The Emirates Securities & Commodities Authority (ESCA) is likely to become the “wholesale regulator” in the UAE, regulating life companies to IFAs, according to HSBC’s Daniel Rudd.
Rudd, the bank’s head of wholesale distribution for the MENA region, said it is only a matter of time before ESCA, which was created in 2000, takes charge of all aspects of financial regulation.
The regulation of financial institutions in the UAE is currently shared between the UAE Central Bank, with which most asset management companies are registered; the Insurance Authority, with which most international life companies and IFAs are registered; and the Dubai Financial Services Authority, which regulates activities in the DIFC.
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