RIYADH: The UAE’s cabinet announced a restructuring of the board of directors of Securities and Commodities Authority as it moves ahead with reforms to position the country as a leader on the global financial stage.
The board members affected include Ali M. Al-Rumaithi, Abdullah A. Al-Khatib, and Faisal Y. Solitin, as their positions will last for 3 years, the albayan newspaper reported.
Under the restructuring and as per SCA's duties, the board members will work to strengthen and develop the legislative and administrative system for the financial markets in the country.
However, their remit extends further to also encompass a focus on supporting the supervisory and regulatory systems to set UAE as a global leader in this field.
The restructuring is conducted under the supervision of Deputy Chairman of SCA, Muhammad A. Al-Hammadi, UAE Government Media Office announced.
Established in 2002 following federal decree No.4, the Abu Dhabi-based SCA is a legal entity aiming to supervise and monitor the markets.
