Federal Decree-Law No. (22) of 2020
Concerning the Distribution of Competencies and Powers between the Securities and Commodities Authority
and the Licensed Securities and Commodities Markets in the State
We, Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates,
Having reviewed the Constitution,
And Federal Law No. (1) of 1972 concerning the competencies of ministries and the powers of ministers, and its amendments,
And Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Market, and its amendments,
And Federal Law No. (2) of 2015 on Commercial Companies, and its amendments,
And based on the proposal of the Minister of Economy, and the approval of the Cabinet,
We have issued the following Decree-Law:
Article One
The licensed securities and commodities markets in the State shall exclusively assume, each according to its jurisdiction, all operational and executive powers and competencies assigned to the Securities and Commodities Authority, as stated in Federal Law No. (2) of 2015 on Commercial Companies, and those stated in Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Market, and the regulations, systems, and decisions issued in implementation thereof.
Article Two
Without prejudice to the provision of Article One of this Decree-Law, the Securities and Commodities Authority shall have the authority to regulate, control, and supervise the securities and commodities markets operating in the State.
Article Three
For the purposes of implementing the provisions of this Decree-Law, the boards of directors of the securities and commodities markets and the market managers shall exercise the operational and executive competencies that were assigned to the Board of Directors of the Securities and Commodities Authority and the CEO of the Authority, as the case may be.
Article Four
The Securities and Commodities Authority shall coordinate with the markets, each within its jurisdiction, to transfer all systems and data related to the markets' implementation of the competencies entrusted to them under the provisions of this Decree-Law.
Article Five
The Cabinet, or its authorized representative, may issue all decisions necessary to implement the provisions of this Decree-Law, including defining the operational and executive powers and competencies assigned to the securities and commodities markets, and such decisions shall be published in the Official Gazette.
Article Six
The Cabinet, or its authorized representative, may, at the request of the concerned market, form one or more committees, whose competencies and powers shall be specified in the formation decision, to exercise the operational and executive competencies stipulated in Articles One and Five of this Decree-Law, until all logistical arrangements are completed by the markets to exercise these competencies. The decision to form the committee and its competencies and powers shall be published in the Official Gazette.
Article Seven
Any text or provision contained in any other legislation that contradicts or conflicts with the provisions of this Decree-Law shall be repealed.
Article Eight
This Decree-Law shall be published in the Official Gazette and shall come into force on the day following the date of its publication.
Issued by us at the Presidential Palace in Abu Dhabi:
Date: 10 / Safar / 1442 H
Corresponding to: 27 / September / 2020 AD
Khalifa bin Zayed Al Nahyan
President of the United Arab Emirates