FRA creates registry for valuation and advisory services firms
REGULATION WATCH- FRA creates registry for financial advisory firms: The Financial Regulatory Authority (FRA) issued a decision Thursday ordering the establishment of a registry for research houses that conduct financial valuations and fair value studies, FRA Chairman Mohamed Omran said in a Thursday press release picked up by Al Mal. Under the new regulations, companies will be required to renew their registration every three years. If they are found to be in violation of any laws, companies will be removed from the registry and risk losing their operating licenses, according to Omran.
Registration is mandatory for financial advisors, which have six months to comply with the new regulations. The move means to boost market transparency and is the latest in a series of regulatory amendments that seek to align policies with newly-issued legislation such as the Capital Markets and Companies Acts.