October 18, 2012
Committee on Financial, Economic and Industrial Affairs of the Federal National
Council (FNC) held a meeting at the FNC General Secretariat in Dubai on
Tuesday, 17 October 2012, chaired by Sultan Rashed Al-Zaheri, Chairman of the
Committee. The meeting was attended by Ali
Eissa Al-Neaimi, Rapporteur of the Committee,
Ahmed Abdullah Al-Aamash, Ahmed Muhammad El-Amery, Muhammad Saeed Al-Regbani
and Marwan Ahmed bin Ghalita, members of the Committee.
the meeting, the Committee discussed its draft report on the Policy of the
Ministry of Economy and made some amendments thereto in preparation to approve
and submit it to the FNC. The Committee
also discussed the draft law amending the provisions of the Federal Law No. 6
of 2007 concerning the Establishment of the Insurance Authority and Organization
of its Operations.
reviewed its approach and action plan to discuss the issue of the Policy of the
Central Bank of the UAE. Accordingly, a
preliminary action plan was developed to address all aspects and components of the
issue which concentrate on the laws and legislations organizing its operations
and the role in organizing the monetary, credit and banking policy of the
banking and financial sector in the State, which helps achieving a balanced
growth of the national economy and stability of liquidity, as well as the
policy of the Bank in supporting Emiratization in the banking sector in the State.
Committee Discussed Six Draft Laws
17 meetings held during the first session of the fifteenth legislative term,
the Committee discussed six draft laws: a federal draft law concerning control
on trading in valuable stones and precious metals and stamping thereof, a federal
draft law concerning competition, a federal draft law concerning approval of
the final account of the FNC and the final accounts of the affiliated
independent entities for the financial year ended on 31/12/2010. Other draft laws include a federal draft law
concerning approval of the FNC final account for 2009, a draft law concerning
the amendment of provisions of the Federal Law number 6 of 2007 concerning the
Establishment of the Insurance Authority and Organization of its operations,
and a federal draft law concerning companies.
area of regulatory activity, the Committee adopted five general topics about:
the policy of the General Pension and Social Security Authority, the policy of
the Ministry of Economy, the general policy of the UAE Central Bank, the policy
of the National Bureau of Statistics, and the policy of the Emirates Securities
and Commodities Authority.