UAE TO ISSUE LAWS ON HOT MONEY, BANKRUPTCY - REPORT

From Abdul Muin Majid

DUBAI, June 16 (Bernama) -- The United Arab Emirates' (UAE) government is
set to introduce new laws to regulate the country's financial sector and
control the flow of hot money into the economy, according to a report.

The move was prompted by the fallout of the global financial crisis,
Emirates Business 24/7 daily quoted Minister of State for Financial Affairs
Obaid Al Tayer as saying.

The new laws, he said, would also address issues such as bankruptcy and
credit.

The Ministry of Finance, Securities and Commodities Authority, Central Bank
and the Insurance Authority have joined hands in formulating the laws, the
minister added.

-- BERNAMA