The Securities and Commodities Authority (SCA) yesterday approved four new amendments to the regulation governing the brokerage firms, authorising stock exchanges to monitor issues relating to companies disclosure of financial statements and other matters.
"Accordingly, the markets may refer the violating companies to the SCA for consideration and appropriate decision. However, the amendment maintains transparency levels guaranteeing at the same time, the balance between the listed public joint-stock companies and public investor's interests, said an amendment made to a clause regarding disclosure and transparency regulations, which were approved by the board of directors of Securities and Commodities Authority (SCA).
The SCA ratified an amendment made on Article 17 of the regulatory system.
The meeting was chaired by Sultan bin Saeed Al Mansouri the Minister of Economy and the chairman of SCA Board. Others who attended the meeting included Sultan Bin Nasser Al Suweidi, the Governor of UAE Central Bank, Abdullah Salem Al Turifi, the CEO of SCA, Sami Zahen Al Qemzi, the director finance department, Dubai, Hamid Qazem and Mahmoud Ibrahim Al Mahmoud.
An amendment has been made to trading, clearance and settlement regulation. The amendment is basically concerned with the information release procedure which mainly affects the share price. However, the new text stipulates periods for the management staff as well as the insiders during which, they are prohibited to release or disclose any information.
Ratification on the SCA Fees pertinent to registration term : According to the amendment, the SCA fees pertinent to registration which will be for one year only and the year ends by December. As for the new companies to be registered for the first time, the term will be effective from the ESCA approval and the fees will be collected on a pro-rata-basis up to the end of December.
Ratification on brokers regulations: The amendment grants the broker the right to declaim against the ESCA decisions issued regarding licence cancellation in front of the concerned court. At the same time the Chairman of ESCA may request to solve or liquidate the broker based on the capital market's, investor's or public interests.
Two brokers' licences cancelled: The board decided to cancel the licences of the two brokers due to non-compliance with the ESCA decision # (176/C) of 2006. The two brokers are Faisal Brokerage and Merchant Securities. Source
"Accordingly, the markets may refer the violating companies to the SCA for consideration and appropriate decision. However, the amendment maintains transparency levels guaranteeing at the same time, the balance between the listed public joint-stock companies and public investor's interests, said an amendment made to a clause regarding disclosure and transparency regulations, which were approved by the board of directors of Securities and Commodities Authority (SCA).
The SCA ratified an amendment made on Article 17 of the regulatory system.
The meeting was chaired by Sultan bin Saeed Al Mansouri the Minister of Economy and the chairman of SCA Board. Others who attended the meeting included Sultan Bin Nasser Al Suweidi, the Governor of UAE Central Bank, Abdullah Salem Al Turifi, the CEO of SCA, Sami Zahen Al Qemzi, the director finance department, Dubai, Hamid Qazem and Mahmoud Ibrahim Al Mahmoud.
An amendment has been made to trading, clearance and settlement regulation. The amendment is basically concerned with the information release procedure which mainly affects the share price. However, the new text stipulates periods for the management staff as well as the insiders during which, they are prohibited to release or disclose any information.
Ratification on the SCA Fees pertinent to registration term : According to the amendment, the SCA fees pertinent to registration which will be for one year only and the year ends by December. As for the new companies to be registered for the first time, the term will be effective from the ESCA approval and the fees will be collected on a pro-rata-basis up to the end of December.
Ratification on brokers regulations: The amendment grants the broker the right to declaim against the ESCA decisions issued regarding licence cancellation in front of the concerned court. At the same time the Chairman of ESCA may request to solve or liquidate the broker based on the capital market's, investor's or public interests.
Two brokers' licences cancelled: The board decided to cancel the licences of the two brokers due to non-compliance with the ESCA decision # (176/C) of 2006. The two brokers are Faisal Brokerage and Merchant Securities. Source
No comments:
Post a Comment