CMA (Capital Market Authority) of the UAE

Whether you are based in the United Arab Emirates (UAE), or simply want to trade with an offshore broker based there, you will need to be familiar with the UAE's official regulatory body, the Capital Market Authority (CMA).

As of today, the CMA's official website is still https://www.sca.gov.ae. The agency used to be the Securities and Commodities Authority (SCA). You will learn more about this change shortly.

The CMA's website is not the most intuitively-designed. You can look up licensed companies in the CMA database. You should always check whether any broker claiming to be licensed by the CMA (or SCA, if their websites are out of date) is in this database before you trade with them. Make sure their license is current and in good standing.

Is CMA a legitimate regulator?

Yes, the CMA is a legitimate regulator. It is the official regulator for financial markets in the UAE, and relevant businesses. It was previously known as the Securities and Commodities Authority (SCA). It now has an expanded role compared to the SCA days.

A brief history of the SCA

Before we discuss the CMA as it exists today, let's briefly explain the SCA. Former president of the UAE, Sheikh Zayed bin Sultan Al Nahyan, established the SCA in 2000 with Federal Decree No. 4. Amendments were made in 2006 via Federal Law 25.

A chairman, a CEO, and a board of directors were put in charge of the SCA. The president of the country appoints the chairman and the CEO.

The SCA becomes the CMA

Now let's talk about what has changed. Starting January 1, 2026, the SCA was replaced with the Capital Market Authority (CMA). This change was put into effect by Federal Decree-Law No. (32) of 2025 and Federal Decree-Law No. (33) of 2025.

The reason for the change is because the UAE's previous frameworks for the financial sector needed updating to "strengthen market stability, efficiency, and competitiveness; and ensure conformity with international best practices"

Why 2026?

Here are some reasons why the UAE chose 2026 to transform the SCA into the CMA:

• The UAE financial market has a lot more products than they did in the past in the financial sector, and are seeing higher trading volumes than they used to. Strengthening regulatory frameworks to account for those changes makes sense.
• In the past, the UAE was positioned as an emerging financial center. That is no longer the case. The "emerging" part is over now, and the UAE is considered an important regional and global financial center. It needs a solid regulatory framework that is consistent with that status.
• It is in the UAE's interest to make it easy for investors and businesses from other countries to operate within its financial markets. A regulatory framework that is updated to align with international standards and expectations helps to facilitate market activity and business opportunities.

What is Changing

Here is some of the changes that come into effect with the SCA becoming the CMA:

• The name has changed to Capital Market Authority.
• The CMA will be regulating more financial activities than SCA did. These include advisory services, investment accounts, financial advice, and more.
• The CMA's supervisory powers over the capital markets sector have increased. That is why it is now known as the Capital Market Authority.
• The CMA will regulate the Investor Protection Fund and the Settlement Guarantee Fund.
• The new provisions define the CMA's role in "prudential oversight and the management of exceptional circumstances."
• The CMA has the power to enter into conciliation prior to initiating any criminal proceedings.
• The CMA is able to "designate systemically important persons and to regulate early intervention, settlement, and resolution mechanisms."

The changes above are listed directly on the CMA's website. In addition, we found these changes listed on third party sites:

• The CMA's investigative powers have broadened, with the regulator now able to manage "exceptional circumstances." By declaring that an exceptional circumstance exists, the CMA is able to temporarily suspend or cancel trading in any of the securities it oversees.
• The CMA now has the power to intervene earlier than in the past in scenarios where it is believed that an issuer is going to fall short of capitalization or liquidity requirements. The CMA can require the issuer to conform to a financial recovery plan.
• If it is in the interest of the state, the CMA can designate a licensed entity as a "person of regulatory importance." This empowers the CMA to take steps to support that entity if that in turn serves the stability of the state.
• The CMA clarifies that responsibility for a financial company's prospectus rests with the senior managers and advisers and the board of directors. These individuals can face direct legal action if the documents are false or misleading, and/or omit critical information. Enforcement actions against offending individuals can include hefty fines or even imprisonment for up to a year.
• The CMA has strong enforcement abilities. It can now issue fines as high as 200 million AED.
• Under the new laws, the CMA recognizes the practice of price stabilization as distinct from market manipulation due to its short term, controlled nature. Companies and investors can follow the CMA's new, clear rules to engage in price stabilization legally without manipulation.
• If a company making certain information public immediately would damage the company or shareholders, the CMA now lets companies delay in that info release. But the delay is subject to the CMA's approval. The CMA has full discretion as to whether the company's request is approved or denied. It can also change its decision later.
• The CMA is now authorized to create and maintain an Investor Protection Fund. This is what it sounds like. If market or broker issues cause certain types of losses, investors may be able to request those losses be covered from the fund. The CMA has yet to release details on how this will work, and what the process and limitations will be.

All of this should matter to traders. The expansion of powers given to the CMA allows it to operate as a stronger regulator than the SCA did in the past. The result may be a higher degree of quality and compliance from CMA-regulated brokers, as well as more recourses for traders who need to make complaints or pursue lost funds.

