The Securities and Commodities Authority (SCA) has confirmed that any marketing of services and products, especially those concerning securities and commodities trading in the UAE, conducted via phone calls without prior SCA approval, is deemed a violation. In a recent circular, the SCA called on all individuals receiving such marketing calls to report any that breach the stipulated provisions and regulations. The public is encouraged to check the SCA's website to confirm if a company holds a valid license and to report violations through the 'Reporting capital market violations' section. The SCA emphasized that companies must not employ marketing tactics that pressure customers into buying or use deceptive practices. Furthermore, marketing calls outside the permissible hours of 9am to 6pm are also prohibited. Other violations include using non-local numbers from unlicensed telecom providers and making calls despite being listed on the Do Not Call Registry (DNCR). The SCA's measures are part of its commitment to enforcing the Cabinet's decision on regulating phone-based marketing and curbing any practices that contravene these regulations. The authority has circulated a directive to all companies detailing the guidelines for telemarketing services related to securities and commodities trading in the UAE, in accordance with Cabinet Decision No. (56) of 2024.
Text: Lara Palmer
02.09.2024
UAE's SCA Issues Guidelines on Telemarketing Compliance for Securities and Commodities Trading