Cabinet Resolution No. 113 of 2022 · UAE Federal
Cabinet resolution allowing publication of violations by listed companies, their directors and managers, market dealers and CMA licensees, setting approval powers, publication mechanism, suspension and cancellation of publication.
Cabinet Resolution No. 113 of 2022 allows the Authority (now the Capital Market Authority, CMA) and the licensed markets to publish violations, and the names of those who commit them, where the penalty is serious and final. It applies to listed companies, their directors and managers, market dealers and CMA-licensed entities, for breaches of the securities law, the Commercial Companies Law and any rule the Authority or a market applies (Article 3). It was issued on 7 December 2022 and took effect the day after Official Gazette publication (Article 11; the index records 16 December 2022). It is in force without amendment.
Article 2 states its aims: a publication framework, investor protection and keeping violators from damaging the investment environment. Under Article 4 the Authority's Board, or its delegate, decides on publication with the Chairman's approval; a market's board may publish violations of its own operating rules with the Authority Board's approval.
Article 5 limits publication to cases where the penalty is a fine above AED 50,000, a temporary suspension of activity or trading, cancellation of a licence, suspension or cancellation of an employee's accreditation, or suspension or delisting of a security. The grievance period must also have expired without a grievance, or the grievance must have been dismissed, and any referral to the Public Prosecution must be completed. Article 6 sets the content: the violation, the violator, the penalty and the decision date. The name may be omitted where the case has been referred to the prosecutor, where it is a first violation (unless the penalty is licence cancellation or the breach threatens market stability), or where the Board decides so in the public interest.
Article 7 requires publication on the websites of the Authority and the market for at least 30 days, which may be extended if the violation is not rectified, together with newspapers, social media, market websites or other approved means. Article 8 lets the Board suspend or cancel a publication decision, and Article 9 allows press notices when investigations into serious violations begin.
Federal Decree-Law No. 33 of 2025, in force from 1 January 2026, separately allows courts to order publication of criminal convictions and the CMA to publish summaries of final criminal judgments (Article 73).
Companies with securities listed on a UAE market, their board members and managers, dealers in the market, and entities licensed by the CMA, where they incur qualifying administrative penalties under the securities, companies or market legislation.
English official text in 11 articles. Open the full text or jump to a provision:
| Article 3 | Applies to violations by listed companies, their directors and managers, market dealers and CMA-licensed entities of the securities law, the Commercial Companies Law and any legislation, rules or circulars applied by the Authority and markets. |
| Article 4 | The Authority's Board or its delegate may publish qualifying violations with the Chairman's approval; a market board may publish breaches of its own rules after the Authority Board approves. |
| Article 5 | Publication only where the penalty is a fine above AED 50,000, suspension of activity or trading, licence cancellation, accreditation suspension or cancellation, or delisting, and after grievance rights are exhausted or lapse. |
| Article 6 | Publication names the violation, violator, penalty and decision date; the name may be withheld for prosecution referrals, most first violations, or by Board decision in the public interest. |
| Article 7 | Published on the Authority's and market's websites for at least 30 days, extendable if unrectified, plus newspapers, social media, market websites or other approved means. |
| Article 8 | The Board or its delegate may suspend or cancel a publication decision on public interest grounds. |
| Article 9 | The Board may issue notices or press releases when investigations into serious violations begin, where it considers appropriate. |
| Article 11 | Published in the Official Gazette and in force the day after publication. |
The resolution creates no new fine; publication is a reputational consequence attached to final administrative penalties of a fine above AED 50,000, suspension, licence or accreditation cancellation, or delisting, under Article 5. Publication lasts at least 30 days and may be extended where the violation is not rectified.
For listed companies and CMA-licensed firms we administer, this resolution changes the arithmetic of a regulatory fine: above AED 50,000 the name can go on the CMA and market websites, which banks, counterparties and later licence reviewers will see. We are not licensed by the CMA and do not defend enforcement cases; when a client receives a penalty decision we diarise the grievance deadline, gather the corporate records and board minutes needed for the response, coordinate with the client's lawyer, and afterwards update the compliance and due diligence files that banks and other regulators ask for.
| Cites | Commercial Companies Law · Former SCA Law |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
Grievances Regulation
Administrative resolution regulating grievances against resolutions relating to capital market transactions, including the grievance committee and its procedure.
Capital Markets Law
Regulates the onshore capital market from 1 January 2026: financial activities subject to CMA licensing, capital market institutions, offering and listing of securities, …
Regulations Manual of the Financial Activities (Rulebook)
Issues the Regulations Manual of the Financial Activities (the CMA rulebook): licensing categories and requirements for financial activities, approved jobs, business cond…
Commercial Companies Law
The principal law for onshore UAE companies: it sets out the permitted legal forms (joint liability, limited partnership, LLC, private and public joint stock), incorporat…
Commercial Companies Law Penalties
Sets the schedule of administrative penalties for breaches of the Commercial Companies Law and its implementing decisions, escalating from written warning to fines, tempo…
Former SCA Law
Former federal law establishing the Emirates Securities and Commodities Authority and Market and regulating licensing, listing, trading and disclosure in the securities m…
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