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2004
DFSA Calls for Comment on Draft Rules for Offered Securities
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Nov 8 2004 onwards

DFSA Calls for Comment on Draft Rules for Offered Securities



The DIFC Financial Services Authority (DFSA) today released a consultation paper on the proposed rules relating to the offering and listing of Securities in or from the Dubai International Financial Centre (DIFC).

The paper also includes further draft rules relating to Authorised Market Institutions and their Recognition. Copies of the consultation paper are available from the DFSA website at www.dfsa.ae.

• The Offered Securities Module introduces the regulatory rules for the listing and Offer of Securities in or from the DIFC. The module builds on the framework of the Markets Law 2004 and the draft rules regulate such areas as Prospectus offers, Exempt Offers, and the admission of Securities to the register of listed Securities. The module also contains rules relating to initial disclosure and continuing obligations of a Reporting Entity and other obligations that arise at the time of, or in connection with, the Offer or listing of Securities. The module also sets out the requirement for issuers and offerors of Securities to appoint sponsors and underwriters in appropriate circumstances. In line with international best practice standards, the rules also contain codes relating to corporate governance and the manner in which Directors may deal in Securities.
• The Authorised Market Institution Module (AMI) sets out the DFSA’s risk-based approach to the authorisation and supervision of Authorised Market Institutions (AMIs). AMIs may be Exchanges and Clearing Houses (including settlement operators). The proposed rules relate to Licence applications, notification requirements, anti Money Laundering provisions and supervisory directions that may be made by the DFSA.
• The Recognition Module (REC) sets out a regime that provides for certain overseas Exchanges and Clearing Houses (including settlement operators) to be recognised by the DFSA, and the process by which these entities should apply for Recognition.

'We seek comments from industry and the public about the proposed rules, and urge all those who have an interest in these areas to submit their comments before 8 December 2004', Mr David King, Acting Chief Executive said.

Comments should be addressed to Mr Nicholas Alves, DFSA Legal Counsel, at nalves@dfsa.ae. All comments must be received by 8 December 2004.