JSC issues an amendment to the disclosure and transparency system

Media In – Abu Dhabi 9 April 2018 WAM
The Securities and Commodities Authority (SCA) issued a decision to amend the definition of the related group mentioned in Article (1) of the Board of Directors Resolution No. 3 of 2000 regarding the disclosure and transparency system.
According to the amendment, the definition of a related group includes the persons who have an agreement or arrangement with a view to owning, influencing or controlling directly or indirectly more than 30% of the securities.
The definition shall also include, according to the decision of the Commission, the natural person and his minor children and the legal person who affects or controls him – directly or indirectly – by one of them by owning a percentage of “more than 30% of his capital” or controlling the same percentage. Until the second degree “unless they prove that there is no agreement or arrangement between them for the purpose of owning, influencing or controlling, directly or indirectly, more than 30% of the securities.
The resolution states that: “When the ownership of the associated group is taken into account, the securities registered in the consolidated accounts and other forms of ownership or direct or indirect control owned by the natural person and his minor children and the legal person affected or controlled – directly or indirectly – by one of them through ownership More than 30% of its capital or control of the same percentage. ”
Under Article II of the Resolution, the definition of control contained in Article 1 of the Board of Directors Resolution No. 3 of 2000 on the disclosure and transparency system will be deleted.