CMA Decision No. 4/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. (04/Chairman) of 2024 amended the rules on brokers subscribing to offerings on behalf of clients in the Regulations Manual of the Financial Activities (the Rulebook). The CMA lists it in its archive of amending regulations but does not publish its text. The amendment note in the CMA's consolidated Rulebook records it as enforced on 11/1/2024, that is 11 January 2024.
The note attributes one change to it: the exception at the end of paragraph Sixth (Subscribing on behalf of the client) of Article 1 (Brokers) in Section Three, Chapter Five. As the consolidated text reads, a trading broker and a trading and clearing broker may subscribe on behalf of clients inside the State, and a trading broker in international markets may subscribe on behalf of clients outside the State, provided each signs an agreement with the client in Arabic or in Arabic and English setting out the terms, conditions and limits of subscription. The exception added by this resolution allows that agreement to be signed in English only with a foreign client acting on behalf of its own clients.
The consolidated Rulebook is the text to apply.
CMA-licensed trading brokers and trading and clearing brokers that subscribe to offerings on behalf of clients, and foreign clients that subscribe on behalf of their own clients.
Foreign intermediaries investing in UAE offerings through a local broker sometimes ask us about language and documentation requirements. We explain when an English-only subscription agreement is permitted, keep the client's corporate authorities and signatory documents ready for the broker's onboarding, and coordinate with the broker's compliance team. We are not licensed by the CMA and do not act as broker.
| Amends | CMA Decision No. 13/Chairman of 2021 |
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