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ESCA to help brokers in compliance rules

ABU DHABI — The Emirates Stocks and Commodities Authority (ESCA) will facilitate brokerage companies to help them comply in line with the rules for keeping separate accounts of their customers.

“ESCA will give hand to brokers to enable them remove all obstacles hindering the smooth implementation of the resolution No. 66 regarding regulations and mechanisms for separate accounts of brokerage companies and their clients as part of its effort to improve the performance of brokers and enhance confidence in local stock markets,” said Abdullah Al Turaifi, chief executive of ESCA, during a meeting with representatives of brokerage companies.

Al Turaifi disclosed that ESCA had received feedback reports from many brokers who complied with the resolution which he affirmed would serve and preserve rights of both sides. He indicated that the move is a common practice followed by most international financial markets.

ESCA consultants and experts have held a series of extensive meetings with brokers across the country to probe and study their comments and opinions on mechanism for implementing the resolution which was issued in September 2007 and presented to the brokerage sector in February 2008.