Description

The Securities and Commodities Authority (SCA) was established by Federal Law No. (4) of 2000, enacted by Zayed bin Sultan Al Nahyan, marking the first legislation for securities in the UAE. Initially named the Emirates Securities & Commodities Authority and Market, it was followed by the founding of the Abu Dhabi Securities Exchange and the Dubai Financial Market in the same year.

In 2004, Dubai created the Dubai Financial Services Authority to serve as the sole regulatory body for the Dubai International Financial Centre's economic free zone, including independent exchanges like Nasdaq Dubai, outside SCA's control. In 2006, UAE President Khalifa bin Zayed Al Nahyan issued Law 25 of 2006, amending the previous law by reducing the SCA board of directors from 8 to 5 members, removing the requirement for board representation from various governmental departments, and expanding the disclosure requirements for board members' securities holdings, including those owned by their families and minor children.

Sheikh Khalifa bin Zayed Al Nahyan (1948–2022), the UAE's second president and ruler of Abu Dhabi from November 2004 to May 2022, was the eldest son of the UAE's first president, Zayed bin Sultan Al Nahyan. He took on a significant role in the late 1990s due to his father's health issues and officially became Abu Dhabi's leader in 2004. His tenure saw cultural and academic growth, including the Louvre Abu Dhabi and Etihad Airways. Under his leadership, the UAE became a major economic power. Known for his pro-Western stance, he strengthened ties with the US and Israel.