H.E. Abdulla Al Turifi, the Securities and Commodities Authority (SCA) Chief Executive Officer, discussed with Daniel Gallagher, the Securities and Exchange Commission (SEC) Commissioner, areas of mutual collaboration, ways to promote bilateral relations, and financial market conditions in the region and across the world.

 The meeting agenda examined the significant attention SCA pays to developing the UAE markets and increasing foreign investment inflows, along with the positive conditions in these markets, pointing out that good corporate financial statements reflect the positive development of the UAE markets and emphasize the attractiveness of the investment opportunities available. Following the meeting, Al Turifi stressed the importance of the exchange of expertise with developed financial markets, which contributes to improving market performance and making use of the risk management systems and experiments.

 Gallagher noted that the U.S. does not pursue a dual supervisory system, given that it does not suit the nature of the financial system there and it is not expected to safeguard this system from crises that arise from jurisdiction issues and matters pertinent to the independence of regulators.

 In a related context, Gallagher delivered a lecture at the SCA Dubai office on the regulatory developments in financial markets. His lecture was attended by a great number of SCA employees and some specialists and stakeholders interested in the securities industry in the UAE markets.

It is worth mentioning that Gallagher holds a law degree and served as counsel to Commissioner Paul Atkins and later as counsel to SEC Chairman Christopher Cox, working on matters involving the Division of Enforcement and the Division of Trading and Markets. Gallagher joined the latter as Deputy Director and represented SEC in the Lehman Brothers liquidation.

 Gallagher focuses on introducing initiatives aimed at strengthening capital markets and encouraging small business capital formation. He had an instrumental role in educating dealers and investors about the shortcomings of the Dodd Frank Act.