UAE Capital Market Regulation Law

Article 33 — Article (33) The Issuer and the Foreign Issuer

1. The Issuer and the Foreign Issuer shall comply with the following: a. To submit to the Authority, where the Security or Foreign Security is not listed on the Market, or to the Market, where the same is listed thereon, any documents, data, financial reports, information, or any other reports, and each of them shall determine, as applicable, the mechanism and deadlines for submission thereof, the Persons authorized to sign the same, and the sanctions applicable for non-compliance. b. To comply with all disclosure requirements issued by the Authority, where the Security or Foreign Security is unlisted on the Market, or by the Market, where the same is listed thereon, as applicable, and to ensure the clarity of the required disclosures, their compliance with the applicable controls, and that they accurately reflect the facts they purport to represent. c. To provide the owner of the Security or Foreign Security, upon request, with the financial reports or data. d. To notify the Authority, where the Security or Foreign Security is unlisted on the Market, or to notify the Market, where the same is listed thereon, of any Material Information, as applicable, and to provide and publish clarifications concerning any information or rumors that may affect the price of the Security or Foreign Security, the volume or movement of its trading, or the investor’s decision, in a manner that ensures the protection of investors’ rights and the integrity of dealings. e. To publish any explanatory information relating to its status and activities in a manner that ensures the integrity of dealings and the confidence of investors, whenever so requested. 2. The Issuer and the Foreign Issuer may refrain from disclosing or publishing any clarification concerning any information or rumor relating to their status or activities where they have reasonable grounds, subject to the Authority’s assessment, to believe that disclosure thereof would cause substantial harm to their interests, provided that a written and justified request is submitted to the Authority, where the Security or Foreign Security is unlisted on the Market, or to the Market, where the same is listed thereon. The Authority or the Market, as applicable, may approve the request under appropriate conditions, reject the same while obligating the Issuer or Foreign Issuer to disclose, or amend or revoke the approval or rejection where circumstances so require. The Market shall notify the Authority of any request submitted by the Issuer or Foreign Issuer immediately upon receipt thereof, and of any decisions or measures taken in that regard immediately upon issuance. 3. The Issuer, the Foreign Issuer, and the members of their Board of Directors and Executive Management are prohibited from providing any misleading or false information. 4. The Authority, where the Security or Foreign Security is unlisted on the Market, or the Market, where the same is listed thereon, as applicable, shall establish the necessary controls to regulate disclosure by investors, the Issuer, and the Foreign Issuer of information, data, and ownership percentages in Securities and Foreign Securities. 5. The Authority, where the Security or Foreign Security is unlisted on the Market, or the Market, where the same is listed thereon, as applicable, shall have the right to publish any information, documents, or financial reports disclosed by the Issuer through any appropriate means.

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