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UAE merges insurance authority with central bank

Reuters/Dubai
Filed on October 24, 2020 | Last updated on October 24, 2020 at 02.27 pm

The decision also transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets.

The UAE has taken a decision to merge the Insurance Authority with the central bank, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said on Saturday.




The decision also transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets, while the SCA maintains regulation and oversight of the local financial markets, Sheikh Mohammed said in a tweet.





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