§Preamble
The Chairman of the Authority’s Board of Directors’ Resolution NO.
(27/R.M) of 2019
on amending the Chairman of the Authority’s Board of Directors’
Resolution No. (11 R/M) of 2016
concerning the Regulations for Offering and Issuing Shares of Public
Joint- Stock Companies
The Chairman of the Securities and Commodities Authority,
Having considered;
The Federal Law No. (2) of 2015 Concerning Commercial Companies;
Federal Law No. (4) of 2000 Concerning the Emirates Securities and Commodities Authority and Market; as amended,
Federal Decree No. (130) of 2017 Concerning the Composition of UAE Cabinet,
The Cabinet Resolution No. (13) of 2000 concerning the Regulations as to the Functioning of the Securities and Commodities Authority, as amended;
The Cabinet Resolution No. (12) of 2000 Concerning the Regulation as to the Listing of Securities and Commodities, as amended;
The Cabinet Resolution No. (14/8W) of 2017 Concerning the Restructuring of the Securities and Commodities Authority Board;
The Chairman of the Authority’s Board of Directors’ Resolution No. (11 R/M) of 2016 Concerning the Regulation for Offering and Issuing Shares of Public Joint-Stock Companies.
Based on the Authority’s Board of Directors approval in its 10th meeting of the 6th term in the session held on 20/06/2019,
Based on what is required for the general interest.
Has resolved:
§Article 1 — The definition of (Appraiser of In-kind Shares) stipulated in Article
1, of the said Chairman of the Authority’s Board of Directors’ Resolution No. (11 R/M) of 2016 shall be amended to read as follows: “The entity approved by the Authority to perform the tasks of appraising the in-kind contributions of the Issuing Company in accordance with provisions of this Resolution”.
§Article 2 — Article (26) of the above-mentioned Chairman of the Authority’s
Board of Directors’ Resolution No. (11 R/M) of 2016 shall be amended to read as follows:-
First: To be approved by Authority; appraiser of in-kind shares must meet the conditions below:
1- It shall be in one of the following forms:
a- A company incorporated in the State in accordance with Commercial Companies Law.
b- A global expert house licensed in its incorporation State to appraise the in-kind contributions.
2- It shall have a license or approval from the authority concerned with appraisal.
3- It shall have an experience of not less than (5) years in appraisal field and not less than (3) years in the field of appraisal of the asset provided as in- kind contribution . Second: The appraiser shall not, if being the auditor of the Issuing Company or Financial Advisor contracting with the Issuing Company, appraise the in-kind contributions of the same company.
§Article 3
This Resolution shall be published in the Official Gazette and shall come into effect as from the day following the date of its publication.
Eng. Sultan Bin Saeed Al Mansoori Chairman of Board of Directors
Issued in Abu Dhabi on 01/09/2019
← Record: Amendment 27/Chairman of 2019 to Public Offering of Shares RegulationsText reproduced from the official publication for reference. Formatting, numbering and footnotes may differ from the original and the official text prevails. Arabic is the authoritative language of UAE federal and emirate legislation. Cross-reference links are generated automatically and cover only instruments held in this library.