CMA Decision No. 41/CEO of 2021 · UAE Federal
Amending instrument recorded in the amendment notes of the Regulatory Controls for Financial Activities and Services (CMA Decision No. 123/CEO of 2017). The CMA has consolidated its changes into that text and keeps this instrument in its archive of amending regulations.
Administrative Resolution No. 41/CEO of 2021 cleared out older licensing rules when the CMA Rulebook arrived. It was signed by the Acting Chief Executive of the Securities and Commodities Authority (now the Capital Market Authority) in Abu Dhabi on 27 September 2021, and Article 3 makes it effective from the date the Rulebook (Chairman's Resolution No. 13/Chairman of 2021 on the Rulebook for Financial Activities and Status Regularisation Mechanisms) took effect, 17 May 2021, so it operated back to that date.
Article 1 repealed the seven administrative resolutions listed in Table 1: Resolution 86/CEO of 2014 on brokers trading for clients in foreign markets, 85/CEO of 2015 on dormant brokerage accounts, 108/CEO of 2015 on brokers' accounting systems and bad-debt provisions, 37/CEO of 2016 on custodians dealing with third parties, 58/CEO of 2017 on regularising fund promotion and fund administration services, 59/CEO of 2019 on solvency standards for investment managers and management companies, and the technical requirements for brokers' telephone recording systems.
Article 2 changed the principal instrument, Administrative Resolution No. 123/CEO of 2017 on the Regulatory Controls for Financial Activities and Services. Article 2(1) confines it to financial activities that the Rulebook does not regulate; Article 2(2) replaces its table of financial activities and approved functions with Table 2. Table 2 sets qualifications for founders and board members of a self-managed investment fund (at least three per fund, five years' relevant experience, a degree or recognised professional certificate) and states that the approved functions for markets, central clearing, depositories and commodity brokers are now approved under the Rulebook.
The CMA has consolidated these changes into the current text of Resolution 123/CEO of 2017 and keeps this instrument in its archive of amending regulations.
Firms licensed by the CMA under Resolution 123/CEO of 2017 or the Rulebook, including brokers, custodians, investment managers, fund administrators and promoters, markets, clearing houses and depositories, and the founders and board members of self-managed investment funds.
Arabic original text in 3 articles. Open the full text or jump to a provision:
| Article 1 | Repeals the administrative resolutions listed in Table 1 with effect from the date Resolution 13 of 2021 on the Rulebook for Financial Activities takes effect. |
| Article 2 | Clause 1 limits Resolution 123/CEO of 2017 to financial activities not regulated by the Rulebook; clause 2 substitutes Table 2 for the activities and approved-functions table attached to Resolution 123/CEO of 2017. |
| Article 3 | The resolution takes effect from the effective date of the Rulebook resolution, not from its own signature date of 27 September 2021. |
| Table 1 | Lists the seven repealed instruments, covering foreign-market trading by brokers, dormant accounts, broker accounting and bad-debt provisions, custodians' third-party dealings, fund promotion regularisation, manager solvency and telephone recording. |
| Table 2 | Self-managed fund founders and board members: no fewer than three per fund, five years' experience in financial markets or related fields, a degree or recognised professional certificate, exemption from CMA approval tests; the CMA may waive the qualification for 15 years' experience. |
We use this resolution when a client asks which CMA rules governed its licensed activity in 2021, or why an older resolution on dormant accounts or custodians no longer appears in the rulebook. Polaris is not licensed by the CMA; we explain whether an activity falls under the Rulebook or the residual controls in Resolution 123/CEO of 2017, form and administer the company around that licensing route, coordinate with licensed compliance advisers on the approved-function holders the CMA expects, and keep corporate records, UBO and AML files consistent with them.
| Amends | CMA Decision No. 123/CEO of 2017 |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
Regulatory Controls for Financial Activities and Services
Administrative resolution setting regulatory controls for licensed financial activities and services, with an attachment and bases for evaluation added by later amendment…
Regulations Manual of the Financial Activities (Rulebook)
Issues the Regulations Manual of the Financial Activities (the CMA rulebook): licensing categories and requirements for financial activities, approved jobs, business cond…
Former Investment Funds Regulations
Chairman decision regulating investment funds from 2016, replaced by the Investment Funds Regulation issued by Decision No. 01/Chairman of 2023 and now listed by the CMA …
Investment Funds Regulation
Comprehensive regulation of local investment funds: establishing and licensing public and private funds, fund obligations, unitholder rights, change of fund manager, conv…
Former SCA Law
Former federal law establishing the Emirates Securities and Commodities Authority and Market and regulating licensing, listing, trading and disclosure in the securities m…
Capital Markets Law
Regulates the onshore capital market from 1 January 2026: financial activities subject to CMA licensing, capital market institutions, offering and listing of securities, …
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