Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum Vice President and Prime Minister of the UAE and Ruler of Dubai, yesterday (Monday) issued a Cabinet resolution No.4 of 2018 setting up a financial regulatory committee.
The committee, consisting of nine members, will be chaired by the Undersecretary of the Ministry of Finance, while the members are to be selected from federal authorities and local governments. It will serve for a renewable tenure of three years.
The committee is tasked with supervising the financial reregulation of financial institutions to facilitate the process of reaching a consensual agreement between debtors and creditors with the help of a financial expert assigned by the committee.
It will approve a list of experts in financial reorganisation and bankruptcy to carry out work in compliance with the provisions of the bankruptcy law, in coordination with the Ministry of Justice or local judicial authority in the UAE.
— WAM
