Dubai: Anwar Dawood

Last year, the Securities and Exchange Commission recommended 13 violations in local capital markets for competent public litigation in the United Arab Emirates, recommended 46 violations cases in the financial markets to the Enforcement Department and imposed 47 fines on violators. And issued 136 warnings against companies. Listed, licensed, investors, and 3 licensed companies were suspended.

In detail, the Securities and Exchange Commission continued its assigned role in detecting manipulations and violations taking place in the country’s capital markets, with 100 different surveys and a 100% complete survey plan completed 100% by 2021. A study of total licensed companies 11 stock brokerage firms and financial services.

It also conducted off-site surveys of 8 bond brokerage firms and 4 freight brokerage firms; Check compliance with the decision to separate company accounts from customers.

Manipulation cases

According to the authority, 46 fraud cases were recommended to the enforcement department, an increase of 12% compared to 41 cases in 2021. The Commission took several measures aimed at protecting the rights of investors and imposed 47 fines on violators. , And issued 136 warnings against listed and licensed companies and investors, in addition, 3 licensed companies were suspended, and 13 violations were recommended for competent public litigation in the country.

By 2021, the Securities and Exchange Commission has made significant achievements in terms of the legislative structure, oversight body or regulatory environment, in line with the objectives embodied in its strategic plan.

The Commission took necessary action on the complaints and requests received regarding various issues related to investor protection.

Assembly system

At the regulatory level, the Commission has licensed 17 companies to engage in a number of new operations and financial and investment services to enhance the services provided to investors and provide them with wider options for obtaining quality services. Listing of 9 joint stock companies in the local capital markets.

At the legislative level, the creation of a legislative environment for the financial markets is a top priority on the agenda of the Authority to enhance the efficiency and competitiveness of the local financial markets. It is the chairman of the Board’s Decision 1313 of 2021 relating to the Rules for Financial Activities and the Rules for Financial Transactions, the Amendment of the Terms of Compromise and the Corporate Governance Guideline for Public Partner Companies.