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SCA, DED to Coordinate on Issuing Licences to Brokers

Under the new measure, the department will coordinate and share information on the company with the authority on the issuance of licences to financial or share brokerage firms.

The agreement was signed between Mohammed Omar Abdullah, Undersecretary of the Department of Economic Development, and Abdullah Salim Al Turifi, Chief Executive of SCA.

This is part of Abu Dhabi’s efforts to overhaul its licensing procedures and to boost the business environment in the emirate, by updating rules and regulations.

It is also simplifiying procedures to benefit investors. The department also signed an agrement on Monday with nation’s corporate watchdog — the Securities and Commodities Authority — to share information on financial brokerage firms intending to set up businesses in the emirate.

Under the agreement, both agencies will share information electronically, to save time that is lost at present in 
paper work.

The two sides will work to build solid partnership between them, by linking electronically their two systems.

In the 2009, on the request of department, the SCA issued approval permits for five financial brokerages in 
Abu Dhabi.

Mohammed Omar Abdullah said his department will also sign agreements a with federal and local agencies to provide an ideal environment for local and foreign investment.

He pointed out that the strategy being implemented by the emirate to boost government performance, efficiency and improve upon its services to the business sector, demands close cooperation with all institutions.

Abdullah said his department is working closely with the Abu Dhabi Systems and Information Committee to implement a comprehensive business centre project to serve both local and 
foreign investors.

Abdullah Al Turifi, Chief Executive Officer of the Securities and Commodities Authority, said a corporate supervisory body has been set up to monitor and execute responsibilities, including the regulation and licensing of companies operating in the shares and commodities markets in the country.

Al Turifi said the agreement would significantly imporve the services being offered in the emirate, to match with the international standards, and contribute in achieving better cooperation and coordination between the two agencies.

· haseebhaider@khaleejtimes.com