ID :
47752
Thu, 02/26/2009 - 12:14
Auther :
Shortlink :
https://oananews.org//node/47752
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UAE Central Bank and SCA sign MOU
Abu Dhabi, February 26, 2009 (WAM) - Central Bank of the UAE and the Securities and Commodities Authority (SCA)-UAE signed yesterday a Memorandum of Understanding (MOU) for streamlining the mechanism of cooperation between the two sides in the field of legislation that regulate the activities of financial institutions operating in the securities markets, as well as for licensing institutions in the related field.
The MOU also calls for co-operation, exchange of supervisory information regarding Anti-money laundering, combating of terrorism financing and other types of financial crimes.
HE Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank and Abdullah Al Tarifi, CEO of the Securities and Commodities Authority signed the memorandum yesterday.
The MOU defines the jurisdiction of each party with regard to legislation, licensing, control and inspection of activities in the financial services sector with an aim of having a better control over the risks facing this sector.
Al Suwaidi pointed out that the signing of the MOU is considered a better way to deal with the situations brought about by the global financial crisis, as they call for more cooperation especially in matters related to financial services sector and investment funds.
He added that the MOU will eliminate any defects in the mechanism for controlling finance activities.
Al Tarifi said that the MOU delineates the jurisdiction of each party in the areas of legislation, regulation, licensing and control. At the same time, it also calls for more coordination and cooperation in all these areas in the best interests of the national economy.
The MOU also calls for co-operation, exchange of supervisory information regarding Anti-money laundering, combating of terrorism financing and other types of financial crimes.
HE Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank and Abdullah Al Tarifi, CEO of the Securities and Commodities Authority signed the memorandum yesterday.
The MOU defines the jurisdiction of each party with regard to legislation, licensing, control and inspection of activities in the financial services sector with an aim of having a better control over the risks facing this sector.
Al Suwaidi pointed out that the signing of the MOU is considered a better way to deal with the situations brought about by the global financial crisis, as they call for more cooperation especially in matters related to financial services sector and investment funds.
He added that the MOU will eliminate any defects in the mechanism for controlling finance activities.
Al Tarifi said that the MOU delineates the jurisdiction of each party in the areas of legislation, regulation, licensing and control. At the same time, it also calls for more coordination and cooperation in all these areas in the best interests of the national economy.
