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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Markets Rules (MKT) [VER15/07-19]
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(1 version)
Jul 5 2012 onwards

MKT 9.3.10

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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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(1) If an application is made for the admission of a class of SharesG , a sufficient number of Shares of that class must, no later than the time of admission, be distributed to the public.
(2) For the purposes of Rule (1), a sufficient number of SharesG will be taken to have been distributed to the public when 25 per cent of the SharesG for which application for admission has been made are in public hands.
(3) For the purposes of Rules (1) and (2), SharesG are not held in public hands if they are held, directly or indirectly by:
(a) a DirectorG of the Applicant or of any of its SubsidiaryG UndertakingsG ;
(b) a PersonG connected with a DirectorG of the ApplicantG or any of its SubsidiaryG UndertakingsG ;
(c) the trustees of an employee share scheme or pension fund established for the benefit of any DirectorsG or employees of the ApplicantG and its SubsidiaryG UndertakingsG ;
(d) any PersonG who under any agreement has a right to nominate a PersonG to the board of DirectorsG of the ApplicantG ; or
(e) any PersonG or PersonsG in the same group or PersonsG acting in concert who have an interest in 5% or more of the SharesG of the relevant class.
Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]