UAE Central Bank imposes sanction on S&S Brokerage House

Revokes firm's licence for violating rules

  
General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

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ABU DHABI - The Central Bank of the UAE (CBUAE) imposed on 18th of April 2021, an administrative sanction on S&S Brokerage House operating in the UAE, pursuant to Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities (as amended by Decretal Federal Law No. (25) of 2020).

The CBUAE found that S&S Brokerage House has ceased to carry on one or more of its licensed financial activities for a period exceeding one year, and accordingly, decided to revoke their license and strike their name off the register.

The time limit for appeals has expired on 9th May, 2021 and the Central Bank’s procedures have been concluded.

As the supervisory authority of brokerage firms operating in the UAE, the CBUAE is committed to ensuring all brokerages abide by UAE laws and the regulations and standards issued by the CBUAE, in an effort to safeguard the transparency and integrity of the business of brokerages.

© Copyright Emirates News Agency (WAM) 2021.

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