The Capital Market Authority (CMA, formerly known as Securities and Commodities Authority) is a federalfinancial regulatory agency in the United Arab Emirates. It was established as the Securities and Commodities Authority (SCA) based on Federal Decree No. (4) of 2000 by then-president of the UAE, Sheikh Zayed bin Sultan Al Nahyan and its amendments issued in Federal Law 25 of 2006, amending the former law.[2]
The SCA was replaced with the Capital Market Authority on January 1, 2026, based on the Federal Laws No. (32) and No. (33) of 2025.[3]
The authority is a federal government agency, which is financially and administratively independent, headed by a CEO and a chairman of a board of directors, both appointed by the President of the UAE. The main objective of the authority is to supervise and monitor financial markets in the UAE, including the Dubai Financial Market and the Abu Dhabi Securities Exchange.[4] However, it is not responsible for regulating financial activity in free economic zones such as the Dubai International Financial Centre, which are regulated by independent laws and courts such as the DIFC Courts.[5]
History
The Securities and Commodities Authority (SCA) was established by Federal Law No. (4) of 2000[6] enacted by Zayed bin Sultan Al Nahyan as the first legislation for securities in the UAE and was initially named Emirates Securities & Commodities Authority and Market. The first two exchange markets, the Abu Dhabi Securities Exchange and the Dubai Financial Market would be founded shortly after in the same year.
In 2006, UAE president Khalifa bin Zayed Al Nahyan issued Law 25 of 2006 amending certain provisions of the prior law, removing the requirement of the board of directors to represent various governmental departments and the reducing the board of directors from 8 board members to 5 and expanding the requirement for board members to declare any securities or stock they own, or stock owned by the board member's family and minor children.[8]
In 2025, the next UAE president, Mohammed bin Zayed Al Nahyan, issued Decree-Law 32 and Decree-Law 33 to establish the Capital Market Authority, scheduling to replace the Securities and Commodities Authority starting January 1, 2026.[9]
Organizational structure
The CMA's primary purpose is to regulate and supervise the UAE's securities and commodities markets. It is responsible for ensuring market transparency, protecting investors, and enhancing the efficiency of financial markets. It also oversees licensing, compliance, and market monitoring while promoting fair trading practices and investor confidence.[10]
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