The Abu Dhabi Securities Exchange (ADX) announced the prohibition period for insider listed companies will take effect on Friday, 17th March 2023, in compliance with the applicable regulations and rules.

ADX called on listed companies and brokerage companies to implement the ban until the announcement of the financial statements for the first quarter (Q1) of 2023.

ADX stated that the decision has been taken in accordance with the Article 14 of the Securities and Commodities Authorities' Decision 1 for the year 2001 on the regulations of trading, clearing and settlement services, transfer of ownership and custody of securities.

According to Article 14, it shall not be permitted for a chairperson, members of the board of directors of a company, any of the employees who has access to insider information to trade, whether by themselves or through others in the securities of the same company or its parent company, subsidiary, affiliate or allied company if any of those companies were listed on the market, during a period of 15 days before disclosing the financial statements of the company and until they are disclosed.