CMA Decision No. 15/Chairman of 2016 · UAE Federal
Amending instrument that changes the Clearing Operations in Commodities Markets Regulations (CMA Decision No. 11/R of 2015). The CMA has consolidated its changes into the current text of the amended regulation and keeps this instrument in its archive of amending regulations.
Chairman's Resolution No. 15 of 2016 adds two provisions to the Clearing Operations in Commodities Markets Regulations (Board Decision No. 11 of 2015): a recognition route for foreign central clearing companies, and personal sanctions for the clearing company's directors and senior staff. The CMA publishes the resolution as a scanned Arabic text. It was issued in Abu Dhabi on 6 June 2016, after Board approval on 11 May 2016 and consultation with the market concerned, and took effect the day after publication in the Official Gazette (Article 3); the index records 1 August 2016.
Article 1 inserts a new Article 3 bis. A foreign central clearing company may apply to the Authority for recognition so that it can provide its services on a foreign market to customers inside the UAE, provided that it is licensed in its home country for clearing and settlement and supervised by an authority similar to the Authority; its supervisor is party to the IOSCO Multilateral Memorandum of Understanding or to a bilateral memorandum with the Authority; and it complies with the IOSCO principles for clearing companies. The Authority may impose or waive conditions and obligations and ask for any documents it considers appropriate in each case.
Article 2 adds item 3 to Article 21 (penalties). Items 1 and 2 already dealt with sanctions against, and licence revocation of, the clearing company itself. The new item lets the Authority act against individuals: if board members, the chief executive or accredited employees of the clearing company breach the law, regulations, decisions or circulars, the Authority may issue a warning, suspend the person from work for up to two months, or cancel the approval of their appointment or accreditation.
Status: in force. Both additions appear in the CMA's consolidated English text of Decision 11/R of 2015 (Article 3/bis and Article 21(3)), which continues under Article 27(4) of Federal Decree-Law No. 32 of 2025 to the extent it does not conflict with the capital market laws in force from 1 January 2026.
Foreign central clearing companies seeking recognition to serve UAE customers on a foreign market, the licensed clearing company of a UAE commodities market, and its board members, chief executive and accredited employees.
Arabic original text in 2 passages. Open the full text or jump to a provision:
| Article 1 | Adds Article 3 bis: foreign clearing companies may apply for recognition by the Authority to provide services on a foreign market to customers inside the State. |
| Article 1 (Article 3 bis, items 1-3) | Conditions: home-country licence for clearing and settlement under a supervisor similar to the Authority; supervisor party to the IOSCO MMoU or a bilateral MoU with the Authority; compliance with IOSCO principles. |
| Article 1 (Article 3 bis, item 4) | The Authority may impose or exempt from conditions or obligations and request any documents it considers appropriate to the circumstances of each case. |
| Article 2 | Adds item 3 to Article 21: for breaches by board members, the chief executive or accredited employees, the Authority may warn, suspend for up to two months, or cancel the approval of appointment or accreditation. |
| Article 3 | Publication in the Official Gazette; in force from the day following publication. |
Article 2 adds personal sanctions: where board members, the chief executive or accredited employees of the clearing company breach the law, regulations, decisions or circulars, the Authority may issue a warning, suspend the person from work for up to two months, or cancel the approval of their appointment or accreditation.
We are not licensed by the CMA and do not provide clearing services. The resolution matters to us in two ways. For foreign groups that clear for UAE customers, we explain that recognition by the CMA is a separate step from forming a UAE entity, and we coordinate the corporate documents and home-regulator evidence their licensed advisers file. For individuals appointed to the board or senior roles of a UAE clearing company, we point out that Article 21(3) now exposes them personally, and we keep the board records that show how they discharged their duties.
| Amends | CMA Decision No. 11/R of 2015 |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
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