Dubai, United Arab Emirates: The Securities and Commodities Authority (SCA), the United Arab Emirates’ regulator overseeing securities, commodities, and financial markets, and the Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), are pleased to announce a new Memorandum of Understanding (MoU) aimed at enhancing audit oversight and fostering greater regulatory cooperation between the two organisations. The agreement will help to strengthen the regulatory oversight of the audit function, and will include areas such as firm registration and inspection, helping to improve financial reporting, market integrity, and boost investor confidence in the United Arab Emirates’ financial sector.
Under the MoU, the SCA and DFSA will collaborate on monitoring and supervising audit functions, sharing expertise, and strengthening the overall framework for audit oversight within their respective areas. This partnership comes at a time of rapid financial sector growth in the United Arab Emirates and is designed to address the increasing complexity of financial markets.
His Excellency Waleed Saeed Al Awadhi, Chief Executive Officer of the SCA, commented: “The signing of this MoU with the DFSA marks a new era of collaboration and transparency in audit oversight. As the United Arab Emirates’ financial market continues to grow, it is essential that we strengthen our regulatory frameworks and promote best practices in auditing. This agreement will enhance our collective efforts to safeguard the integrity of the financial system and support the confidence of investors in the United Arab Emirates.”
Mark Steward, Chief Executive of the DFSA, added: “This is the start of a new era of collaboration between the DFSA and SCA. Our agreement will strengthen audit standards across all securities firms operating in the United Arab Emirates and DIFC, including in the United Arab Emirates’ capital markets. My DFSA colleagues and I look forward to working more closely with our SCA colleagues.”
The new agreement is expected to bring a more seamless and effective regulatory environment, where both authorities will share knowledge and resources to improve the enforcement of financial reporting standards and enhance the effectiveness of audit processes. Both authorities have expressed their commitment to fostering a strong, sustainable, and transparent financial market in the United Arab Emirates.
For further information, please contact:
Corporate Communications
Dubai Financial Services Authority (DFSA)
Level 13, The Gate, West Wing
Dubai, UAE
Tel: +971 (0)4 362 1500
Email: DFSAcorpcomms@dfsa.ae
https://www.dfsa.ae/
The Securities and Commodities Authority (SCA)
The Securities and Commodities Authority (SCA) was established in 2000 pursuant to Federal Law No. (4) of 2000 Concerning the Emirates Securities and Commodities Authority and Market, the Securities and Commodities Authority (SCA) serves as the federal regulator responsible for overseeing the UAE’s securities and commodities sectors outside the financial free zones. SCA’s mandate covers the licensing, regulation, and supervision of financial markets, trading venues, issuers, market intermediaries, investment funds, and associated market infrastructure across the UAE. It ensures compliance with global standards of transparency, disclosure, and investor protection while fostering innovation and sustainable market growth. SCA oversees the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), working to enhance market integrity and strengthen the UAE’s position as a leading regional and international hub for regulated capital markets.
His Excellency Waleed Saeed Al Awadhi
H.E. Waleed Saeed Al Awadhi is a visionary leader with over two decades of experience in financial services, financial regulation, governance, public policy, and legislation. As Chief Executive Officer of the UAE Securities and Commodities Authority (SCA), he advances the regulatory framework in alignment with international standards, strengthens market integrity, and leads the Authority’s strategic direction to support national economic priorities. Before joining SCA, H.E. Al Awadhi was the Chief Operating Officer at the Dubai Financial Services Authority (DFSA), overseeing departments including Licensing and Authorization, Corporate Communications and International Relations, Strategic Operations, Finance, IT and Innovation, Cybersecurity, and Human Resources. His commitment to a robust global financial system is reflected in his active roles with IOSCO, IFSB, UASA, FATF, WEF, IMF, and the UN. He currently chairs IOSCO’s AMERC and serves on its Board.
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA’s website for more information.
Mark Steward joined the DFSA as Chief Executive in May 2025. Mr Steward served as the Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority (FCA) from 2015. He was also the Chair of the FCA’s Market Policy Committee, and from December 2021, he was Executive Director of the FCA’s International Division. Prior to joining the FCA, Mr Steward served at the Hong Kong Securities and Futures Commission (SFC) as an Executive Director with responsibility for the Enforcement Division. Before joining the SFC, Mr Steward held several senior positions with the Australian Securities and Investments Commission (ASIC) and was most recently Deputy Executive Director, Enforcement at ASIC. Formerly, Mr Steward was Chair, International Organization of Securities Commissions (IOSCO) Multi-lateral MOU Monitoring Group.