The UAE Central Bank said on 18 May it had struck UAE-based S&S Brokerage House off its register after imposing what it called an "administrative sanction" and an appeal deadline that expired on 9 May 2021.

The revoking of the licence related to the Decretal Federal Law No. (25) of 2020, which broadly covers standards of supervision and regulation across the sectors which the central bank regulated including banking, insurance, money exchangers and payment services providers.

S&S Brokerage House had ceased to carry on one or more of its licensed financial activities for a period exceeding one year, it added.

But there were no further details about the violations that led to the cancellation of the licence.

"As the supervisory authority of brokerage firms operating in the UAE, the CBUAE is committed to ensuring all brokerages abide by UAE laws and the regulations and standards issued by the CBUAE, in an effort to safeguard the transparency and integrity of the business of brokerages", it said.