Dubai:
The Securities and Commodities Authority said it has approved an amendment, which gives it the right to make a decision to suspend trading in any listed securities in case of exceptional circumstances.
“Moreover, having obtained an approval from SCA, the market manager has the power to suspend trading in any listed securities in case of exceptional circumstances that disrupt the flow of business and the market order or any other circumstances that the manager sees necessary,” the regulator said in a statement.
Among the amendments approved was giving shareholders the right to trade freely and prohibiting companies from altering their Articles of Association to ban trading in their shares before or during the convening of their general meetings, or during transactions, trades, or actions that may impact their capital, it said.
The SCA also approved to prohibit any company, other than a public joint-stock one, from offering any securities for public subscription.
Under the new article, companies should take into account that mutual ownership between two independent public joint-stock companies may not exceed 10 per cent of the capital of each of them. SCA may set the controls to regulate such ownership.
