Ministerial Decision No. 814/2019

Regarding the Formation of the Committee for the Preparation of the Legislation Necessary to Merge the Insurance Authority Into the Securities and Commodities Authority

The Minister of Justice,

Pursuant to the perusal of Federal Law No. 1*1972 on the competencies of the ministries and the powers of the Ministers and its amendments;

Cabinet Decision No. 47M/8W/2019, Meeting No. (8) on 28/8/2018;

Letter of the Minister of Economy No. 1/304/2019 dated 31 July 2019 nominating representatives for the membership of the Committee;

Letter of the Minister of Economy No. 1/323/2019 dated 4/9/2019 nominating representatives of the Ministry of Finance, Insurance Authority and the Federal Authority for Government Human Resources (FAHR) after coordination with the aforementioned bodies; and

Based on the proposal of the Minister of Health and Community Protection and the approval of the Council of Ministers,

Has issued the following Decision:

Article 1

A committee shall be formed to prepare the legislation necessary to merge the Securities and Commodities Authority under the chairmanship of Advisor/Sultan Rashed Al Matrooshi, Acting Undersecretary of the Ministry of Justice, with the following members:

1- HE Dr. Mariam Al Suwaidi, Executive Vice President of Financial Markets Operations Sector at the Securities and Commodities Authority - Member.

2- Ayman Farouk, Legal Advisor to the Minister of Economy - Chairman of the Board of Directors of the Securities and Commodities Authority - Member

3- Ali Abdullah Sharafi, Director of the General Budget Department - Ministry of Finance - Member.

4- Abdullah Mohammed Al Zaabi, Director of Financial Operations Department, Ministry of Finance - Member

5 - Abdullah Mohammed Al Habsi, Director of Support Services - Insurance Authority - Member

6- Dr. Ismail Abdel-Aal El Sayed - Legal Advisor - Insurance Authority - Member

7- Salwa Abdullah, Director of Projects and Programs Department, Federal Authority for Government Human Resources - Member

8- Hamad Bu Amim, Director of Policy and Legal Affairs Department, Federal Authority for Government Human Resources - Member

9- Mariam Ali Al-Tamimi, Acting Officer in Charge of Fatwa and Legislation Department Affairs, Ministry of Justice - Member

10- Ahmed Abdullah Al-Shehhi, Head of Legislation Department, Ministry of Justice - Member and Rapporteur

Article 2

The Committee established under Article I of the present Decision shall have the following competences:

1- Preparing the legislation necessary to merge the Insurance Authority in the Securities and Commodities Authority and referring them to the Technical Committee for Legislation according to the procedures followed in this regard.

2 - Determining all the implications of the merger and proposing the appropriate recommendations thereon. They shall be attached to the legislation referred to in the preceding clause, for submission to the Council of Ministers.

Article 3

The Committee shall complete its works within six months from the date of issuance of the present Decision.

Article 4

The concerned parties, each within its scope of competence, shall implement the present Decision. It shall come into force from the date of its issuance and shall be notified to the concerned parties.

Date: 23/9/2019

Sultan Saeed Al Badi

Minister of Justice

The present Ministerial Decision was published in the Official Gazette, Issue No. 663, p. 21.