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UAE plans to amalgamate two regulators

Chris Hamblin, Editor, London, 7 July 2020

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The Government of the United Arab Emirates has announced that it is going to unite the Insurance Authority with the Securities and Commodities Authority to form one financial services regulator.

The UAE's Ministry of Justice issued Ministerial Resolution No 814 of 2019 on 23 September last year, which set up a ten-man committee to prepare the ground for the fusion of the two regulators. Its membership consisted of people from both bodies, plus the Ministry of Finance, the Ministry of Justice and the Federal Authority for Government Human Resources. The prime minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, who also rules Dubai, made the announcement on Twitter.

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