The Emirates Securities and Commodities Authority and the Dubai International Airport Free Zone Authority “DAFZA” have signed an agreement on the supervision and supervisory cooperation between them in the field of offering and listing the shares of free zone companies in the financial markets of the United Arab Emirates.
The agreement paves the way for the offering and listing of shares in free zone companies in the United Arab Emirates Supervision of the trading and ownership of the shares of companies in the free trade zone listed on the market.
This announcement comes after launching plans to soon list shares of Dubai Water and Electricity Company on the Dubai financial market.
The agreement is part of the efforts of the two parties to allow companies operating in the free zone to offer their shares in public subscription in the country in accordance with the resolution of the Authority’s Board of Directors no. “11 / RM” of 2016 in the subject of the offer and issue system of shares in joint-stock companies and its amendments, as well as their listing on state markets authorized by the Authority in accordance with the listing rules applicable to such markets, as well as in compliance with the provisions of the bidding system that require the approval of the free zone company to offer its shares for public subscription in the country and the existence of a cooperation agreement between the authority and the register of free zone companies in supervisory and control matters according to the form prepared by the authority For this purpose.
The purpose of the joint cooperation between the two parties under this agreement is to oversee and control a range of operations and tasks, including the offering and listing of shares of free zone companies in the country and related disclosure obligations, the application of legislation relating to the issuance and offer of shares of free-zone companies in the country, and the application of legislation relating to the listing of shares of free-zone companies in state markets and the obligations of continuous information and governance , as well as the application of the legislation relating to the trading of securities, which governs their treatment, management and advice in merit.
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