Financial markets regulator and stock markets met today in Abu Dhabi to review performance of financial markets in the U.A.E. together with the prices volatility recently witnessed in their indices. Reports prepared by the technical teams formed by the Securities and Commodities Authority (SCA) and the Central Bank on markets trading were also reviewed during the meeting.
The meeting, attended by Sultan bin Saeed Al Mansouri, Minister of Economy and Board Chairman of SCA, Sultan bin Nasser Al Suwaidi, Governor of the Central Bank of U.A.E., Essa Kazim, Chairman of Dubai Financial Market, Abdullah Salem Al-Turifi, Chief Executive Officer of SCA, and Mr. Rashed Al Baloushi, CEO of Abu Dhabi Securities Market, agreed to review and amend Regulations regarding lending by banks operating in the UAE against Shares if found necessary, set-up a permanent technical committee from SCA, the Central Bank, Abu Dhabi Securities Market and Dubai Financial Market, whose main functions are to: a) Follow up transactions which impact markets to ensure soundness and integrity of trading, and ensure absence of any suspicion of manipulation of securities’ price.
b) Monitor statements of CEOs and securities analysts to ensure that they are transparent and truthful.
c) Review sharp market movements and submit recommendations.
Source : WAM News Agency for United Arab Emirates
