The board of the Securities and Commodities Authority, SCA, has approved the regulations for the Public Fund Limited Partnership, PFLP, during its 18th meeting chaired by Sultan bin Saeed Al Mansouri, Minister of Economy.

The regulations were enacted as per best international practices and are part of the SCA's efforts to improve regulatory and supervisory mechanisms in the UAE stock market.

The 11-article regulations include general definitions, scope of applications, general provisions, measures for licensing of the PFLP, obligations of the general partner and the limited liability partner, and liquidation of the PFLP.

The meeting witnessed discussions on a report by the International Monetary Fund on the UAE economy, progress in the national programme for investment awareness and the SCA's international achievements. The meeting also saw a presentation on the SCA's forecasting project, which seeks to foresee scenarios in the UAE stock markets based on technology and economy through 2050.

An initiative to set up a youth council for the future economy was also passed.

Source: Wam