CMA Decision No. 14/Chairman of 2023 · UAE Federal
Recognises the “Trust Certificate – Gold Product” as a foreign security that may be listed and traded on the financial markets licensed in the State.
Decision No. 14/Chairman of 2023 is a two-article recognition decision: it classifies the "Trust Certificate – Gold Product" as a foreign security that may be listed and traded on the financial markets licensed in the UAE. Its practical effect is that the product is handled as a security, through the securities listing and trading rules, rather than as a commodity contract.
Article 1 approves the recognition and conditions it on the applicable regulations: the product may be listed and traded "in accordance with the applicable regulations in this regard". Recognition therefore does not itself list anything. A market still has to admit the certificate under the listing rules, and trading still runs through licensed brokers on a licensed market. The decision does not name an issuer, a sponsor or a particular market, and sets no disclosure, custody or fee rules of its own.
Article 2 brings the decision into force on its date of issue, 24 February 2023, with publication in the Official Gazette. The preamble records the legal bases relied on (Federal Law No. 4 of 2000, Cabinet Resolution No. 12 of 2000 on the listing of securities and commodities, Cabinet Resolution No. 13 of 2000 on the functioning of the Authority, and Board Decision No. 3/R of 2001 on the functioning of the market) and the Board's approval at its sixth meeting of the eighth round on 14 December 2022.
Status: in force without amendment. Several of the instruments in its preamble have since been repealed or superseded, including Federal Law No. 4 of 2000 from 1 January 2026; Article 27(4) of Federal Decree-Law No. 32 of 2025 keeps earlier CMA resolutions in force so far as they do not conflict with the new capital market laws.
UAE licensed securities markets considering listing the Trust Certificate – Gold Product, the brokers who deal in it, and investors and companies (including holding vehicles) buying or holding the certificate through a UAE market.
English official text in 1 passages. Open the full text or jump to a provision:
| Preamble | Legal bases: Federal Law No. 4 of 2000, Cabinet Resolution No. 12 of 2000 on listing, Cabinet Resolution No. 13 of 2000 and Board Decision No. 3/R of 2001 on the functioning of the market. |
| Preamble | Records the approval of the Authority's Board at its sixth meeting of the eighth round, held on 14 December 2022. |
| Article 1 | Approves recognition of the "Trust Certificate – Gold Product" as a foreign security that may be listed and traded on the financial markets licensed in the State. |
| Article 1 | Listing and trading remain subject to the applicable regulations; the decision does not itself admit the product to any market or create separate rules for it. |
| Article 2 | In force from the date of issue, 24 February 2023, and to be published in the Official Gazette. |
This decision matters when a client's holding company or family vehicle wants gold exposure through a UAE-listed instrument rather than physical bullion. Because the certificate is recognised as a security, it is bought and held through a broker account on a licensed market, and it sits in the entity's accounts and tax computations as a financial investment. We are not licensed by the CMA and do not advise on the investment itself; we set up and administer the investing entity, prepare the board resolutions and signatory mandates the broker's onboarding needs, and keep the UBO, AML and accounting records consistent with what the broker and auditor will ask for.
| Cites | Former Listing of Securities Regulations · 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.
Former Listing of Securities Regulations
Cabinet regulations on the listing of securities and commodities on licensed markets, now listed by the CMA among superseded regulations.
Former Market Functioning Regulations
Board regulations on the functioning of the market, now listed by the CMA among superseded regulations.
Registration of Securities for Listing
Regulates registration of securities with the Authority as a precondition for listing: registration, renewal and term, effects of registration, deregistration, fees, grie…
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, …
Capital Market Authority Law
Constitutes the Capital Market Authority as legal successor to the Securities and Commodities Authority, sets its objectives, powers, board and executive structure, keeps…
Central Depository Regulation
Regulates the central depository activity: no person may carry it on without a licence, licence term and discontinuation, the depository centre’s functions and obligation…
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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