Insiders trading on capital markets banned effective next week - Emirates24|7

Insiders trading on capital markets banned effective next week

A ban on insiders' trading on UAE capital markets will go into force effective next week until the revelation of the Q3 financial statements by  listed companies in compliance with the rules and regulations of the Securities and Commodities Authority.

The Abu Dhabi Securities Exchange and Dubai Financial Market have announced that the band shall be effective September 16 until the disclosure of the 2017 Q3 financial results as per Article 14 of Rules and Regulations governing trading, clearing, settlement, ownership transfer and securities activities.

According to SCA regulations, it shall not be permitted for a chairman, members of the board of directors of a company, any of the employees who has access to insider information to trade - whether by themselves or through others- in the securities of the same company or its parent company, subsidiary, affiliate or allied company if any of those companies were listed on the Market, during a period of 15 days prior to disclosing the financial statements of the Company and until they are disclosed.