1. The provisions of this Decree by Law shall apply to the following: a. Financial Products when dealt in within the State. b. Financial Activities when carried out within the State, or by any Person in the Free Zone, whether conducted within or outside such Free Zone, in accordance with the provisions of this Decree by Law and the Relevant Legislation. c. Licensed Persons, approved persons, the Issuer, and the Foreign Issuer when dealing within the State, Investment Funds, and any Person related thereto, in accordance with the provisions of this Decree by Law and the Relevant Legislation. d. Any Person who targets, through its activity, clients within the State, even if such activity is carried out from outside the State or from a Financial Free Zone, provided that such activity is subject to the provisions of this Decree by Law and the Relevant Legislation. e. Any Person who has carried out its activity, invested, or conducted transactions subject to the provisions of this Decree by Law and the Relevant Legislation. 2. Securities issued by the Federal Government, Local Governments, or by any companies or legal Persons wholly owned by any of them, shall be exempt from the application of the provisions of this Decree by Law, unless such Securities are offered to the public or listed on the Market or trading platforms. 3. Investment Funds owned by the Federal Government, a Local Government, or by any companies or legal Persons wholly owned by any of them, shall be exempt from the application of the provisions of this Decree by Law, unless such funds are offered to the public or listed on the Market or trading platforms. 4. The provisions of this Decree by Law shall not apply to the following: a. Financial Activities licensed by the Central Bank. b. The Central Depository, and clearing and settlement systems established or operated by the Central Bank. c. Persons licensed by the Central Bank, except to the extent of their issuance of Securities or their engagement in the Financial Activities specified in Article (3) of this Decree by Law. d. Financial Free Zones.
Interpretation and application must be checked against the official text and current version.