CMA Decision No. 14/Chairman of 2024 · UAE Federal
Amending instrument recorded in the amendment notes of the Regulations Manual of the Financial Activities (Rulebook) (CMA Decision No. 13/Chairman of 2021). The CMA has consolidated its changes into that text and keeps this instrument in its archive of amending regulations.
Chairman's Resolution No. (14/Chairman) of 2024 amended the ownership and control rules in the Regulations Manual of the Financial Activities (the Rulebook). The amendment notes in the CMA's consolidated Rulebook record it as issued on 29 April 2024 and in force on 1 June 2024. The CMA lists the instrument in its archive of amending regulations but does not publish its text.
According to the notes, it amended Clause 2 and deleted Clauses 3 and 5 of paragraph First of Article 6 (Memorandum of Association and Ownership) in Section Two, Chapter 5. As the consolidated text now reads, a licensed entity must obtain the Authority's approval before it reaches the control limit set by the Authority over a company licensed by a similar regulator or over any other company not licensed by the Authority or a similar regulator (a licensed entity that is a joint stock company or is licensed for credit rating is excluded from this requirement), and before it becomes controlled by any person under that control limit.
The control limit and the approval conditions are set in Administrative Resolution No. (48/CEO) of 2023, whose Article 3 was replaced by Administrative Resolution No. (29/CEO) of 2024 with effect from the same date; that text defines control to include holding stakes or shares carrying 30% or more of the voting rights. The consolidated Rulebook is the text to apply; this record dates the June 2024 change.
CMA-licensed firms taking a controlling interest in another company, persons acquiring control of a CMA-licensed firm, and the shareholders and groups that own licensed firms.
This is the clause we check whenever a client buys into, sells or restructures a group that contains a CMA-licensed company. We work out whether the change crosses the 30% control limit, sequence the transaction so that CMA approval comes before the share transfer, and update the registers, UBO filings and constitutional documents once approval is given. The approval application is made by the licensed firm with its licensed advisers, whom we coordinate with; we are not licensed by the CMA.
| Amends | CMA Decision No. 13/Chairman of 2021 |
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