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Abu Dhabi and Dubai Financial Markets announced the prohibition period for insider trading at public shareholding companies listed in the UAE capital markets, which will take effect on Tuesday, 17th March 2020, in compliance with the applicable regulations and rules.
ADX and DFM called on listed shareholding companies and brokerage companies to implement the ban until the announcement of the financial statements for the first quarter (Q1) of 2020.
The move comes in line with to the provisions of the Securities and Commodities Authority's Article 14 on the system, of trading, clearing, settlement and transfer of ownership and custody of securities.
According to Article 14, it shall not be permitted for a chairperson, 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 before disclosing the financial statements of the company and until they are disclosed.
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