SCA amends disclosure, transparency systems

ABU DHABI, The Securities and Commodities Authority, SCA, has issued a resolution to amend the definition of “related group” mentioned in Article No. 01 of the Board of Director’s Resolution No. 03 of 2000 on its disclosure and transparency system.

According to the amendment, the definition of “related group” includes people who have agreed or arranged to own, influence or control, whether directly or indirectly, over 30 percent of securities.

The definition also includes ordinary individuals, their minor dependents, and those influenced directly or indirectly via the ownership of over 30 percent of capital, as well as their relatives up to the second degree, as long as it is not proven that there are no prior agreements or arrangements to own, influence or control, directly or indirectly, over 30 percent of securities.

“While calculating the properties of the related group, the securities registered in consolidated accounts and other forms of ownership, directly or indirectly controlled and owned by the person and their dependents, and influenced and controlled legal persons by anyone with over 30 percent of capital, are taken into account,” the resolution states.

According to the second article of the resolution, “control” is also defined in Article No. 01 of the resolution.

Source: Emirates News Agency