Emirates Securities and Commodities Authority : SCA signs MOU with DMCC

H.E Al-Turifi  and H.E Bin Sulayem at the signing of MOU

The Securities and Commodities Authority (SCA) signed an MOU with the Dubai Multi Commodities Center (DMCC) aimed at increasing mutual collaboration, attracting foreign investments, and promoting investor protection to serve the UAE national economy. The MOU was signed between H.E. Abdullah Al - Turifi, SCA CEO, and H.E. Ahmed Bin Sulayem, DMCC Executive Chairman, at the SCA Dubai office.

The MOU was signed as both parties seek to develop a jointframework that facilitates understanding and cooperation, mutual supervision and exchange of information, and the provision of technical assistance. It generally provides for building a strategic partnership that ensures further protection to investors and promotes the Dubai Gold and Commodities Exchange (DGCX) efficiency, which SCA has already entered into an MOU with, and ensuring the safety of transactions traded.

H.E. Abdullah Al - Turifi underscored the role played by the DMCC in creating and supporting a transactions - appropriate environment at the DGCX and contributing to upgrading transactions criteria in commodities contracts. Al - Turifi reiterated that signing this MOU is part of SCA's efforts to develop the performance of capital and commodity derivatives markets and that this move comes to promote mutual collaboration relevant to the supervision and regulation of the DGCX activities and associated services through the development of a sound regulatory framework for the trading of commodity derivatives, futures, and options.

Al - Turifi added: "this MOU complements SCA's sustained efforts to promote financial services and commodity derivatives industry, including upgrading the standards of integrity, transparency, objectivism, neutralism, and professional excellence. I trust that the national economy will take advantage of our collaboration with the DMCC. Our collaboration will enhance efficiencies in this vital sector, in addition to developing human resources to boost market performance, which will naturally have positive implications on the performance of investors and dealers".

For his part, Ahmed Bin Sulayem, said: "At DMCC we value the importance and impact of strategic partnerships and mutual collaboration between government entities. The key purpose of the MOU with the Security and Commodities Authority is to enhance and improve regulatory standards, technical efficiencies and ease of doing business for the benefit of industry participants in Dubai such as traders, suppliers and financiers. The goal of the projects we are about to embark on is central to our strategy of continuously enhancing Dubai's position as the global hub for trade and enterprise and we look forward to progressing this initiative with the Securities and Commodities Authority".

The signed MOU provides for mutual collaboration in training and consultancy to identify areas of training and technical assistance aimed at supporting the national economy.

It also provides for the identification of the scope of collaboration and technical assistance in the applicable rules and regulations in the field of securities, commodities, futures, options, and other market products, in addition to the provisions relevant to Islamic banking, preventing and detecting market frauds and manipulations, and other irregular practices and violations relevant to offering, purchasing, or selling securities, futures, and options.

Under the terms of the MOU, the scope of collaboration may involve making study visits and holding conferences for the purpose of supporting dialogue and the mutual exchange of information.