UAE Issues Landmark Capital Markets Overhaul With New CMA Regime
New Capital Market Authority replaces the SCA from Jan 1 2026, with fines up to AED 200M and virtual assets under federal regulation.
The UAE issued Federal Decree-Laws No. 32 and 33 of 2025, the most significant overhaul of capital markets regulation in 25 years. The laws entered into force January 1, 2026, establishing the independent Capital Market Authority (CMA) to replace the SCA.
The CMA can impose fines up to AED 200 million for serious violations, a massive increase from prior AED 1 million caps. The framework explicitly applies to foreign issuers and free-zone entities targeting UAE clients.
Settlement mechanisms allow the CMA to initiate reconciliation before criminal proceedings. The overhaul accommodates fintech innovation, tokenised securities, and digital financial markets.