Media ININ Economy We Trust
Abu Dhabi 23-10-2019
The Board of Directors of the Securities and Commodities Authority has decided to amend the definition of material information in all regulations issued by the Authority to become the new definition of this term as any information, event, decision or incident that directly or indirectly affects the price of a security, movement or volume. Traded or on the investor’s decision.
The amendments made by the TRA to the definition of material information came in a decision issued by its board of directors, which will be applied 30 days after its publication in the official gazette.
In its decision, the CMA stated several decisions that may be affected by the material information, including dividends, capital increase, change in the company’s board of directors and executive management, change in the company’s activity and purpose, acquisitions, mergers, restructuring, voluntary liquidation, bankruptcy, etc. Of the decisions taken by the Board of Directors of the company.
As the decision relates to the Authority’s efforts to enhance disclosures, the new definition of material information has been added to the Regulation on Disclosure and Transparency under Article 33, which states that “The company or entity whose securities are listed on the Market shall notify the Authority and the Market Management of any The Board of Directors shall have the right to publish a statement relating to such material information in the local press and the media it deems appropriate. ”
Article 34 of the same regulation was amended, which states that “The company or entity whose securities have been listed on the market shall publish any clarifying information related to its conditions and activities in order to ensure the integrity of the dealings and reassure investors when requested to do so, and if any change in material information contained therein. A press release that has already been published by that party or company shall issue a press release reflecting the actual situation after the change, provided that the announcement shall be issued later in the same newspaper or newspapers that included the advertisement.
