UAE approves new policy to publish names of offenders who commit financial violations

The decision aims to enhance efforts to raise investment awareness, protect investors.

A new policy has been approved that will allow authorities to reveal the identities of violators of stock market rules in the UAE.

Taking to Twitter after chairing a UAE Cabinet meeting on Monday, the Vice-President and Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum said that the names will be announced alongside details of the violations committed.

The policy gives the Securities and Commodities Authority the power to publish facts committed in violation of the Authority’s law and regulations issued by it within its websites.

The publication of violations can include the names of violators and the content of those violations, in accordance with specific controls and mechanisms for grievance.

The decision aims to enhance efforts to raise investment awareness, protect investors, ensures the achievement of deterrence, and limits violations within the financial markets.

No date was given for when the decision comes into effect.

The move came as the UAE Cabinet held a meeting on Monday introducing a raft of reforms including the establishment of a Dubai debt management office and a countrywide decision to introduce unemployment insurance.

News Source: Khaleej Times