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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Markets Rules (MKT) [VER15/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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  • Controlling Shareholder

    • MKT 9.3.6

      (1) Subject to (2), to be admitted to the ListG , an ApplicantG which has one or more controlling shareholders must be able to demonstrate to the DFSAG that it can operate its business independently of such controlling shareholder and any AssociateG thereof.
      (2) The requirement in (1) does not apply if an ApplicantG can demonstrate to the DFSA'sG satisfaction that holders of the Issuer'sG SharesG would have no appreciable risk of prejudice by the involvement in the relevant business of a controlling shareholder.
      (3) For the purposes of this chapter, a controlling shareholder is any PersonG , or PersonsG acting jointly by agreement, whether formal or otherwise, who is:
      (a) entitled to exercise, or control the exercise of, 30% or more of the voting rights at a general meeting of the ApplicantG ; or
      (b) able to control the appointment of one or more DirectorsG who are able to exercise a majority of the votes at BoardG meetings of the Applicant.
      Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
      [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

      • MKT 9.3.6 Guidance

        The DFSAG considers that for an ApplicantG to operate its business independently of a controlling shareholder all transactions and relationships between the Listed EntityG and any controlling shareholder (or AssociateG ) must be at arm's length and on a normal commercial terms.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]