CMA Decision No. 48/R of 2008 · UAE Federal
Board regulation on financial consultancy and financial analysis activities, amended several times and now listed by the CMA among superseded regulations.
Board Decision No. 48/R of 2008 was the licensing regime for firms giving financial consultancy and financial analysis on securities and commodities in the UAE, and for the individual analysts they employed. Issued in Abu Dhabi on 16 December 2008 under Federal Law No. 4 of 2000, it took effect on publication in the Official Gazette (Article 23). It was amended by Decisions No. 41 of 2011, 43/R.M of 2015, 13/R.M of 2016, 28/R.M of 2017 (definition of financial analysis, from 30 November 2017) and 35/R.M of 2019 (reporting). The Capital Market Authority (the former Securities and Commodities Authority) now lists it among superseded regulations; it is a historical reference.
Article 2 prohibited financial consultancy and financial analysis without an Authority licence. Article 4 required a UAE company at least 51% owned by UAE or GCC nationals, with the activity in its objects, an Arabic memorandum of association and paid-up capital of at least AED 1 million; foreign firms licensed by a similar regulator with five years' experience could also practise. Article 5 set qualifications: a general manager with a degree and five years' experience and analysts with a degree or professional certificate and three years. Articles 7 and 8 gave a 30-day decision period and an annual licence expiring in December, renewed by the end of November.
Article 9 required written client agreements stating that the firm advises without guaranteeing outcomes, disclosure of holdings of 1% or more and prior services to the issuer, and periodic reports. Articles 10 and 15 barred trading in a covered security 15 days before and 5 days after a report, and against its recommendation for 30 days. Article 12 required analysts to be accredited, and Article 21 required three months' notice before ceasing business.
Companies licensed by the Securities and Commodities Authority to give financial consultancy, financial analysis or financial planning on securities and commodities, their accredited financial analysts, directors and staff, and foreign firms practising in the UAE, while the decision was in force.
English official text in 23 articles. Open the full text or jump to a provision:
| Article 2 | Financial consultancy and financial analysis may not be practised without an Authority licence on the conditions and procedures of the decision. |
| Article 4 | Applicant must be a UAE company at least 51% UAE or GCC owned, with the activity in its objects, an Arabic memorandum and paid-up capital of at least AED 1 million; foreign firms regulated at home with five years' experience may also practise. |
| Article 5 | General manager or chief executive needs a degree and five years' experience in economics or finance; financial analysts a degree or recognised professional certificate and three years' experience; staff must be of good conduct and not bankrupt. |
| Article 8 | Licence runs for one year to the end of December against a fee; renewal applied for by the end of November and assessed on performance and compliance. |
| Article 9 | Firm must explain in the client agreement that it advises without guaranteeing outcomes, state fees and rights, disclose services to the issuer in the prior 12 months and holdings of 1% or more, and file audited annual and quarterly reports. |
| Article 10 | Firm may not include false information, hold the covered security before its offering, trade it 15 days before or 5 days after a report, or trade against its recommendation for 30 days. |
| Article 12 | Financial analysts must be accredited by the Authority before practising; the Authority keeps a register and decides applications within 30 days. |
| Article 17 | The Authority may suspend or revoke a licence or accreditation for unmet conditions, serious breach, unpaid renewal fees, insolvency or liquidation, publishing revocation in two daily newspapers. |
Article 16 allowed the Authority to investigate breaches, misleading acts and breaches of the professional code, and to refer criminal matters to the public prosecution. Article 17 allowed suspension or revocation of a firm's licence or an analyst's accreditation, appealable to the competent court within 30 days (Article 18); Article 19 applied the penalties of the securities law and its regulations.
Clients who want to sell investment research or advice to UAE investors often start with a general consultancy licence and ask us whether that is enough. It is not where the advice concerns securities or commodities: under this decision, and today under the CMA's Regulations Manual of the Financial Activities, which lists financial consultancies among licensed financial activities, that advice needs a licence. Polaris is not licensed by the CMA and does not give securities advice. We explain the licensing line, form and administer the company around the route the client chooses with its licensed adviser, and keep its corporate records, UBO and AML compliance in order. Older advisory licences and constitutional documents still cite this decision, so we check them against the current rules before any restructuring.
| Cites | Former SCA Law |
“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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