Authority’s Board of Directors’ Resolution No. (48/R) of 2008 Concerning the Financial Consultancy and Financial Analysis

§Preamble

THE AUTHORITY’S BOARD OF DIRECTORS’ DECISION NO. (48/R) OF 2008 CONCERNING THE FINANCIAL CONSULTANCY AND

FINANCIAL ANALYSIS The Chairman of the Board of Directors of the Securities and Commodities Authority, Having considered Federal Law No. (10) of 1980 concerning the Central Bank, the Monetary System and the Regulation of the Banking Profession, as amended;

Federal Law No. (8) of 1984 concerning Commercial Companies, as amended; Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Market, as amended;

Council of Ministers' Resolution No. (12) of 2000 concerning the Regulation for Listing Securities and Commodities, as amended;

Council of Ministers' Resolution No. (13) of 2000 concerning the Internal By-Law of the Securities and Commodities Authority, as amended;

Council of Ministers' Resolution No. (194/15) of 2006 concerning the Restructuring of the Board of Directors of the Securities and Commodities Authority;

Authority’s Board of Directors’ Decision No. (1) of 2000 concerning the Regulation for Brokers;

The Authority’s Board of Directors’ Decision No. (3) of 2001 concerning the Internal By-Law of the Markets;

The Authority’s Board of Directors’ Decision No. (7) of 2002 concerning the Listing of Foreign Companies;

The Authority’s Board of Directors’ Decision No. (93) of 2005 concerning the Listing of Islamic Sukuk;

The Authority’s Board of Directors’ Decision No. (94) of 2005 concerning the Listing of Debt Securities;

The Authority’s Board of Directors’ Decision No. (157) of 2005 concerning the Listing and Trading of Commodities and Commodity Contracts; and Based on the presentation of the Chief Executive Officer of the Authority, Has decided to approve the following Decision concerning Financial Consultancy and Financial Analysis:

Chapter One

Definitions

§Article 1

The following words and expressions shall have the meanings assigned thereto hereunder unless the context indicates otherwise:

State:The United Arab Emirates.

Law: The Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Market, as amended.

Authority:The Securities and Commodities Authority.

Board: The board of directors of the Authority.

Chief Executive Officer:The chief executive officer of the Authority. Market: The securities and commodities market licensed by the Authority in the State.

Securities:The shares, bonds and Sukuk issued by public shareholding companies, and bills and bonds issued by the Federal Government, local governments, or public authorities or institutions, investment units issued by investment funds and any other securities or financial instruments, whether local or foreign, considered as such by the Authority.

Commodities: Agricultural crops, minerals, natural resources or any other goods traded under contracts.

Financial Consultancy:Opinions and recommendations based on economic and financial research, studies and analyses concerning feasibility and determining the anticipated current or future values of the Securities, Commodities, commodity contracts and companies to be provided to clients or published to the public in any means of publication and communication.

Financial Analysis[1]: Compiling the data and information of the company's financial statements, and examining such data and information in a detailed and accurate manner to illustrate the elements of the statements and the extent of correlation among them or show the changes that occur therein during a period or multiple periods of time, and compare them with the sector where the company operates; and then, interpret the results reached and look into the reasons thereof in order to conduct a comprehensive evaluation of the company and determine the level of its performance and therefore be able to make a decision.

Financial Planning: A comprehensive assessment of the current and future financial position of a person through the use of variables known in the present time in order to forecast the future cash flows to help the customer develop a detailed strategy or a financial plan associated with investment in securities, commodities or commodities contracts to achieve the customer’s financial

goals.[2] Licensed Company: The corporate person licensed to practice Financial Consultancy and Financial Analysis in accordance with the provisions of this Decision.

Financial Analyst: The natural person approved by the Authority to practice Financial Analysis.

Client: The person who requests services related to Financial Consultancy against a fee from a Licensed Company.

Chapter Two Financial Consultancy and Financial Analysis Companies

Section One Licensing Conditions

§Article 2

The business of Financial Consultancy and Financial Analysis shall not be practiced without a license from the Authority in accordance with the terms, conditions, requirements and procedures set forth in this Decision.

§Article 3

A register shall be established in the Authority for Licensed Companies which practice the business of Financial Consultancy and Financial Analysis which includes the names, addresses, numbers and dates of registration of such companies.

