account directly supervised by the authority.
Al Marri stressed that the topics discussed during the meeting are aimed at improving the performance of the UAE’s financial markets, enhancing its investment environment, supporting its legislative infrastructure in line with international best practices, and continuing the development of its securities sector.
“During the meeting, we discussed ways of protecting investor rights in financial markets, developing a professional competitive environment for financial service providers to achieve the highest standards of excellence, and enable them to reach the required levels of corporate maturity,” he said.
Source: Emirates News Agency