“… We pride ourselves on delivering high value legal services. Excellence is our Minimum Standard.”
The board of directors of Securities and Commodities Authority (SCA) has held at its Dubai headquarters a meeting, presided over by its Chairman, Sultan bin Saeed Al-Mansoori, Minister of Economy, during which the board issued a regulation for Covered Bonds.
As part of a review of the SCA Regulation for listing of bonds, the board deliberated on a comprehensive report on studies conducted on the best way to develop the UAE bond market, based on best international practices which include a report of the International Organization of Securities Commissions (IOSCO) and other selected reports on emerging bond markets. The board gave the directives for quick completion of studies on the regulation so that it can be passed in the first half of the current year.
In-depth study of best international practices As part of the SCA’s sustained efforts to enhance the legislative system of the local financial markets, the board approved the Regulation for Covered Bond.
Commenting on the development, Sultan bin Saeed Al-Mansoori underscored the significance of the regulation, which will allow the practicing of activities like the issuance, listing and trading of Covered Bonds on the local markets, a move which will certainly boost the local financial markets, arguably one of the pivots of the national economy.