Board of Directors of Central Bank of the UAE reviews new amendments to Draft Financial Services Law

Abu Dhabi, Aug 5, 2013 (WAM) - The Board of Directors of Central Bank of the UAE has reviewed the new amendments to the Draft Financial Services Law "the Framework Law", introduced by the Legal Advisor. The Board instructed that the technical team assigned to review financial legislations should meet to discuss these amendments and submit a report thereon to the Board in its upcoming meeting. The Board's 6th meeting for the year 2013 was held at 12:00 pm on Thursday, 1 August 2013 in Abu Dhabi chaired by Khalifa Mohammed Al Kindi, Chairman of the Board, attended by Khalid Juma Al Majid, Deputy Chairman, Sultan bin Nasser Al Suwaidi, the Governor. The meeting was also attended by Board Members: Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer, Hamad Mubarak Bu Amim, and Mohamed Ali Bin Zayed Al Falasi, Deputy Governor, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadef Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability Affairs and a group of senior Central Bank staff. The Board also reviewed the amended table of limits of ratios that form large exposures, which has been revised by the concerned Central Bank's experts. Following discussions and deliberations, the Board approved the new table with slight amendments. It also reviewed the report by the Governor on the financial results of the Bank of International Settlements "BIS" for the year ending 31 March 2013, the bank's distributed profit and Central Bank's share in those profits. The report included details of Central Bank's recent participation in the BIS 83th Annual General Meeting which was held at the Bank's premises in Basle- Switzerland during the period from 22 - 23/6/2013, and listed functions held on the side-lines of the said meeting. The Board then addressed the remaining items on its agenda and took decisions in respect thereof. – Emirates News Agency, WAM