The Committee for Establishing and Licensing Companies regulated by the Financial Regulatory Authority (FRA) and their branches has approved the incorporation and licensing of six entities to undertake activities falling under the Authority’s supervision.
The approved activities include participation in establishing companies that issue securities or increase their capital, insurance brokerage, dealing, intermediation and brokerage in bonds, as well as the promotion and underwriting of securities.
The committee granted a licence to Oliv to participate in the establishment of companies issuing securities or increasing their capital. It also approved licences for Taqa Financial Investments and Fawry Holding for Financial Investments to conduct the same activity.
In addition, the committee approved a licence for Tharaa Insurance Brokerage to engage in insurance brokerage activities. Beltone Securities Trading was authorised to undertake dealing, intermediation and brokerage in bonds. Meanwhile, Emirates NBD Bank received approval to carry out the promotion and underwriting of securities.
Under FRA Chairperson Decree No. 3060 of 2023, the Committee for Establishing and Licensing Companies is mandated to approve the incorporation of companies operating in non-banking financial activities under the Authority’s supervision and to grant licences for such activities.
The committee’s remit also includes approving amendments to the articles of association of companies under FRA oversight, issuing preliminary and final approvals, and endorsing remuneration and incentive schemes and any amendments thereto. It is further responsible for providing opinions on the suspension of general assembly resolutions of companies operating in the securities and consumer finance sectors.
Moreover, the committee approves requests to add new activities or mechanisms for companies operating in non-banking financial services and to change their applicable legal framework, whether by entering or exiting the securities or consumer finance sectors. It also authorises the opening, relocation and closure of branches of non-banking financial companies, as well as requests for liquidation, temporary or voluntary suspension of activities, and the registration, renewal or delisting of company incorporation agents in the non-banking financial sector.
