Cabinet Resolution No. 15 of 2004 · UAE Federal
Amending instrument that changes the Market Licensing and Supervision Regulations (Cabinet Resolution No. 11 of 2000). The CMA has consolidated its changes into the current text of the amended regulation and keeps this instrument in its archive of amending regulations.
Cabinet Resolution No. 15 of 2004 added one article, Article 19 bis, to the Market Licensing and Supervision Regulations (Cabinet Resolution No. 11 of 2000). It gives the Authority's board a graded set of sanctions against a licensed securities market that fails to pay the amounts it owes the Authority. The resolution was issued on the proposal of the Minister of Economy and Commerce as chairman of the Securities and Commodities Authority's board and took effect on publication in the Official Gazette (Article 2). The CMA publishes it only in Arabic and has consolidated the new article into its English text of the 2000 regulations, where Article 19 bis carries a footnote to this resolution.
Under the new Article 19 bis the board applies the sanctions in order: first, a warning to the market setting out the financial breach; second, a notice to remedy the breach within 30 days of the notice; third, a late-payment fine of 1% of the amount due for the first month, 2% for the second month and 5% for the period after the second month, a part month counting as a full month; and fourth, temporary suspension of the market's operations if the breach continues, or referral of the matter to the board to act as it sees fit. The CMA's English consolidation renders the third step as 5% for each month following the second month. The resolution changes nothing else in the 2000 regulations, which remain in force as amended.
Securities and commodities markets licensed in the UAE by the Capital Market Authority (formerly the Securities and Commodities Authority) that owe it fees or other amounts, and the Authority's board when enforcing payment.
Arabic original text in 1 passages. Open the full text or jump to a provision:
| Article 1 | Adds Article 19 bis to Cabinet Resolution No. 11 of 2000: graded sanctions for a market that does not pay amounts due to the Authority, from warning and 30-day notice to late fines of 1%, 2% and 5% and temporary suspension. |
| Article 2 | The resolution is published in the Official Gazette and takes effect from the date of its publication. |
Late-payment fine on a market of 1% of the amount due for the first month, 2% for the second month and 5% for the period after the second month, a part month counting as a full month, after a warning and a 30-day notice; continued default can lead to temporary suspension of the market or referral to the board.
This amendment concerns the relationship between the regulator and the exchanges themselves, not companies or investors, so it rarely touches our clients directly. We cite it when tracing the history of the Market Licensing and Supervision Regulations, for example in a legal opinion that has to state which version of the rules applied at a given date. Polaris is not licensed by the CMA; for any question about a market's obligations we refer clients to their licensed advisers.
| Amends | Cabinet Resolution No. 11 of 2000 |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
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