CMA is the UAE's federal capital markets regulator, replacing the SCA in January 2026. What it does and what changed for investors.
- The CMA is the UAE's federal capital markets regulator, supervising securities markets, public offerings, fund managers, brokers and investment advisors onshore.
- It replaced the Securities and Commodities Authority on 1 January 2026 under Federal Decree-Laws Nos. 32 and 33 of 2025, taking over every SCA licence automatically.
- CMA jurisdiction covers mainland UAE outside the DIFC and ADGM, and reaches any firm targeting UAE clients even from a free zone or from abroad.
- Its remit now includes virtual assets that qualify as financial products, with capital and conduct rules set under CMA Decision No. 4/R.M/2026.
Inside the UAE's Federal Capital Markets Regulator and Its January 2026 Reset
The Capital Market Authority is the UAE's federal regulator for securities and capital markets. It was created on 1 January 2026 by reconstituting the Securities and Commodities Authority under Federal Decree-Law No. 33 of 2025. The CMA oversees the Abu Dhabi Securities Exchange and the Dubai Financial Market, and applies the federal Capital Market Regulation to brokers, fund managers, IPOs and the virtual assets that qualify as investment products.
This glossary entry explains what the CMA is, what changed when the SCA became the CMA in January 2026, and how its remit differs from the UAE's other financial regulators.
CMA Explained in Plain English
The CMA is the federal capital markets regulator of the UAE. It licenses and supervises securities brokers, asset managers, fund operators, custodians, investment advisors and promoters operating onshore. It also oversees the country's national stock exchanges and approves public offerings. The CMA replaced the Securities and Commodities Authority on 1 January 2026 as that body's full legal successor, taking over every existing licence, approval and obligation.
Its job is to develop the UAE's capital markets while protecting investors who use them. That means setting rules for listed companies, trading platforms and intermediaries. The CMA also polices market abuse, runs an Investor Protection Fund, and increasingly holds firms to sustainability disclosure standards alongside the financial ones.
How the CMA Works in the UAE
The CMA operates under two laws that came into force on 1 January 2026: Federal Decree-Law No. 32 of 2025, which created it, and Federal Decree-Law No. 33 of 2025, which set the new Capital Market Regulation framework. Existing SCA licences and approvals transferred automatically. Market participants have until 1 January 2027 to align their compliance frameworks with the new regime.
In practical terms, the CMA licenses and supervises capital markets intermediaries: brokers, dealers, fund managers, investment advisors, custodians, promoters and credit rating agencies. It oversees the Abu Dhabi Securities Exchange, the Dubai Financial Market and the Dubai Gold and Commodities Exchange. It approves IPOs and listings, supervises listed-company disclosures, and now regulates virtual assets that qualify as financial products under CMA Decision No. 4/R.M/2026.
Its remit stops at the gates of the financial free zones. Firms inside DIFC answer to the DFSA, and firms inside ADGM answer to the FSRA. Mainland banking, insurance and payments sit with the CBUAE, not the CMA. One unusual feature: Article 2(1)(d) of the Capital Market Regulation lets the CMA reach any firm that targets UAE clients, even from a free zone or from abroad.
Practical Example
Imagine a foreign broker wants to market a stock-trading app to UAE residents living outside the DIFC and ADGM. The app itself runs offshore, but the marketing targets UAE-based investors. Under the CMA framework, the broker is treated as conducting a financial activity in the UAE, regardless of where the servers sit. It must hold the appropriate CMA licence, or partner with a CMA-licensed promoter, before running campaigns or signing up clients.
A second example: a UAE company planning to go public on the DFM applies to the CMA for prospectus approval. The CMA reviews the disclosures, signs off on the listing, and continues to supervise the company's reporting obligations after the IPO. The same regulator that opened the door watches how the company behaves once inside.
Common Misconceptions
The most common misconception is still calling it the SCA. The SCA ceased to exist on 1 January 2026; the CMA is its legal successor. Old prospectuses, contracts and licences referring to the SCA remain valid but should now be read as CMA documents.
A second misconception is that the CMA regulates banks, payments or general crypto. It does not. Banking and payment services sit with the CBUAE. Most virtual asset activity in Dubai sits with VARA, and free-zone crypto sits with the DFSA or FSRA. The CMA covers virtual assets only where they function as investment products under the Capital Market Regulation.
People Also Asked
What does CMA stand for?
CMA stands for the Capital Market Authority of the UAE. It is the federal regulator for securities and capital markets, replacing the Securities and Commodities Authority from 1 January 2026. Its jurisdiction covers mainland UAE outside the DIFC and ADGM free zones.
What did the SCA become?
The SCA was dissolved and reconstituted as the CMA on 1 January 2026 under Federal Decree-Law No. 32 of 2025. All SCA licences, approvals and obligations transferred automatically. References to the SCA in older documents should be read as references to the CMA.
Does the CMA regulate crypto?
Only partially. The CMA regulates virtual assets that qualify as financial products under federal law, with capital, custody and trading rules set out in CMA Decision No. 4/R.M/2026. Payment tokens sit with the CBUAE, while broader virtual asset services in Dubai are licensed by VARA.
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