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First Abu Dhabi Bank PJSC becomes the first omnibus account operator to register with Dubai Central Securities Depository (Dubai CSD)
ABU DHABI, 7th April 2023: First Abu Dhabi Bank (FAB), the largest bank in the UAE and one of the largest and safest financial institutions in the world, has become the first CSD) registered Omnibus Account Operator, following the recently issued Omnibus Account Rules by Dubai CSD.
The consolidated account model enables clients to access Dubai CSD eligible securities through a joint account, reducing market entry requirements and eliminating the need for power of attorney for shareholder meetings and voluntary activities by beneficiary investors. Dubai CSD looks forward to working with other regulated and qualified entities to open omnibus accounts to hold and trade securities on behalf of beneficial owners through a single Investor Number (NIN).
The FAB has played an active role in the development of the UAE’s comprehensive regulations, providing formal feedback and advice to the Securities and Commodities Authority (SCA), and ongoing discussions with depositories on the proposed operating regime.
“We are delighted to be working with SCA and CSD Dubai to formalize the consolidated account structure in the UAE, and we are equally delighted to be the first to offer this service. One of FAB’s core objectives is to work with the local market infrastructure for our Create the most efficient conditions for global intermediary clients and local investors to enter the UAE market. The introduction of the DFM omnibus account structure is a good example of such an initiative. We believe this is a positive first step, especially helpful for local asset managers and international broker-dealers in the UAE market,” said Ahmed Nasir, Managing Director, UAE Securities Services and Product Development.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “We welcome FAB’s efforts to become the first registered omnibus account operator and to be a catalyst for the development of omnibus regulations in the UAE. This is an integral part of our aim It is to promote the development of Dubai’s capital market and bring it in line with international counterparts. Through this initiative, we aim to provide investors with more opportunities to participate in and obtain diversified investment opportunities in Dubai’s capital market, while enabling them to achieve significant achievements operational and cost efficiencies.”
The launch of the DFM Integrated Account complies with the market access and market quality requirements of MSCI’s market access standards.
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First Abu Dhabi Bank PJSC posted this content on April 11, 2023 and is solely responsible for the information contained therein.Distributor peopleunedited and unaltered, April 11, 2023 12:57:04 UTC.
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