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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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(1 version)
Jul 5 2012 onwards

MKT 4.2.3

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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) For the purposes of Rule 4.2.2(b), a Reporting EntityG may selectively disclose Inside InformationG to a PersonG prior to making market disclosure of such information only if:
(a) it is for the purposes of the exercise by such a PersonG of his employment, profession or duties;
(b) that PersonG owes to the Reporting EntityG a duty of confidentiality, whether based on law, contract or otherwise; and
(c) the Reporting EntityG has provided to that PersonG , except where that PersonG is the DFSAG , a written notice as specified in (3).
(2) For the purposes of (1)(a), the PersonsG whose exercise of employment, profession or duties may warrant selective disclosure are as follows:
(a) any adviser, underwriter, sponsor or compliance adviser;
(b) an agent employed by the Reporting EntityG to release the information;
(c) PersonsG with whom the Reporting EntityG is negotiating with a view to effecting a transaction or raising finance, including prospective underwriters or sponsors of an issue of SecuritiesG , providers of finance or loans or the placement of the balance of a rights issue not taken up by shareholders;
(d) the DFSAG or another Financial Services RegulatorG where such disclosure is necessary or desirable for the regulator to perform its functions;
(e) a PersonG to whom the Reporting EntityG discloses information in accordance with a lawful requirement;
(f) a major shareholder of the Reporting EntityG ; or
(g) any other PersonG to whom it is necessary to disclose the information in the ordinary course of business of the Reporting EntityG .
(3) For the purposes of (1)(c), the Reporting EntityG must, before making disclosure to a PersonG , provide to that PersonG a written notice that:
(a) the information is provided in confidence and must not be used or be allowed to be used for a purpose other than the purpose for which it is provided; and
(b) the recipient must take reasonable steps to ensure that the recipient or any PersonG having access to the information through the recipient does not deal in the relevant SecuritiesG , or any other related Investment, or disclose such information without legitimate reason, prior to market disclosure of that information by the Reporting EntityG .
(4) Where a Reporting EntityG makes selective disclosure of Inside InformationG pursuant to (1), it must ensure that a full announcement is made to the market as soon as possible, and in any event, when it becomes aware or has reasonable grounds to suspect that such information has or may have come to the knowledge of any PersonG or PersonsG other than those to whom the selective disclosure was made.
Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]