The merger of the financial regulators is part of a new efficiency drive of the government that involves the consolidation of a number of government agencies. This includes closing down of half of all government service centres that serve the public the next two years and their services transformed into digital portals.
The UAE Ministry of Justice issued in September 2019 a resolution to form a 10-member committee to to lay the ground for the merger of the two regulators. The committee was to prepare the necessary legislation for effecting the merger and identify the implications of the move.
