On January 29, 2000 HH UAE President issued a federal decree to set up a public authority in the UAE's capital, which was called "Securities and Commodities Authority." The Authority enjoyed a legal entity, financial and administrative independence with the control and executive powers necessary for it to discharge its tasks in line with the provisions of this law and the regulations issued in implementation thereof, noting that the authority reported to the minister.
The Authority may set up subsidiary branches or offices to discharge the tasks of supervising and monitoring the markets but may neither practice trade activities nor seek benefit in any project nor own or issue any securities.
