⁍ The United Arab Emirates has taken a decision to merge the Insurance Authority with the central bank.
⁍ The decision also transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets.
– Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum said on Saturday that the United Arab Emirates has decided to merge the country’s Insurance Authority with the central bank, Reuters reports. 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.
Source: https://www.reuters.com/article/emirates-cenbank-int/uae-merges-insurance-authority-with-central-bank-dubai-ruler-tweet-idUSKBN2790BU