Securities and Commodities Authority wants to protect investors and enhance the principles of sound and fair practices and to improve the efficiency of UAE capital markets
Wednesday, Apr 19, 2017
Abu Dhabi: The Securities and Commodities Authority (SCA) has said that it will disclose the names of those who violate its provisions in line with SCA Board Chairman’s Decision No. 30 for 2016.
A source at the SCA said in order to protect investors and enhance the principles of sound and fair practices and to improve the efficiency of UAE capital markets, the SCA will start disclosing, on its electronic website, names of the violators of its provisions.
A thorough investigation will be conducted and maximum caution will be exercised before releasing names of potential violators in order to ensure fair and equitable treatment and full protection and security for investors for the greater good of UAE stock markets.
Under the terms of the decision, names and job titles of potential violators will be released along with a briefing on the type of infringements committed and the penalty enforced.
A violator will be granted a grace period to appeal against the decision during which his/her name will not be released, but disclosure can take place after the expiry of the grace period or after a declaration of the final verdict by the board of the appeals.
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