SCA board endorses mandatory electronic disclosure system

The Board of Directors of the Securities and Commodities Authority (SCA) has approved in a meeting chaired by Sultan Al Mansouri, Minister of Economy, the draft system for circulation of subscription rights on shares of the capital increase.

This comes within the framework of the regulatory and supervisory role of the SCA and its keenness on issuing the regulations related to the organisation of the work of financial markets, which would contribute to increasing the depth of the market and provide new investment tools.

The board also approved during the meeting held at its headquarters in Dubai a proposal on mandatory application of the electronic disclosure system of the public shareholding companies.

The Board of Directors held its 18th meeting of the fourth session of the Board in the presence of Mohammed bin Ali bin Zayed Al Falasi, Deputy Chairman of the Board, Abdullah Salem Traifi, CEO of the Securities and Commodities Authority, Mubarak Rashid Al Mansouri, Abdullah bin Ali al-Hamli, Butti Khalifa bin Darwish Al Falasi and others.

The approval of the system comes as part of the SCA's efforts to develop markets and allow the circulation of new securities in order to achieve greater facilitation to shareholders of the listed companies, so as to trade with priority in the IPO to increase the capital in line with the best international  practices in this respect.
 
 

Follow Emirates 24|7 on Google News.