§Article 4

First: In order to obtain a license to practice the activity of Financial Consultancy and Financial Analysis the following conditions must be met:

1.The applicant shall be a corporate person established in the State in one of the forms stipulated in Federal Law No. (8) of 1984 concerning Commercial

Companies, and at least 51% of its capital is held by natural or corporate persons who enjoys the State nationality or the nationality of one of the Gulf Cooperation Council countries. [3] 2.The objectives of the company shall include practicing the business of Financial Consultancy and Financial Analysis.

3.The memorandum of association of the company shall be written in Arabic and authenticated by the relevant official authorities.

4.The paid up capital of the company shall not be less than one million Dirhams. 5.The company shall have the necessary qualified technical and administrative personnel to practice the business of Financial Consultancy and Financial Analysis.

6.The company shall have an internal control and regular audit system to ensure the proper implementation of the Law, regulations and resolutions issued pursuant to and the internal bylaws applicable by the Markets. The Authority must be informed of the names of those in charge of the internal control in the company and of reporting any violation of the Law, regulations or resolutions issued pursuant to or the internal bylaws applicable by the Markets. 7.The Licensed Company shall fulfill, on a continuous basis, all the licensing conditions and requirements. If any of the licensing conditions as set forth in this Decision are no longer satisfied, the Board may revoke the license granted to the Licensed Company.

8.The Authority may add any other requirements or conditions or may exempt any company of such requirements and conditions in accordance with the operational requirements of the Markets or the public interest.

Second: . Foreign companies licensed by similar regulatory authorities to the Authority in their own countries may practice the business of financial consultancy and financial analysis in the State, provided that such companies have at least five (5) years of experience, and they shall satisfy the conditions as set forth in clause (i) of this Article, excluding terms (1 & 3).[4]

§Article 5

A company applying for a license shall:

1.Have the necessary administrative and technical staff to practice its business. Such staff shall consist of a general manager or a chief executive officer assisted by an adequate number of accredited Financial Analysts, researchers and technicians.

2.The general manager or the chief executive officer and the accredited Financial Analysts, researchers and technicians to be appointed by the Licensed Company shall:

a.Be a natural person;

b.Have full legal capacity;

c.Exhibit good conduct and behavior and never been given a custodial sentence in any criminal proceedings against honor or breach of trust, unless rehabilitated; d.Never have been declared bankrupt by a final court judgment, unless rehabilitated;

e.Be a full time employee. This condition shall also apply to the general manager or the chief executive officer if the company is only licensed to practice the business of Financial Consultancy and Financial Analysis.

3.The academic qualifications and practical experience of the general manager, the chief executive officer and the Financial Analyst shall be as follows: a.The general manager or the chief executive officer: a university degree and at least five (5) years of experience in the fields of economics or finance. b.Financial Analyst: a university degree or a recognized professional certificate and at least three (3) years of experience in the field of Financial Analysis. 4.The Authority may exempt the general manager or the chief executive officer from the conditions related to the academic qualifications or the required years of experience.

§Article 6 — [5]

Companies operating in the Securities field may obtain a license to conduct the business of Financial Consultancy and Financial Analysis in the State in addition to their other activities subject to proper management of conflicts of interest and in accordance with the controls set by the Authority. In such case, the company shall comply with all conditions, requirements and procedures set forth in this Decision, including the addition of the capital stipulated in Item (4) of Clause (First) of Article (4) herein.

Section Two Application for License

§Article 7

1.The application for a license shall be submitted to the Authority on the form prescribed for this purpose enclosing all documents, statements and information in support of the application. The Authority may, if it deems necessary, request any other clarifications, information or documents.

2.The Authority shall issue its decision on the application within thirty (30) days from the date of submission of the completed application.

§Article 8

1.The term of the license shall be one (1) year and shall expire by the end of December of each year against a fee determined by the Authority. However, the term of the first license shall commence on the date the license is granted and expire at the end of December of the same year. The fee payable for such

license shall be collected in proportion to the term of the license, whereby a partial month shall be calculated as a whole month.

2.An application to renew the license must be submitted to the Authority by the end of November of each year. The Authority shall consider the application to renew a license on the basis of the performance and the extent of the company’s compliance with the provisions of this Decision.

Section Three The obligations of the Licensed Company and its Employees

§Article 9 — [6][7]

First: The Licensed Company and its employees shall abstain from any acts that may be detrimental to the Market, its members or traders therein. They must, in particular:

1.Comply with the Law, bylaws, regulations, the resolutions and instructions issued by the Authority and the Markets.

