The Board of Directors of the Securities and Commodities Authority (SCA) approved the brokerage company status regularization extension until the end of March 2016, in accordance with the provisions of the new securities brokerage regulations.

SCA released a statement saying that the extension approval comes as SCA is keen on the interests of financial markets, companies, and investors and as it recognizes the importance of giving strategic partners sufficient time to set and test the necessary regulations and technical systems to ensure the success of the desired conversion processes.

The statement added that the approval comes to encourage some brokerage companies to become trading members for the important advantages this membership category has in terms of devoting companies ' resources to develop and improve the level of services provided to investors. SCA is currently considering a number of general clearing membership applications where members of this category perform clearing processes to face various market conditions.