Hot money, bankruptcy law to be issued soon - Emirates Business 24|7

The government will soon issue several economic laws to regulate the UAE's financial sector and control the flow of hot money in the national economy, Minister of State for Financial Affairs Obaid Al Tayer said yesterday.

Speaking at a session of the Federal National Council in Abu Dhabi, Al Tayer said the new laws, which were compiled by the Ministry of Finance in co-operation with the Securities and Commodities Authority (SCA), the Central Bank and the Insurance Authority, also deal with bankruptcy and credit, and were necessitated by the fallout of the global financial crisis. They will be referred to the Cabinet soon.

"We benefited from the many lessons of the global financial crisis, and the ministerial committee tasked with following up the impact of the crisis on the UAE economy is still engaged in monitoring the local and international situations," he said.