If you already trade with a broker regulated in the UAE, you probably will not notice any obvious changes. Trading services should continue uninterrupted.

If you want additional details, you can click on the links shared above to see the full text of the two Federal Decrees for yourself. As the CMA's transition continues, it is likely that the CMA will share additional information on its website about the expanded scope of its mission.

Responsibilities of the CMA

The purpose of the CMA is to oversee UAE markets like the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Dubai International Financial Centre is excluded from the agency's oversight.

Here is how the CMA describes its mission:

Develop and enforce a flexible and integrated legislative and oversight system that protects investor rights, promotes fair transactions, increases investor awareness, and enhances the competitiveness and attractiveness of the UAE capital market by introducing innovative business models that employ well-qualified human capital, advanced digital applications, and high-quality partnerships.

One of the duties of the CMA is to license Forex brokers that operate on the mainland of the UAE. The CMA issues the licenses and oversees the brokers, ensuring that they remain complaint with all requirements. If they do not, the CMA can take action against them, up to and including revoking their licenses.

Brokers are motivated to maintain their licenses, so those that are regulated by the CMA are likely to treat traders fairly.

Who should register with the CMA?

Here are some examples of some of the types of businesses and entities that should register with the CMA if they wish to operate in the UAE:

• Securities brokerage firms
• Commodities and Forex brokers
• Financial advisory services
• Asset and portfolio managers
• Investment fund promoters
• Financial analysts
• Custody, clearing, and registration services
• Credit rating agencies
• Market infrastructure providers
• Virtual asset service providers
• Proprietary trading firms
• Broker-dealers in investments
• Financial consultants

Registration and compliance requirements

Forex brokers that want to register with the CMA can apply for a financial activity license. Here is the basic process:

1. Fill out the application. Submit with your documents.
2. Pay the application fee.
3. Receive your letter of no objection.
4. Log into the link the CMA sends you and fill in the request. Provide requested documents.
5. Pay licensing fees.
6. Receive licensing certificate.

The page linked above provides a comprehensive list of fees for all entity types.

Here are the fees listed for "Trading Broker":

• Application review fees: 1,000
• License fees: 5,000

Some of CMA's resources are available only in Arabic. According to third party sites, these are the five categories that the CMA is using for regulating financial services:

Category 1: Dealing in securities
Category 2: Dealing in investments
Category 3: Custody, clearing and registration
Category 4: Credit rating
Category 5: Arrangement and advice

Forex brokers are licensed and regulated under Category 1. According to third party resources, the minimum capital requirements to be regulated as a Forex broker in Category 1 amount to 10 million AED.

Powers at the CMA's disposal

The CMA has links to its latest regulations here. Note, however, that some regulations and information may only be available in Arabic. If a company violates the rules, they need to follow to retain their CMA license, the CMA can take enforcement actions against them.

Here are some examples of warnings the CMA has issued against Forex brokers.

XC Market Limited (XCE Commercial Brokers LLC):

The CMA cautions the investing public against dealing with the aforementioned companies, as they are not licensed to conduct any of the financial activities or services subject to the CMA's regulation and licensing. The CMA is not responsible for any dealings with these entities in this regard. Investors are strongly urged to verify the true legal status of any entity with which they transact prior to signing any agreements or executing any financial transfers, and to refer to the information relating to licensed companies published on the CMA's official website, in order to avoid exposure to any potential fraudulent activities.

Global Capital Securities Trading, a Dubai-based representative office that is affiliated with Global Capital Market Limited:

The CMA advises the investing public to refrain from dealing with this company and using its website, as it is not licensed to conduct regulated financial activities or provide related services. The CMA assumes no responsibility for any transactions or dealings involving this company. Investors are strongly urged to verify the legitimacy and licensing status of any entity before entering into agreements or transferring funds, and to consult the list of licensed companies available on the CMA's official website to safeguard against potential fraud.

The CMA has a webpage for Violations and Violators. At the time of this writing, this page does not contain any entries. If the CMA takes stronger enforcement action than a warning against a broker, it would be listed here.

Examples of actions the CMA could take against Forex brokers that violate its rules include:

• Fines and penalties
• Temporary suspension of a license
• Permanent revocation of a license

As a reminder, the transition from the SCA to the CMA grants "the Capital Market Authority the power to enter into conciliation before the initiation of criminal proceedings." That was not the case before the change.

Reporting to the CMA

There are a number of ways you can contact the CMA, including email, a call center, and various social media channels.

If you want to report a broker to the CMA, we recommend using email or the call center. Email gives you a written record, which can help you track your actions. If the CMA believes that the broker may be in violation of its regulations, it will investigate and take any appropriate enforcement action.

Conclusion

The Capital Market Authority (CMA) is a legitimate, official regulator for Forex brokers and other financial businesses in the UAE. If you are considering opening an account with a broker, a current license in good standing with the CMA is a good sign that the broker is operating fairly and transparently.