12.1 These Regulations shall apply to all entities carrying on exchange business in the UAE and licensed in accordance with these Regulations. Exchange establishments/companies licensed in accordance with Central Bank’s Board of Directors Resolution No. 123/7/92 issued on 29/11/1992 shall be required to reconcile their positions with the requirements of these Regulations, within a period of two years from its date of issuance.
12.2 The Governor may decide on initiatives which support financial inclusion in the UAE, by lowering the capital requirements stated under Article (4-2-a) of these Regulations, provided the Board of Directors is notified of decisions made in this respect, in due course.
12.3 The Central Bank’s Board of Directors Resolution No. 123/7/92 issued on 29/11/1992 and amendments thereto shall be cancelled and replaced with these Regulations.