Amendments to list the shares of free zone companies

The Board of Directors of the «Securities» adopts the system for the activities of «crypto assets»

  • The Authority’s Board of Directors discussed several initiatives to develop the securities sector in the country.

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  • Abdullah bin Touq: "Paving the way to launch the free zone companies market platform to attract more foreign investments."

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The Board of Directors of the Securities and Commodities Authority approved the issuance of the system for the activities of crypto assets, which includes offering, issuing and promoting crypto assets in the country, as well as licensing markets and crowdfunding platforms, and all activities related to crypto assets.

The Council also approved, during its last meeting, the system for offering and listing companies established in free zones in accordance with the Dubai initiative "X10", in order to allow free zone companies to offer their shares within the country.

Board of Directors

In detail, the Board of Directors of the Securities and Commodities Authority held its 17th meeting, chaired by the Minister of Economy and Chairman of the Board of Directors, Abdullah bin Touq Al-Marri, through a remote visual communication system.

The meeting discussed a number of initiatives aimed at developing the system of financial activities and services related to the state’s securities sector, including the system for offering and listing companies incorporated in free zones in accordance with the Dubai Initiative X10, by amending the Authority’s Board Decision No. 11 / R.M.) for the year 2016 regarding the system for offering and issuing shares of public joint-stock companies as a first stage to implement the initiative, allowing free zone companies to offer their shares within the state.

Abdullah bin Touq said: “The approval of the Board of Directors expresses moving forward to complete the first phase of the Dubai initiative (X10), and paving the way for the launch of the free zone companies market platform, which will contribute to attracting more foreign investments, by facilitating the access of investors in the free zones. To the financial markets in Dubai, so that they can collect the necessary capital to develop their projects in the region without the need to return to the country of origin, which will positively affect the economic life cycle and the growth of the economy.

Financial markets

For his part, the chief executive of the authority, Dr. Obaid Al Zaabi, said, “The approval of the decision came out of the authority’s keenness to develop the financial markets in the country and the legislation that regulates its work, in order to increase the depth of markets and provide new financial tools to investors in securities, and within the authority’s jurisdiction. The original organization of the public offering and listing in the state in accordance with its powers in this regard ».

The Chairman of the Dubai Financial Market, Issa Kazim, added: "We are looking forward to listing leading companies that are active in multiple and fast-growing economic sectors in light of the great interest in joining the platform, to take advantage of the advantages of listing."

Crypto assets

During the meeting, the Authority’s Board of Directors also approved the issuance of the regulations for crypto assets activities.

The system revolves around two topics: the first is the offering, issuance and promotion of encrypted assets in the country, and the second is the licensing of markets, crowdfunding platforms and all activities related to encrypted assets.

From the issuance of this system, the Authority’s management is looking forward to completing the legislative structure, allowing to regulate the issuance of encrypted assets from financial symbolic tools and commodity symbolic tools on the one hand, and to regulate the licensing of financial activities related to encrypted assets, in particular each of the exchanges, crowdfunding platforms and the trustee, And other financial activities on the other hand, in addition to encouraging innovation and competition, providing alternative means of financing institutions operating in the country, as well as providing protection for investors in crypto assets, and preventing money laundering and terrorist financing crimes.

The Authority’s Board of Directors approved some provisions of the Authority’s Board of Directors’s Decision No. (11) of 2015 regarding the regulation of clearing work in the commodity market, so that it is among the responsibilities of the Board of Directors «Forming a risk committee consisting of members of the Board of Directors and the executive management of the clearing company, And members of the clearing ».

In a related context, the Authority’s Board of Directors approved the Dubai Gold and Commodities Exchange’s request to list the Mini Gold Daily Futures Contract, provided that the exchange adheres to the conditions contained in the Central Bank’s letter and any amendments that may occur to it approved by the Authority.

Extending the purchase of Etisalat shares

The Board of Directors of the Securities and Commodities Authority approved the Emirates Telecommunications Company’s request to extend the period of buying its shares for a period of one year, provided that the extension request is submitted to the company's general assembly for approval.

Approval of the DME's request to list the daily mini gold futures contracts.

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