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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • MKT 9A Market Abuse

    • Application of the Code of Market Conduct

      • MKT 9A.1.1

        (1) Article 8(2)(f) of the Markets Law provides for the making of a code of market conduct. The Code of Market Conduct (CMCG ) is issued under Article 20(2)(c) of the Regulatory LawG and has the status of GuidanceG as defined in Article 2(f)(ii) of Schedule 1 to the Regulatory LawG .
        (2) The CMCG applies to PersonsG in respect of conduct that occurs in the DIFCG or elsewhere, however, it only applies to conduct that occurs outside the DIFCG if the conducts affects DIFCG markets or users of DIFCG markets.
        [Added] DFSA RM146/2014 (Made 1st January 2015). [VER6/01-15]

        • MKT 9A.1.1 Guidance

          1. The CMCG is intended to prevent Market AbuseG by providing further clarity about what activities the DFSAG might regard as constituting Market AbuseG under the Markets Law.
          2. The CMCG applies to persons to whom Part 6 of the Markets Law applies, that is, it applies to persons generally whether individuals or bodies corporate and whether or not regulated.
          3. Examples in the CMCG are not intended to be exhaustive. There may be other circumstances in which conduct may contravene the Market AbuseG provisions.
          4. The defences under Article 64(1) of the Markets Law apply if a PersonG establishes that a permitted price stabilisation or purchase of the Person'sG own shares was carried out in accordance with the Rules. The relevant Rules relating to carrying on a permitted price stabilisation can be found in the PRS Module. The relevant Rules relating to purchase of the Person'sG own shares can be found in MKTG (e.g. Rules MKT 9.7.4 and MKT 9.7.6). Further information about these and other Market AbuseG defences can be found in the CMCG .
          [Added] DFSA RM146/2014 (Made 1st January 2015). [VER6/01-15]