The UAE market regulator has given brokerages an extra month to renew their licences as the crisis in the industry deepens.
Depressed markets and dwindling volumes forced 46 brokerages out of business last year. Now the Securities and Commodities Authority (SCA) is offering a period of grace for licence renewals as companies decide whether to continue trading or close.
"Many brokerages have not had their paperwork ready for submittal ahead of the Dec. 31 deadline as they assess whether to continue their operations in the current environment," an SCA statement said.
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