The United Arab Emirates market regulator said on Tuesday it had banned directors and some other company officials from trading in their companies' shares 15 days prior to the end of every quarter.
Directors and staff with access to potentially market-moving news would not be able to recommence trading in shares until financial results are released, the Securities and Commodities Authority said in a statement.
The rules are part of efforts to boost transparency and prevent insider trading on the Dubai and Abu Dhabi stock markets, which are wooing foreign investment into firms including Emaar Properties, the largest Arab property developer by market value.
Company officials are also banned from trading in shares in the 10 days prior to any scheduled announcement that could move a share price, the regulator said. (Reuters)
UAE acts to curb insider trading