If you are looking to trade with SCA UAE Regulated Forex Brokers , see below the list of Forex brokers in Dubai, who are licensed and regulated by this authority.
The forex market is usually not regulated on a world scale, although individual countries imposed stringent measures to oversee how the industry operates. In the UAE, the Security and Commodity Authority (SCA) is saddled with the responsibility of regulating the activities of forex brokers. Other popular regulators around the world are FCA, CFTC and CYSEC.
THE AIMS OF THE SCA UAE AND FOREX BROKERS IN THE UNITED ARAB EMIRATESThe SCA is the regulator of the UAE’s capital market. The SCA was created in the year 200 as part of a federal decree. The SCA enjoys financial and administrative independence and may report to the minister of Economy. The SCA is a legal entity on its own.
The aim why UAE’s government empowered the SCA is more than just supervision and monitoring of the activities of the capital market. SCA UAE goals ultimately are:
• To protect every rights of the investing public with other market participants.
• To make sure that quality, transparency and efficiency must top the operation of the market
• To put stringent procedures in place in order to develop a strong economy and attract investment from across the globe.
Those people that are looking to trade currency pairs in the UAE may experience little difference because there are two set of rules applicable. The Central Bank is the principal financial services regulator of the UAE. Where the difference lies is that the financial services providers also have to obtain license and be registered at an emirate level. Any company that wishes to offer financial services in the UAE would have to be regulated at a federal and emirate level.
For your investment to be protected, it is wise for you to choose a forex broker that is regulated by the SCA UAE and the Central Bank.
HOW THE SCA UAE IS HOPING TO MAKE THINGS BETTER FOR FOREX BROKERS AND TRADERS IN THE UAE.Forex brokers regulated by the SCA UAE should feel confident that the agency is doing within its mandate to improve the market conditions. The SCA UAE is working hard to make sure it brings its regulations in conformity with those of more regulated countries thereby improving the market conditions. There are several ways the SCA UAE is able to achieve this, such as:
• Cooperation with various authorities: It has been working with a number of regulators in other countries from the beginning, aiming to swap important information and bolster cooperation. Countries such as Romania, Pakistan, Kuwait, Poland, Canada, Malaysia, UK and South Africa among others are the few countries the SCA UAE is partnering with.
• Becoming a member of international organizations: The SCA UAE has joined several internationally recognized organizations such as: Association of National Numbering Agencies (ANNA), Islamic Financial Services Board (IFSB) and International Organization of Securities Commission (IOSCO) among others.
In 1983, the International Organization of Securities Commission was created with the aim of bringing together regulators of the capital market from all over the world. It makes the organization a force to reckon with because it joins more than 95% of the world’s securities markets.
• Cooperating with internal agencies: The SCA UAE cooperates with some agencies on federal and local levels. Example of such agencies include: Ministry of Finance, Dubai Gold and Commodities Exchange, The Central Bank of UAE and the Department of Economic Development.