The Securities and Commodities Authority (SCA) just announced that it has launched a program to assess and classify financial services companies and announced that registration is open for those interested to take part in the program. Registration applications will be accepted from mid-February to the first of March.
H.E. Dr. Obaid Al Zaabi said:
Launching this program comes in response to a previous resolution by H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and SCABoard Chairman, approving a guide for a program to classify financial services companies.” He added that SCA has carried out an in-depth study of the key components of the financial services industry and found that there is a need for a competitive environment that encourages financial services companies to develop their institutional capacities and to introduce innovative financial services and activities, focusing primarily on market stability, enhanced market confidence, and industry growth.
SCA urged the companies addressed in the circular to fill out the registration application form if they are interested to take part in the first round of the program kicked off yesterday. It explained that the classification process will take place according to the criteria specified in the guide, which deal with corporate governance, operational efficiency, and social responsibility while the assessment process will be carried out by approved external assessors.