§Preamble
The Chairman of the Authority's Board of Directors’ Decision No.
(35/ R.M) of 2019 Concerning Financial Reports on Activities Licensed by the Authority
The Chairman of the Securities and Commodities Authority, having considered,
- The Federal Law No. (4) of 2000 concerning the Emirates
Securities and Commodities Authority and Market, as amended;
- The Cabinet Resolution No. (13) of 2000 concerning the
Regulation of Functioning of the Securities and Commodities
Authority, as amended;
- The Cabinet Resolution No. (14/8W) of 2017 concerning the
Restructuring of the Securities and Commodities Authority's
Board of Directors;
- The Authority's Board of Directors’ Decision No. (157/ R) of 2005
concerning the Regulations as to Listing and Trading of
Commodities and Commodities Contracts;
- The Authority's Board of Directors’ Decision No. (48/ R) of 2008
concerning the Financial consultancy and Financial Analysis;
- The Chairman of the Authority's Board of Directors’ Decision
No. (29/ R) of 2009 concerning the Regulation of Securities
Custody Activity;
- The Authority's Board of Directors’ Decision No. (1) of 2014
concerning the Regulation for Investment Management;
- The Authority's Board of Directors’ Decision No. (27) of 2014
concerning the Regulations as to Brokerage in Securities;
- The Authority's Board of Directors’ Decision No. (11) of 2015
concerning the Regulations of Clearing Operations in
Commodities Market;
- The Chairman of Authority's Board of Directors’ Decision No. (9/
R.M) of 2016 concerning the Regulations as to Investment Funds;
- The Chairman of the Authority’s Board of Directors’ Decision
No. (22/ R.M) of 2016 concerning the Regulation of Central
Cleaning Party (CCP) Business;
- The Chairman of the Authority’s Board of Directors’ Decision
No. (3/ R.M) of 2017 concerning the Organization of Promotion
and Introduction;
- The Chairman of the Authority’s Board of Directors’ Decision
No. (4/ R.M) of 2017 concerning the Regulation of the Activity of
Administrative Services for Investment Funds;
- The Chairman of the Authority's Board of Directors’ Decision
No. (18/ R.M) of 2018 concerning the Regulations as to Licensing
Credit Rating Agencies;
- The Chairman of the Authority’s Board of Directors’ Decision
No. (19/ R.M) of 2018 concerning the Regulation of the Central
Depository Activity;
- Based on the approval of the Authority's Board of Directors in
11th meeting of the 6th term convened on 16/09/2019 A.D; and
- According to the public interest,
Has Decided:
§Article 1
The financial reports obligation for all activities licensed by the Authority shall be amended as follows:
Article (3- 11) of the Authority's Board of Directors Decision No.
(157/ R) of 2005 concerning the Regulations as to Listing and
Trading of Commodities and Commodities Contracts:
A. Interim financial reports (quarterly reports) reviewed by the
within (three months) from the end of fiscal year and signed by
the authorized signatory in the Company's Memorandum of
Association.
C. Interim reports (quarterly reports) within (45) days from the
from the end of fiscal year, which include the Company's
form designed by the Authority. Such reports shall be signed
licensed by the Authority for more than an activity or if the
licensee is a local or foreign bank, branch of a foreign bank or a
finance company.
D. Local and foreign banks, branches of the foreign banks and
finance companies shall be excluded from reports required in
paragraphs (A & B) of this Clause.
E. Any financial statements or other reports required by the
Article (9) of the Authority's Board of Directors Decision No. (48/
R) of 2008 concerning the Financial Consultancy and Financial
Analysis:
First \ (11) Provide the Authority with the following reports:
A. An annual financial report audited by the external auditor
within (three months) from the end of fiscal year and signed by
the authorized signatory in the Company's Memorandum of
Association.
B. Interim reports (quarterly reports) within (45) days from the
from the end of fiscal year, which include the Company's
licensed by the Authority for more than an activity or if the
licensee is a local bank.
C. Local banks shall be excluded from reports required in the
paragraph (A) of this Clause.
D. Any financial statements or other reports required by the
Article (7) of the Authority's Board of Directors’ Decisions No.
(29/R) of 2009 concerning the Regulation of Securities Custody
Activity
13. To provide the Authority with the following reports:
A. An annual internal Compliance Report within (three months)
from the end of the fiscal year, using the form designated by
the Authority. The report shall show the extent of compliance,
and confirm the effectiveness of the internal control system of
the Custodian.
B. Interim financial reports (quarterly reports) reviewed by the
C. An annual financial report audited by the external auditor
within (three months) from the end of fiscal year and signed by
the authorized signatory in the Company's Memorandum of
Association.
D. Interim reports (quarterly reports) within (45) days from the
from the end of fiscal year, which include the Company's
licensed by the Authority for more than an activity or if the
licensee is a local or foreign bank, branch of a foreign bank.
E. Local and foreign banks, branches of the foreign banks shall be
excluded from reports required in paragraphs (B & C) of this
Clause.
F. Any financial statements or other reports required by the
Article (11) of the Authority's Board of Directors’ Decision No. (1)
of 2014 Concerning the Regulation for Investment Management
A. Interim financial reports (quarterly reports) reviewed by the
C. ( Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity or if the
licensee is a local bank or branch of a foreign bank.
