UAE merges insurance authority with central bank - Dubai ruler tweet

The decision also transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets

  
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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DUBAI, Oct 24 (Reuters) - The United Arab Emirates has taken a decision to merge the Insurance Authority with the central bank, Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum said on Saturday.

The decision also transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets, while the SCA maintains regulation and oversight of the local financial markets, Sheikh Mohammed said in a tweet.

(Reporting by Yousef Saba Editing by Mark Heinrich) ((Yousef.Saba@thomsonreuters.com; +971562166204))

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