Abu Dhabi – Mubasher: The board of directors of the Securities and Commodities Authority (SCA) issues a decision concerning the regulations for institutional controls and governance of public joint stock companies, Emirates News Agency (WAM) reported on Saturday.

The resolution "combines a bundle of regulations in relation to the subject and implementation of the provisions of the Commercial Companies Law in addition to corporate governance which will make it easier for local and foreign companies and investors as they would now have to deal with a single piece of legislation," WAM said.

The new legislation comprises three chapters and 55 articles on institutional controls, corporate governance and general provisions.

It will take effect one day after being published in the official gazette, WAM said, adding that "once issued, the new resolution will render null and void any resolution, circular or other regulations that contradict its provisions."

Promulgated as per best international practices, the new legislation will contribute to sharpening the UAE's competitive edge in a series of international indices, including the World Bank's Ease of Doing Business Report.