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ABU DHABI / WAM
The Central Bank of the UAE (CBUAE) has announced the issuance of a Small to Medium Sized Enterprises (SME) Market Conduct Regulation to promote best practices among licensed financial institutions (LFIs) when engaging with SMEs.
The objective of the regulation is to enhance SMEs’ access to financial products and services. CBUAE’s introduction of this regulation follows the launch of its new Financial Consumer Protection Regulatory Framework.
The regulation advances the CBUAE regulatory agenda by setting standards of market conduct of LFIs; strengthens governance over the design and sale of financial products and services, and promotes responsible financing practices and appropriate disclosure of risks. In addition, it provides SMEs with access to timely and accurate information to make informed decisions.