Tomorrow will start to ban insiders’ trading in financial markets until the third quarter 2019 data is released

Abu Dhabi 15-09-2019 / WAM

The process of banning the circulation of insiders in public shareholding companies listed in the financial markets will begin tomorrow until the disclosure of the financial statements for the third quarter of 2019.
The markets in Abu Dhabi and Dubai issued circulars requesting listed shareholding companies and brokerage firms operating to implement the resolution until the date of disclosure of their financial statements for the specified period.
The decision of the financial markets to start banning insiders’ trading was in accordance with the provisions of Article 14 of the Law on Trading, Clearing, Settlement, Transfer of Ownership and the Preservation of Securities from the Securities and Commodities Authority Resolution No. 1 issued in 2001.
The Abu Dhabi Securities Exchange asked the listed companies to update the insiders’ data in addition to their file on the website.
In accordance with Article 14 of the Regulation issued by the Securities and Commodities Authority in this regard, it prohibits the trading of the Chairman and members of the Board of Directors of the Company whose Securities are listed on the Market, its General Manager or any of the employees who are familiar with the Company’s material data – by himself or for his account by third parties or in any other capacity on behalf of others. In the securities of the same company or the parent, subsidiary, sister or associate of that company if any such company is listed on the stock exchange.