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UAE: Charges filed against unlicensed financial entity

The entity was subject to the regulation and supervision of the SCA and had not obtained necessary regulatory approvals

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Web Desk

Published: Tue 8 Oct 2024, 2:30 PM

The Securities and Commodities Authority (SCA) has referred an entity to Public Prosecution for operating without a licence, it said in an announcement on Tuesday.

The entity was subject to the regulation and supervision of the SCA and had not obtained necessary regulatory approvals.

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This meant that it was in violation of Article (2) of Chapter One of Part Two of The Chairman of the Authority's Board of Directors' Decision No. (13/Chairman) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rule Book.

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Web Desk

Published: Tue 8 Oct 2024, 2:30 PM

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