UAE regulator allies with bank association

The UAE’s Securities and Commodity Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation designed to boost the country’s asset and wealth management sector.

The two bodies hope to contribute to the ambition to establish the UAE as a major global hub for asset management.

“The SCA has been keen to coordinate and cooperate with the UAE Banks Federation to provide the infrastructure and legislation needed for a flexible environment that attracts foreign businesses and, at the same time, motivates banks and financial institutions to set up local asset management firms and helps support and promote the local investment fund industry, including green and sustainable funds, at the regional and international levels,” said SCA chief executive Maryam Butti Al Suwaidi.

The alliance comes six months after the SCA announced more changes to mutual funds rules in a bid to boost the presence of local, onshore firms.

Under the terms of the MoU, the two parties will share expertise and research to further the funds industry.

Plans include setting up a joint committee to “improve legislation” governing asset management activities and to “keep pace with emerging trends and developments” in the market.

A number of events are also planned to promote the asset management sector to overseas firms.

©2023 funds global mena

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