The central bank imposes an administrative penalty on a brokerage firm

Today, the Central Bank of the United Arab Emirates imposed an administrative penalty on S&S Financial Brokerage operating in the country, pursuant to the provisions of Federal Decree-Law No. 14 of 2018 regarding the Central Bank and the Organization of Financial Facilities and Activities "amended by Federal Decree Law No. 25 of 2020."

The "S&S Financial Brokerage" company, for a period of more than one year, stopped practicing one or more of its licensed financial activities.

Accordingly, the Central Bank decided to cancel the license of the aforementioned company and delete its name from the registry.

The deadline for appeal expired on May 9, 2021, and with that, the Central Bank's procedures were completed.

As the supervisory authority for financial intermediation establishments operating in the country, the Central Bank is obligated to ensure that these establishments comply with the laws in force in the country and the regulations and standards issued by the Central Bank, with the aim of preserving the transparency and integrity of the financial intermediation business in the country.

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