UAE SCA & AFSA ink MoU to exchange information, enhance market transparency

UAE SCA & AFSA ink MoU to exchange information, enhance market transparency

The UAE Securities and Commodities Authority (SCA) has entered into a memorandum of understanding (MoU) with the Astana Financial Services Authority (AFSA) in Kazakhstan in order to establish a framework for mutual cooperation in supervision, surveillance, and information exchange.

According to the statement, “This intends to enhance market transparency and increase the efficiency of the securities sector in both countries.”

The MoU was signed between Dr. Maryam Buti Al Suwaidi, CEO of the SCA, and Mr. Nurkhat Kushimov, CEO of the AFSA, in the presence of officials from the two sides.

“The MoU intends to unify the efforts aimed at enhancing transparency and bolstering the integrity of financial market transactions by cooperating in supervision and surveillance and ensuring the enforcement of laws, rules, and regulations applicable to listed companies to promote the efficiency of the securities sector and unlock its full potential in both countries,” Dr. Al Suwaidi said.

The CEO of the SCA noted that this agreement establishes a unique partnership with the AFSA and reflects a new avenue of bilateral cooperation that brings about the significant benefit of protecting investor rights.

“It provides for the exchange of information and coordination on matters related to investor complaints about fraudulent practices engaged in by unlicensed,