2.Explain to the Client in advance, and upon signing the relevant agreement between the Licensed Company and the Client, the scope of the Licensed Company's duty which is limited to only providing consultation and advice without guaranteeing any outcome.

3.At the time of signing the relevant agreement between the Licensed Company and the Client, clearly state the rights and obligations of the Client and the Licensed Company and determine the commissions and charges payable by the Client for the service.

4.Honestly and faithfully practice the business and exert the care of a prudent professional person.

5.Ensure that its employees fairly perform their duties and exercise the required care towards the interests of the Client, avoiding any conflict with the interests of the Licensed Company or the interests of any other Client.

6.Ensure that its employees comply with the applicable professional codes of conduct.

7.Keep and archive all studies and documents relating to the business of Financial Consultation and Financial Analysis and allow the Authority and the Markets to access all the information and documents related to such studies.

8.Keep the written consents in relation to the transactions mentioned in clause

(6) of Article (10) and paragraphs (b) and (d) of clause (3) in Article (15) for at least three (3) years from the date of issue of such consents. 9.Immediately notify the Authority of any changes to the information included in the application for a license.

10.

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 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.

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 Authority. [8] [9] Second: The Licensed Company shall comply with the principles of integrity, transparency, objectivity and impartiality while practicing its business, and shall, in particular:

1.Disclose any services provided by the Licensed Company to the issuing company of the Securities subject to the Financial Consultation or a Financial Analysis report in the twelve (12) month period prior to the date of providing such consultation or report, in addition to any services expected to be provided within three (3) months following the date of providing such consultation or report. 2.Disclose any interest held by the Licensed Company in the Securities which are the subject of the Financial Consultation or Financial Analysis report, if its ownership amounted to 1% or more.

3.Explain the relationship, if any, between the Licensed Company and the Market Maker of the Security which is the subject matter of the Financial Consultation or Financial Analysis report.

4.Immediately notify the Authority if the Licensed Company wishes to cease the provision of any Financial Consultation or Financial Analysis reports for a particular Security, stating the reasons justifying such decision.

§Article 10

I. The Licensed Company shall be prohibited from doing any of the following:[10] 1.Providing any advice to the Client in violation or contrary to any recommendations contained in the Financial Consultancy or the Financial Analysis report issued thereby unless the Licensed Company reveals the reasons for such contradiction prior to providing the advice to the client. 2.Including any false or misleading information or statements in the Financial Consultancy or the Financial Analysis reports.

3.Holding the Securities which are the subject of the Financial Consultancy or Financial Analysis report, or any financial derivatives associated therewith before offering such Security or derivatives for subscription.

4.Trading in the Securities which are the subject of the Financial Consultancy or Financial Analysis report, or any financial derivatives associated therewith within fifteen (15) days prior to the date of issuing the consultancy or publishing the report, or five (5) days after issuing the consultancy or publishing the report, or issuing any supplementary consultancy or reports that include any amendment or variation to the recommendation or targeted price.

5.Trading in the Securities which are the subject of the Financial Consultancy or Financial Analysis report, or any financial derivatives associated therewith contrary to the recommendations included in the consultancy or report for at least thirty (30) days from the date of issuing the consultancy or the report. 6.Providing any Financial Consultancy, publishing any Financial Analysis report or making any announcement whether by means of audio, video or printed media or in any public place regarding Securities within (15) days prior to and after the expiry of the period during which the founders of the issuing company of the Securities are prohibited to trade in such Securities, unless important events or material information that may affect the financial position of the issuing company arise, and only after obtaining the written consent of the internal controller of the Licensed Company.

7. [11] 8.Publishing any Financial Analysis report or making an announcement whether by means of audio, video or printed media or in any public place regarding a company, a Security, a Commodity or any financial derivatives thereof against any tangible or intangible consideration (whether directly or indirectly) of any kind or nature from the issuing company of such Securities or any entity related thereto to the Licensed Company, any of its accredited Financial Analysts, board members, general manager, chief executive officer or the personnel. 9.Exercising any type of physical or mental pressure (whether directly or

indirectly) on the accredited Financial Analyst during the performance of his duties to influence his impartial technical opinion in relation to the company, Security or the Commodity subject matter of the consultancy or the Financial Analysis report.

