CMA Decision No. 2/Chairman of 2023 · UAE Federal
Amending instrument that changes the Regulations Manual of the Financial Activities (Rulebook) (CMA Decision No. 13/Chairman of 2021). 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. (02/Chairman) of 2023 is an amending instrument that changed the Regulations Manual of the Financial Activities (the Rulebook) issued under Resolution No. (13/Chairman) of 2021. The amendment notes in the CMA's consolidated Rulebook record it as issued on 16 January 2023 and in force on 1 February 2023. The CMA (formerly the Securities and Commodities Authority) lists it in its archive of amending regulations but does not publish its text, so its effect can be traced only through those notes.
The notes attribute these changes to it: a new financial activity, Family Business Investment Management (the family office), added to the list of financial activities and to the Second Category (Dealing in Investment) of Annex 1, with a new legal-form paragraph that, as the Annex now reads, requires the company to be wholly owned by family members and its owners' wealth to be not less than AED 25 million; the definitions of severe and medium violations deleted and Article 17 (sanctions) amended; changes to initial approval, licence applications and Article 11 of the General Obligations chapter, which now lets the Authority appoint an independent expert at the licensed body's expense in cases such as manipulation or fraud; changes to the approval of natural persons and the tasks of approved jobs, with the Senior Financial Analyst job cancelled in the Second Category; and changes to the Business Practice rules on promoting financial products, fund administration services and the custodian of private joint stock company registers.
The consolidated Rulebook, not this instrument, is the text to apply; this record matters when establishing which rule applied before 1 February 2023.
Firms licensed by the CMA under the Rulebook or applying for a licence, in particular family offices managing a family's own wealth, fund administrators, promoters of financial products, registrars of private joint stock companies and individuals in approved jobs.
Most of our clients meet this amendment through the family-office question: a family that wants a UAE vehicle to manage its own wealth. We explain whether the planned activity needs a CMA licence for Family Business Investment Management, form and administer the company around the chosen route, and coordinate with licensed advisers and the CMA portal where a licence is needed. We are not licensed by the CMA; our part is the corporate records, UBO filings, AML and tax compliance.
| 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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Amendment 36/Chairman of 2024 to Regulations Manual of the Financial Activities (Rulebook)
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