Media ININ Economy We Trust
Media In Abu Dhabi, 16 December 2018,
The process of banning the circulation of insiders in the public shareholding companies listed in the financial markets will begin as of tomorrow, in compliance with applicable regulations.
Abu Dhabi and Dubai Financial Markets called on listed shareholding companies and brokerage companies to implement the ban until the announcement of the financial statements for the fourth quarter of 2018 which is due to start in early January 2019.
The decision of the financial markets to prohibit insider trading according to the provisions of Article 14 of the system of trading, clearing and settlement and transfer of ownership and custody of securities of the decision of the Securities and Commodities Authority No. 1 of 2001.
Article 14 of the Regulation issued by the Authority prohibits the trading of the chairman and members of the board of directors of the listed company, its securities in the market and its general manager or any of the employees who are aware of the core data of the company, himself or for his account by third parties or in any other capacity for the account of others, Or the parent company, affiliate, sister or associate of that company if any of these companies listed their securities on the market.
Under the system, insiders are prohibited from trading 15 days before the end of the quarterly, semi-annual or annual financial period until disclosure of the financial statements.
Also, the ban is made 10 working days before the announcement of any material information that will affect the share price up or down, unless the information is the result of sudden and sudden events.
