CMA Decision No. 3/R of 2001 · UAE Federal
Board regulations on the functioning of the market, now listed by the CMA among superseded regulations.
Decision No. 3/R of 2001 contained the Authority's regulations on the functioning of the UAE securities markets: how a market is licensed and run, who must be a member, how brokers are admitted and disciplined, how securities are admitted, and how trading, investor numbering and settlement work. It was issued on 29 April 2001 and took effect on publication in the Official Gazette (Article 41). It was amended by Decision No. 35/R of 2008 (arbitration), Decision No. 1 of 2015 (investor numbers) and, in 2023, by Decisions No. 16/Chairman (omnibus accounts) and No. 20/Chairman (registration of market approvals, effective 1 April 2023). The CMA now lists it among superseded regulations, so it should not be relied on as the current rule.
Its main provisions were: no market could operate without an Authority licence (Article 2); market transactions in listed securities were void unless recorded (Article 7), and market records were evidence of trades and ownership (Article 8). Entities approved by a market to provide services had to register that approval with the Authority within five working days, on pain of a warning or a fine of up to AED 100,000 (Article 9 bis). Membership was compulsory for licensed brokers and listed issuers (Article 13). Brokers needed an Authority licence before a market could admit them (Articles 19 and 20) and faced market penalties of up to AED 100,000, guarantee calls or a week's suspension, with appeal within 30 days (Article 24). The market could refuse a listing even after Authority consent (Article 26). Each investor received a unique investor number linked to a bank account for dividends (Article 35), and settlement was delivery against payment no later than the second working day after the trade (Article 36).
Historically: licensed UAE securities markets, their boards and management, brokers and broker representatives, listed companies and issuers, entities approved by markets to provide services, and investors trading on the markets.
English official text in 41 articles. Open the full text or jump to a provision:
| Article 7 | All transactions in listed securities had to be entered in the market's records; unrecorded transactions were null and void. |
| Article 9 bis | Added in 2023: entities approved by a market had to register, renew and cancel that approval with the Authority within five working days, on pain of a warning or a fine up to AED 100,000. |
| Article 13 | Market membership was compulsory for licensed brokers, joint stock companies with listed securities and any other entity with listed securities. |
| Article 24 | Market board penalties on brokers: warning, fine up to AED 100,000, guarantee encashment or one-week suspension, with recommendation of removal; appeal within 30 days. |
| Article 35 | Each investor was assigned a unique investor number and dividend bank account before trading, and one trading account per broker; joint accounts allowed since 2023. |
| Article 36 | Clearing and settlement on delivery against payment, completed no later than the end of the second working day after the trade. |
Article 9 bis allowed a warning or a fine of up to AED 100,000 for failing to register, renew or cancel a market approval with the Authority. Under Article 24 a market board could warn a broker, fine it up to AED 100,000, call its bank guarantee or suspend it for up to one week.
This regulation still explains features our clients meet when they invest through UAE markets, such as the investor number, the dividend account declaration and the T+2 settlement cycle, and it appears in older brokerage and custody agreements. Because the CMA now lists it as superseded, we check the market's current rulebook and the CMA's current regulations before relying on any of its provisions, and coordinate with the client's licensed broker.
| Amended by | Decision No. 35/R of 2008; Decision No. 1 of 2015; Decision No. 16/Chairman of 2023; Decision No. 20/Chairman of 2023 |
| Cites | 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.
Market Licensing and Supervision Regulations
Cabinet regulations requiring every securities and commodities market to be licensed by the Authority, setting the licensing conditions (local public establishment, elect…
Former Trading, Clearing, Settlement and Custody Regulations
Board regulations on trading, clearing, settlement, transfer of ownership and custody of securities, amended many times and now listed by the CMA among superseded regulat…
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…
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…
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, …
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…
Whether you are establishing a new venture, restructuring an existing enterprise, or exploring residency pathways — we are here to advise.
Arrange a Consultation →