New finance rules for UAE
The new set of rules are being seen as an upgrade, which will raise the profile of stock markets, as they seek to become key regional financial centres
UAE is planning to shortly introduce a new set of finance rules. Rules on mutual funds, short-selling, and rights issues are likely to be introduced by mid-2012. These regulations form part of measures likely to strengthen the operation of exchanges and attract investors in the country.
UAE postponed draft regulations in its asset management industry last year after concerns by some quarters that several proposals lacked clarity. "These new regulations and mechanisms, products and services for the markets will complete the regulatory framework for the system," Abdullah Al Turifi, Chief Executive of the Securities & Commodities Authority (SCA), said.
Stock markets in the UAE are still classified as frontier markets by Index provider MSCI. This is a major obstacle that comes in the way of the bourses being classified as emerging markets. The new set of rules are being seen as an upgrade, which will raise the profile of stock markets, as they seek to become key regional financial centres.
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