II. A Licensed Company that is engaged in more than one activity shall be exempted from the prohibition stipulated in Clauses Nos. (3, 4 & 5) of this Article, provided that the company shall comply with the strict separation between the different activities, and ensure the management of conflicts of interest.[12]

§Article 11 — [13]

Chapter Three

Financial Analysts

Section One Accrediting Financial Analysts

§Article 12

a.The Financial Analyst shall not practice his work at the Licensed Company prior to being accredited by the Authority.

b.A register for accredited Financial Analysts shall be established in the Authority to record their names, addresses, the numbers and dates of their registration.

c.The Authority shall accredit the Financial Analysts upon an application submitted to the Authority in the form prescribed for this purpose, together with the supporting documents, statements and information. The Authority may request any other documents, statements, information or clarifications. d.The Authority shall issue its decision on the application for approval within thirty

(30) days from the date of submitting the complete application that meets all conditions and requirements.

§Article 13

1.Further to the provisions of clause (2) of Article (5), and paragraph (b) of clause

(3) of Article (5), the Financial Analyst must pass the prescribed tests according to the controls set by the Authority.

2.The Authority may exempt any person from sitting any or all such tests required to accredit the Financial Analyst if such person holds exceptional qualifications or experience required to practice as a Financial Analyst. 3.The accredited Financial Analyst may move to work for another company after obtaining the prior consent of the Authority.

Section Two Obligations of the Financial Analyst

§Article 14

The Financial Analyst shall:

1.Comply with the provisions of the Law, regulations, bylaws and resolutions issued thereunder.

2.Comply with the professional code of conduct.

3.Maintain the required proficiency to practice Financial Analysis through continuous education and training; and by keeping up-to-date with the latest developments or updates related to the applicable international standards and practices of the profession.

4.Carry out his work with honesty, good faith and impartiality, and perform the care of a prudent professional person and avoid engage in misleading practices. 5.Perform his duties fairly and with adequate care and necessary concern of the Client’s interests, and avoid any situation of conflict of interests with himself or any other Client.

6.Disclose immediately to the internal controller of the Licensed Company any relationship linking him or his spouse or minor children with the issuing company of the Securities which are subject to the Financial Analysis or any consideration received therefrom, as well as any interest he, his spouse or minor children hold in the issuing company of the Securities which are subject to the Financial Analysis. The internal controller of the Licensed Company shall notify the Authority in such cases where the internal controller deems it necessary. 7.Disclose any interest he, his spouse or minor children hold in the issuing company of the Securities which are subject to the Financial Analysis at the time of the announcement to the media.

8.Prepare the Financial Consultancy or Financial Analysis report in accordance with the following controls:

a.Identify the names and addresses of all the persons participating in the consultancy or the report;

b.Specify the date of preparing the consultancy or the report; c.Define the relationship between the Licensed Company and all entities concerned with the consultancy or the report;

d.Indicate that the recommendation in the consultancy or the report is merely a technical opinion without guarantee of any outcome;

e.Avoid the use of any words of exaggeration, promise, allurement, cheating, deception or manipulation of emotions in the consultancy or the report;

f.Use terms such as "predictions", "forecasts", "estimates" or "assumptions" when preparing the consultancy or the report;

g.Use words such as "purchase", "sale" or "holding" when preparing the consultancy or the report;

h.Identify the mechanism of assessment and evaluation used and the assumptions and comparisons adopted when preparing the consultancy or the report;

i.Identify the sources of information and data that was used when preparing the consultancy or the report;

j.Prepare a table, or a graphic chart which illustrates the targeted prices contained in the previous analysis reports, for at least the last one year, if any, related to the same Security which are subject to the Financial Analysis report compared with the actual prices on the date anticipated to achieve the targeted prices contained in those reports.

k.Obtain the approval of the Licensed Company on the consultancy or the report. 9.Not do anything intended, directly or indirectly, to influence the integrity of the trading or the prices of the Securities and Commodities in the event of trading on his own behalf or on behalf of third parties.

10.The Analyst shall not disclose the names of Clients or reveal any other information regarding Clients.

11.The Analyst shall not publish or promote any false statements or information in relation to the position of the companies which Securities are listed on the Market.

