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The UAE Federal Feedback Gateway

Emirates Energy Award

Financial & Monetary Intermediaries


The Central Bank's Board of Directors Resolution No. 126/5/95, dated 25.6.1995 regulates the business of intermediating in the sale and purchase of domestic and foreign stocks and bonds, currencies and commodities, as well as intermediating in money market transactions. According to the resolution, the intermediary should be a UAE citizen in the case of natural persons, and national shareholding should not be less than 60% of total paid-up capital in the case of companies. The regulation sets a minimum capital of one million dirhams, two million dirhams or three million dirhams according to the scope of activities the intermediary intends to carry on. Granting of licence to brokers and intermediaries dealing in local and foreign shares is the responsibility of the Securities and Commodities Authority of the UAE. Central Bank of the UAE, however, grants licence to brokerage firms dealing in currencies and commodities as well as intermediating in currency market transactions.

        

Last Updated on 29, May 2017