1. The Capital Market Authority shall be a federal public authority enjoying legal personality, financial and administrative independence, full legal capacity, and executive and supervisory powers to carry out its functions. The Authority shall report to the Cabinet. 2. The Capital Market Authority shall replace the Securities and Commodities Authority established pursuant to Federal Law No. (4) of 2000 Regarding the Emirates Securities and Commodities Authority and Market in all its rights, obligations, and contracts, and shall be deemed its legal successor. 3. The designation “Securities and Commodities Authority” wherever it appears in any legislation shall be replaced by the designation “Capital Market Authority.”
Interpretation and application must be checked against the official text and current version.