UAE reshuffles Securities and Commodities Authority's board of directors

Dubai: The UAE Cabinet has approved a decision restructuring the board of directors of the Securities and Commodities Authority (SCA) for a three-year term, appointing Mohammed Ali Al Shorafa Al Hammadi, chairman of the Department of Municipalities and Transport in Abu Dhabi, as chairman of the board.

The newly appointed board members include Dr. Ali Mohammed Bakhit Al Rumaithi, a board member of the Central Bank of the UAE; Rashid Abdul Karim Al Blooshi, undersecretary of the Department of Economic Development in Abu Dhabi; Faisal Yousuf Sulaitin, CEO of the Economic Security Center of Dubai; Arif Mohammed Hadi Amiri, CEO of the Dubai International Financial Centre; and Hamad Sayah Al Mazrouei, CEO of the Registration Authority at Abu Dhabi Global Market.

The board will also include a youth representative to be nominated by the General Secretariat of the Cabinet.

The SCA board is tasked with setting public policies, approving regulations, and establishing the frameworks necessary for the development of the UAE’s financial and commodities markets.

It will oversee initiatives aimed at aligning market operations with international best practices, enhancing legislative frameworks, and supporting financial innovation.

The board will also work to improve investor education, strengthen market transparency, and foster collaboration with local and international entities to keep pace with global developments in the securities and commodities sector.

In coordination with regulatory authorities, the board will ensure the implementation of listing, brokerage, trading, and disclosure regulations across the UAE’s financial markets.

It will also have the authority to suspend trading of a company’s shares or any financial instruments under exceptional circumstances that could disrupt market stability.

The board may freeze, suspend, or reinstate market regulations as needed to maintain fair trading practices, protect investor rights, and reinforce confidence in the country’s financial markets.