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Esca issues new rules on insider trading
The market regulator yesterday said insiders are prohibited from trading in their company's shares within 10 days of announcing crucial information affecting the share price, and 15 days from the end of the fiscal quarter.
- By Ahmed A. Elewa, Senior Reporter
- Published: 00:06 March 26, 2008
Abu Dhabi: The market regulator yesterday said insiders are prohibited from trading in their company's shares within 10 days of announcing crucial information affecting the share price, and 15 days from the end of the fiscal quarter.
The decision came during the first meeting of Emirates Securities and Commodities Authority's board presided by the new chairman, Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy.
The meeting also approved other amendments for regulations related to brokerage firms, providing them with the ability to appeal against the authority's decision to delist or cancel the licence of any brokerage company within 30 days from that decision.
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