The financial crisis that gripped markets in 2008 - and still ripples through the world economy - offered stern lessons for governments keen to make sure their countries were protected against financial contagion.
As The National reported yesterday, the UAE is preparing for the biggest shake-up of the banking and financial sectors in the last three decades. A new banking law announced last month by the Central Bank is now being fleshed out with an updated draft expected by the end of the year, with implementation next year at the earliest.
At the heart of this change is a new government agency, in essence a watchdog, which will have oversight of financial services in the country. This role, which involves making sure consumers are protected from fraud and that financial services companies operate smoothly and legally, was previously part of the remit of the Central Bank. Now it will be taken over by a new regulator called the Financial Services Authority. This new FSA will also oversee the equity and debt capital markets.
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