12.The Analyst shall not participate in and/or receive any fees or proceeds, whether directly or indirectly, for any works in relation to the management of an issuance of Securities, including, but not limited to:

a.Participating in the meetings related to the management activities of the issuance of Securities b.Participating in the promotional campaigns related to the management activities of an issuance of Securities.

c.Establishing any relationships with current or potential Clients for any business related to the management activities of an issuance of Securities. 13.Comply with the principles of objectivity, professionalism and impartiality when publishing the report or its summary or making an announcement to the media.

14.Maintain confidentiality of the information which shall not be disclosed.

§Article 15

First: The accredited Financial Analyst shall be prohibited from:

1.Contacting or consulting with the issuing company of the Securities which are subject to the consultancy or the Financial Analysis report, or with any party undertaking the management of the issuance of the Securities which are subject to the consultancy or the Financial Analysis report, or the promotion or underwriting of such issuance unless there are objective reasons justifying such contact, subject to obtaining the written consent of the internal controller of the Licensed Company and subject to indicating the number of times in which contact has occurred and the reasons for such contact in the consultancy or the report.

2.Owning the Security which are subject to the consultancy or the Financial Analysis report, or any financial derivative associated therewith, prior to being offered for subscription.

3.Trading in the Securities which are subject to the consultancy or Financial Analysis report, or any financial derivative associated therewith, within fifteen

(15) days before issuing the consultancy or Financial Analysis report or five (5) days after the issuing of such consultancy or publishing such report. The prohibition shall also apply to any supplementary consultancy or reports including any amendment or variation to the recommendations or targeted price. 4.Trading in the Securities which are subject to the consultancy or Financial Analysis report, or any financial derivative associated therewith, contrary to the recommendations contained in such consultancy or report, for at least thirty (30) days from the date of issue of the consultancy or the report. 5.Making any announcement in relation to the issuing company of the Security which are subject to the consultancy or Financial Analysis report; the Financial Analyst must only use such expressions that recommend the purchase, sale or holding of the Securities, or any similar expressions.

6.Stating specific prices of particular Security to be issued by a company under establishment.

7.Agreeing with the issuing company or any other parties for the purpose of influencing the prices of Securities of such company or its financial position contrary to the facts.

Second: The prohibition stipulated in paragraphs Nos. (2, 3 & 4) of the Clause I of this Article shall apply to everyone has participated in the preparation, review or approval of the Financial Consultancy or Financial Analysis report and their spouses and first-degree relatives, as well as all board members, executive management and employees of the Licensed Company and their first-degree relatives who are conversant or have read the contents of the Financial Consultancy or Financial Analysis report. [14]

Third: The prohibition stipulated in paragraphs (2), (3) and (4) of clause "First" herein shall not apply in any of the following circumstances: a.If the acquisition occurs prior to commencing the consultancy or assuming the task of preparing the report;

b.If any material and unexpected change occurs in the financial position of any of the persons subject to the prohibition, provided that the prior written consent of

the internal controller of the Licensed Company is obtained; c.If any of the persons subject to the prohibition has contributed in an investment fund trades in the Security which is subject to the consultancy or the analysis report, or any financial derivatives associated therewith, provided that the percentage of ownership by any such persons may not exceed (1%) of the total assets of such fund and that the investments of such fund in the Security or any of its derivatives may not exceed a total of (20%) of the assets of such fund. d.If any important events or material information arise and may lead to changing the subject of the Financial Consultancy or Financial Analysis report, and only after obtaining the written consent of the internal controller of the Licensed Company.

Chapter Four Violations and Penalties

§Article 16

First: The Authority, or upon a request by the concerned Market, may conduct an investigation with the Licensed Company or the Financial Analyst in any of the following cases:

1.Violation of the provisions of the Law, bylaws, regulations, resolutions or instructions issued in implementation thereof.

2.Carrying out of an act intended (whether directly or indirectly) to mislead the traders, or disseminate or promote any false statements or information the Market conditions or the traders therein.

3.Any breach of the professional code of conduct.

Second: If the results of such investigations conducted by the Authority in accordance with the provisions of clause "First" herein reveal that the violation constitutes a penal offense, it shall be referred to public prosecution.

