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  • Schedule — Interpretation

    • 1. Rules of interpretation

      (1) In the Law, a reference to:
      (a) a statutory provision includes a reference to the statutory provision as amended or re-enacted from time to time;
      (b) a person includes any natural person, body corporate or body unincorporated, including a company, partnership, unincorporated association, government or state;
      (c) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in the Law, include publishing or causing to be published in printed or electronic form;
      (d) unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day;
      (e) a calendar year shall mean a year of the Gregorian calendar; and
      (f) the masculine gender includes the feminine.
      (2) The headings in the Law shall not affect its interpretation.

    • 2. Legislation in the DIFC

      References to legislation and Guidance in the Law shall be construed in accordance with the following provisions:

      (a) Federal Law is law made by the federal government of the United Arab Emirates;
      (b) Dubai Law is law made by the Ruler, as applicable in the Emirate of Dubai;
      (c) DIFC Law is law made by the Ruler (including, by way of example, the Law), as applicable in the DIFC;
      (d) the Law is The Markets Law, DIFC Law No.12 of 2004 made by the Ruler;
      (e) the Rules are legislation made by the DFSA for the purpose of this Law and are binding in nature;
      (f) Guidance is indicative and non-binding and may comprise (i) guidance made and issued by the Chief Executive as notations to the Rules; and (ii) any standard or code of practice issued by the DFSA Board of Directors which has not been incorporated into the Rules; and
      (g) references to "legislation administered by the DFSA" are references to DIFC Law and Rules conferring functions and powers on the DFSA.

    • 3. Defined Terms

      In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

      Term Definition
      Associate has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Authorised Firm has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Authorised Market Institution has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Chairman of the DFSA has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Chief Executive has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Court the DIFC Court as established under Dubai Law.
      director a director or equivalent member of an entity's governing body.
      DFSA the Dubai Financial Services Authority.
      DFSA Board of Directors the governing body of the DFSA established under Chapter 2 of Part 2 of the Regulatory Law 2004.
      DIFC the Dubai International Financial Centre.
      DIFC Law has the meaning given in Article 2 of Schedule 1 to the Regulatory Law 2004.
      Exempt Offers an offer of Securities in or from the DIFC which is an Exempt Offer in accordance this Law and the Offered Securities Rules.
      Financial Markets Tribunal the Financial Markets Tribunal established pursuant to Article 31 of the Regulatory Law 2004.
      Investments has the meaning prescribed in the Rules made under the Regulatory Law 2004.
      Law the Markets Law 2004.
      Licence a licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law 2004.
      Official List of Securities a list of Securities maintained by an Authorised Market Institution or the DFSA in accordance with this Law and Rules made for this purpose.
      person has the meaning given in Article 1 of Schedule 1 to the Regulatory Law 2004.
      President has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Professional Investors persons whose ordinary activities involve them in acquiring, holding, managing or disposing of Investments and any other persons prescribed by the Offered Securities Rules.
      Prospectus a document containing such information as prescribed by the Offered Securities Rules.
      Regulatory Appeals Committee has the meaning given in Article 3 of Schedule 1 of the Regulatory Law 2004.
      Reporting Entity
      (1) Subject to (2), a person is a Reporting Entity if:
      (a) the person has or had Securities admitted to an Official List of Securities at any time;
      (b) the person has filed a Prospectus with the DFSA under Article 15;
      (c) the person merges with or acquires a Reporting Entity; or
      (d) the person is declared in writing to be a Reporting Entity by the DFSA.
      (2) A person is not a Reporting Entity if:
      (a) the person is a properly constituted government, a government agency, a central bank or other type of national monetary authority of a country or jurisdiction, a supranational organisation whose members are either countries, central banks or national monetary authorities, a public authority or a state investment body; or
      (b)
      (i) the person previously had Securities admitted to an Official List of Securities;
      (ii) the person currently has no Securities admitted to an Official List of Securities; and
      (iii) the current holders of at least 75% of voting rights in the Reporting Entity have agreed in writing that the person is no longer a Reporting Entity; or
      (c) the DFSA so determines.
      Ruler the ruler of the Emirate of Dubai.
      Rules has the meaning given in Article 2 of Schedule 1 of the Regulatory Law 2004.
      Schedule a schedule to the Law.
      Securities has the meaning prescribed in the Rules made under the Regulatory Law 2004.
      Supplementary Prospectus a document containing such information as prescribed by the Offered Securities Rules.
      Takeover takeover and merger transactions however effected, including schemes of arrangements which have similar commercial effect to takeovers and mergers, partial bids, bid by a parent company for shares in its subsidiary and (where appropriate) share repurchases by general bid.