Abu Dhabi (WAM) The Securities and Commodities Authority has announced the amendment of the rulebook for financial activities approved by the Authority’s Board of Directors Decision No. (13) of 2021, provided that the new amendments will take effect as of yesterday, which includes adding a license for the activity of the crowdfunding platform operator within Functions of the Securities and Commodities Authority. The Authority indicated, on its website, its terms of reference for licensing 20 financial activities, including: a trading broker, a trading and clearing broker, a trading broker in the financial markets, a broker for trading unregulated derivative contracts and currencies in the spot market, a dealer in securities, and financial advisory Financial advisor (issuance manager), advisor for listing, promotion, definition, general clearing, portfolio management, investment fund management, administrative services for investment funds, custodian, registrar of private joint stock companies, issuer of covered notes, depository bank, and agent of the depository bank. and credit rating. It is worth noting that the definition of crowdfunding clarifies that it is a means by which a funding applicant can obtain sums of money from investors for the purpose of financing his project through the platform in exchange for shares in the capital of a company that will establish or a company established to implement this project, while the “platform” is an electronic operating system programmed to display requests Crowdfunding, while the “operator” is the legal person authorized to practice the activity.
#Securities #licensed #activities