Beginning from today, the process of banning insiders ’trading in public joint-stock companies listed in the financial markets, until full financial disclosure for the second quarter of this year.
The local capital markets announced the ban, in implementation of the provisions of the regulation on trading, clearing, settlement, transfer of ownership and custody of securities issued by the Securities and Commodities Authority in 2001.
Under the system, the process of prohibiting insiders ’trading usually begins 10 working days before announcing any material information that would affect the stock price, up or down.
The prohibition under the system also includes insiders ’trades 15 days before the end of the quarterly, semi-annual or annual financial period, and until the financial statements are disclosed by companies listed in the financial markets.
And the financial markets in Abu Dhabi required the listed joint stock companies and brokerage firms operating to implement the decision to ban insiders ’trading, until the date of the end of the disclosure of their financial statements for the second quarter of 2020.
The markets also required all companies to update their insiders' data, in addition to the company file on the markets website, and include any changes that the company’s record has witnessed during the past period.
It is noteworthy that it prohibits the trading of the chairman and members of the board of directors of the company whose securities are listed in the market and its general manager or any of the employees who are familiar with the essential data of the company - by himself or for his account by others or in any other capacity for the account of others - in the securities of the company itself or the parent or subsidiary company or The sister or ally of that company if any of these companies listed their securities in the financial market, according to the regulations issued by the Securities and Commodities Authority.