CMA Decision No. 18/Chairman of 2022 · UAE Federal
Amending instrument recorded in the amendment notes of the Regulations Manual of the Financial Activities (Rulebook) (CMA Decision No. 13/Chairman of 2021). The CMA has consolidated its changes into that text and keeps this instrument in its archive of amending regulations.
Decision No. 18/Chairman of 2022 amended the Regulations Manual of the Financial Activities (the Rulebook, Decision No. 13/Chairman of 2021). The CMA lists it among the Rulebook's amending instruments, in force from 29 July 2022, but does not publish its text, and its listing gives no issue date.
The CMA's consolidated Rulebook records the changes it made, all effective 29 July 2022. In Section One, it added Clause 3 to Article 15, making capital market institutions responsible for complaints and grievances about their own operational rules and decisions unless the Authority decides otherwise. In the licence category tables of Section Two, it amended the legal form permitted for the first, third, fourth and fifth categories, replaced the second category's capital requirement with a minimum capital for each financial activity, and amended the fifth category's main positions and the approved jobs for a financial adviser. In Section Four (Capital Adequacy), it amended Article 1 of Chapter Four, deleted paragraph B of Clause 2/Second of Article 1 of the capital pillar, amended the opening of Clause 10 and replaced the term company with licensed body. The notes do not reproduce the earlier wording, so the old rules cannot be stated from published sources.
Firms licensed or applying for a licence under the Capital Market Authority's Regulations Manual of the Financial Activities, particularly in the first to fifth licence categories, and capital market institutions handling complaints.
This amendment changed the legal forms and capital set for several CMA licence categories, which is the first thing we check when a client chooses the vehicle for a licensed business. Polaris is not licensed by the CMA. We read the current category tables with the client's licensed adviser, form the entity in the permitted legal form with the required capital, and keep its corporate, UBO and AML records in order.
| Amends | CMA Decision No. 13/Chairman of 2021 |
“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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