Esca expects to gain greater authority

The Emirates Securities and Commodities Authority (Esca) will gradually execute all functions of the financial authority, Gulf News reported.

"Under the law, Esca has supervisory responsibility for brokerage houses, listed companies and the two stock exchanges. What needs be under the authority's supervision are investment companies, mutual funds, IPOs [initial public offerings], and the envisioned non-governmental pension fund," the International Monetary Fund (IMF) said in a report recently.