D. Local banks and branches of the foreign banks shall be
excluded from reports required in paragraphs (A & B) of this
Clause.
E. Periodic reports about the company’s activities including the
volume of funds managed with the knowledge of the company
as well as the number, names and volume of investments and
company clients' transactions in addition to money turnover
and the statement of the distribution of funds managed on
different investment tools and markets.
F. Periodic reports on the distribution of its transactions with
service providers dealt with including brokerage firms, banks
and the parties offering the service of custody for the assets
managed with its knowledge.
G. Periodic reports or upon request regarding accounts
segregation.
H. Any other financial statements and reports requested by the
Article (17) of the Authority's Board of Directors’ Decision No.
(27/R) of 2014 Concerning Brokerage in Securities
A. Monthly reports regarding transactions in Securities made for
each member of the company’s board of directors, director, the
company employees, affiliated companies, or any other
transactions that the Authority requests to include in these
reports. These reports must be submitted to the Authority
within five (5) working days from the end of the month. A copy
of these reports must be provided to the Market.
B. Interim financial reports (quarterly reports) reviewed by the
C. An annual financial report audited by the external auditor
D. ( Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity.
E. Periodic reports and upon request regarding the accounts
segregation.
F. Any other financial statements and reports requested by the
Article (10) of the Authority’s Board of Directors’ Decision No. (11)
of 2015 Regulations of Clearing Operations in Commodities
Market:
9. Provide the Authority with the following reports and documents:
A. Interim financial reports (quarterly reports) reviewed by the
C. Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity or if the
licensee is a local bank.
D. Local banks shall be excluded from reports required in the
paragraphs (A & B) of this Clause.
E. Minutes of meeting of the Board and its Committees.
F. A periodic and updated report on the equity percentage of
shareholders or clearing members who hold more than 10% of
the capital of the clearing company.
G. The details of any reciprocal operating agreements with other
clearing organizations.
H. Any other financial statements or reports requested by the
Article (16) of the Chairman of the Authority’s Board of Directors’
Decision No. (22/ R.M) of 2016 Concerning the Regulation of the
Central Clearing Party (CCP) Business.
8. Provide the Authority with the following reports and data:
A. Interim financial reports (quarterly reports) reviewed by the
C. Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity.
D. Minutes of meeting of the Board of Directors and its
committees.
E. A periodic and updated report on the equity percentage of
shareholders or clearing members who hold more than 10% of
the capital of the Central Clearing Party.
F. Any other financial statements or reports requested by the
Article (8) of the Chairman of the Authority’s Board of Directors’
Decision No. (3/ R.M) of 2017 Concerning the Organization of
Promotion and Introduction
A. Interim financial reports (Bi-annual reports) reviewed by the
external auditor within (45) days from the end of the prescribed
period and signed by the authorized signatory in the
Company's Memorandum of Association.
C. Interim periodic reports (quarterly reports) within (45) days
from the end of the quarter and an annual report within (three
months) from the end of fiscal year, which include the
Company's profits, losses and business related to the activity,
using the form designated by the Authority. Such reports shall
be signed by the director in charge of the activity if the
Company is licensed by the Authority for more than an activity
or if the licensee is a local Bank or a branch of a foreign bank.
D. Local banks and branches of the foreign banks shall be
excluded from reports required in paragraphs (A & B) of this
Clause.
E. Any other financial statements or reports required by the
Article (7) of the Chairman of the Authority's Board of Directors'
Decision No. (4/ R.M) of 2017 Concerning the Regulation of the
Activity of Administrative services for Investment Funds:
A. Interim financial reports (quarterly reports) reviewed by the
C. ( Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity or the
licensee is a local bank or branch of a foreign bank.
D. Local banks and branches of the foreign banks shall be
excluded from reports required in paragraphs (A & B) of this
Clause.
E. Monthly reports on the securities transactions of the members
of the Company's Board of Directors or director and its staff, or
subsidiaries, and any other transactions as required by the
Authority to be included in such reports, within (5) working
days from the end of the month.
F. Any other financial statements or reports required by the
Article (8) of the Chairman of the Authority’s Board of Directors’
Decision No. (18/ R.M) of 2018 Concerning the Regulations as to
Licensing Credit Rating Agencies:
A. Interim financial reports (quarterly reports) reviewed by the
C. Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity or the
licensee is a local bank or branch of a foreign bank.
D. Local banks and branches of the foreign banks shall be
excluded from reports required in paragraphs (A & B) of this
Clause.
E. Any other financial statements or reports required by the
Article (10) of the Chairman of the Authority Board of Directors’
Decision No. (19/ R.M) of 2018 Concerning the Regulation of the
Central Depository Activity:
10. Provide the Authority with the following reports and data:
A. Interim financial reports (quarterly reports) reviewed by the
C. (Interim reports (quarterly reports) within (45) days from the
licensed by the Authority for more than an activity.
D. A periodical and updated report on the equity percentages of
the shareholders who holds more than (5%) of the capital of the
Depository Centre.
E. Any other financial statements or reports required by the