The United Arab Emirates financial services authority has corrected an English language press release that initially stated the Securities & Commodities Authority (SCA) had issued covered bond regulations, an official at the SCA told The CBR.

Abu Dhabi, home of the SCA

The Abu Dhabi-based SCA yesterday (Sunday) published a statement announcing that it had issued a regulation for covered bonds, a move subsequently widely reported by various media outlets, but the press release on the authority’s website now refers to a regulation for warrants.

A translator at the SCA told The Covered Bond Report that the Arabic word now captured in the English language press release as “warrant” has similarities to the term “covered bond” and that it was initially translated as such. However, this was amended after an SCA official with knowledge of the subject matter explained the nature of the security denoted by the Arabic word. The press release was corrected not long after the original version was distributed.