Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed an administrative sanction on S&S Brokerage House.
"S&S Brokerage House has ceased to carry on one or more of its licensed financial activities for a period exceeding one year," said a statement issued by the regulator. "Accordingly, the CBUAE decided to revoke their license and strike their name off the register. The time limit for appeals has expired on 9 May 2021 and the Central Bank’s procedures have been concluded."
As the supervisory authority of brokerage firms operating in the UAE, the CBUAE is committed to ensure all brokerages abide by the regulations issued by it in an effort to safeguard the transparency of brokerages.