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2006
20 June 2006 — DFSA draws attention to important Rule change
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Jun 20 2006 onwards

20 June 2006 — DFSA draws attention to important Rule change



Dubai, UAE June 20, 2006: The Dubai Financial Services Authority has amended the Rules which apply to sponsors of Reporting Entities who have listed securities on the Dubai International Financial Exchange.

The rule change now provides the DFSA with the discretion to require a company, listing securities on the DIFX, to appoint a compliance adviser to assist it with ongoing obligations under the DIFC Markets Law and Offered Securities Rules.

One of the primary obligations of a Reporting Entity is the requirement to continuously disclose price sensitive information, to the market, in a timely manner.

The DFSA has issued policy statements that explain the obligations of compliance advisers and sponsors. The policy statements explain the circumstances in which the DFSA is likely to exercise its discretion and require a Reporting Entity to appoint a compliance adviser, the obligations of a Reporting Entity regarding compliance advisers and sponsors and how a compliance adviser and sponsor can assist a Reporting Entity to meet its continuing regulatory obligations.

More information relating to compliance advisers and sponsors can be found on the DFSA website www.dfsa.ae under publications/media policy statements.