Securities “to modify the system of brokerage in the markets

Media In – Abu Dhabi, 5 September 2018 (WAM)

 Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the Securities and Commodities Authority (SCA), issued Resolution No. (27) for the year 2018 on “Amendments to the Board of Directors Resolution No. 27 of 2014 Concerning the Securities Brokerage System”. This amendment will contribute to the maintenance of value-added brokerage companies, while at the same time obligating the company to maintain a strong financial position and position on an ongoing basis. Article (4) of the Board of Directors Decision No. 27 of 2014 concerning the Securities Brokerage System, which stipulates that “the paid up share capital shall not be less than / AED 3 million for brokerage company / trading member and / AED 30 million for brokerage company / trading and clearing member. Article (2) adds Article (12) to Article (4 / I) of the Board of Directors ‘Decision No. 27 of 2014 regarding the Securities Brokerage System to read as follows: “Preservation of net shareholders’ equity of not less than 75% Paid-up capital “. Article (3) of Article (11) of the Board of Directors’ Resolution No. 27 of 2014 concerning the Securities Brokerage System stipulates that the value of the bank guarantee shall not be less than 1 million dirhams For the brokerage company / trading member and / AED 20 million for the brokerage company / trading and clearing member. ” The decision shall take effect from the day following the date of its publication in the Official Gazette in respect of Article 3 and three months after the date of publication for Articles 1 and 2.