§Article 17

First: The Authority may suspend the Licensed Company or the Financial Analyst from practicing, or revoke the license or the accreditation in any of the following cases:

1.If any of the conditions of the license or the accreditation stipulated in the Law, bylaws, regulations, resolutions or instructions issued in implementation thereof are no longer satisfied;

2.A serious breach of any of the duties or obligations contained in the Law, bylaws, regulations, resolutions or instructions issued in implementation thereof; 3.Failure to pay the annual renewal fee for the license or the accreditation;

4.The Licensed Company is declared insolvent by a final court judgment. 5.The dissolution or liquidation of the Licensed Company.

Second: The revocation decision of the license of the companies shall be published in two daily newspapers issued in the State, at least one of which is published in Arabic, at the expense of the company which license has been revoked. The Financial Analyst whose accreditation is revoked shall be removed from the register of accredited Financial Analysts kept by the Authority for such purpose.

§Article 18

The Licensed Company or the Financial Analyst may appeal the decision issued by the Authority to suspend practice, or revoke the license or the accreditation before the competent court within thirty (30) days from the date of being notified of the decision.

§Article 19

Any person who violates the provisions of this Decision shall be penalized in accordance with the provisions of the Federal Law concerning the Securities and Commodities, the bylaws, regulations, resolutions issued thereunder.

Chapter Five General Provisions

§Article 20

The Licensed Company and/or the Financial Analyst shall be responsible for the recommendations contained in the Financial Consultancy or Analysis reports issued thereby.

§Article 21

If the Licensed Company wishes to completely cease its activity, it must apply in writing to the Authority at least three (3) months prior to the date of actual cessation.

§Article 22 — Licensed Companies and Financial Analysts practicing the business of Financial

Consultancy and Financial Analysis under licenses issued by the Central Bank shall adjust their status in according with the provisions of this Decision within a period no longer than ninety (90) days from the date of publication thereof.

§Article 23

This Decision shall be published in the Official Gazette and shall come into effect from the date of publication.

Engineer Sultan Bin Saeed Al Mansouri Chairman of the Board

Issued in Abu Dhabi on: 16/12/2008

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• [1] - Definition of financial analysis has been amended pursuant to Decision of the Chairman of the SCA Board of Directors No. (28 /R.M) of 2017, which is published in official gazelle on 29/11/2017 and its valid on 30/11/2017

• [2] - Definition of Financial Planning has been added according to Decision No. (43/R.M) of 2015.

• [3] - Article (4/First/1) has been amended pursuant to Decision No. (41) of 2011

• [4] - Clause second of Article (4) has been amended according to the Chairman of the Authority’s Board of Directors’ Decision No. (13/R. M) of 2016 .

• [5] - Article (6) has been amended pursuant to Decision No. (43/R.M) of 2015.

• [6] - Item 11 has been added to Article (9 / First) by virtue of the Authority

• [7] - Item 11 of the Article (9 / First) has been amended by virtue of the Authority

• [8] - 2015 ﻡ ﻟﺴﻨﺔ.ﺭ/43 ﺑﻤﻮﺟﺐ ﺍﻟﻘﺮﺍﺭ ﺭﻗﻢ11 ﺗﻢ ﺍﺿﺎﻓﺔ ﺍﻟﺒﻨﺪ

• [9] - 2019 ﻡ ﻟﺴﻨﺔ.ﺭ/35 ﺃﻭﻻً( ﺑﻤﻮﺟﺐ ﻗﺮﺍﺭ ﺭﺋﻴﺲ ﻣﺠﻠﺲ ﺇﺩﺍﺭﺓ ﺍﻟﻬﻴﺌﺔ ﺭﻗﻢ/9) ﻣﻦ ﺍﻟﻤﺎﺩﺓ11 ﺗﻢ ﺗﻌﺪﻳﻞ ﺍﻟﺒﻨﺪ

• [10] - The introduction to the Article (10) has been amended according to the Chairman of the Authority’s Board of Directors’ Decision No. (13/R. M) of 2016 .

• [11] - Clause No. (7) of article (10) has been omitted according to the Chairman of the Authority’s Board of Directors’ Decision No. (13/R. M) of 2016 .

• [12] - The paragraph (II) to the Article (10) has been added according to the Chairman of the Authority’s Board of Directors’ Decision No. (13/R. M) of 2016 .

• [13] - The article (11) has been omitted according to the Chairman of the Authority’s Board of Directors’ Decision No. (13/R. M) of 2016 .

• [14] - The second paragraph of article (15) has been amended according to the Chairman of the Authority’s Board of Directors’ Decision No. (13/R. M) of 2016 .