"The federal stock market regulator is to overhaul the country’s brokerage rules to try to bolster the health of companies operating in the flagging sector.
The Emirates Securities and Commodities Authority (SCA) yesterday announced draft regulations that would make it easier for brokerages to merge and reduce the minimum number of brokers in a company to two from four. The SCA also cancelled the licences of two brokerages.
“The board recognises the revenues coming in now are not exactly what they used to be,” said Hassan el Salah, the head of institutional trading at AlRamz Securities in Abu Dhabi."
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