The Dubai Financial Services Authority has amended the rules which apply to sponsors of Reporting Entities which have listed securities on the Dubai International Financial Exchange.
The rule change now provides the DFSA with the discretion to require a company listing securities on the DIFX to appoint a compliance adviser to assist it with ongoing obligations under the DIFC Markets Law and Offered Securities Rules.
One of the primary obligations of a Reporting Entity is the requirement to continuously disclose price sensitive information to the market, in a timely manner.
The DFSA has issued policy statements that explain the obligations of compliance advisers and sponsors. The policy statements explain the circumstances in which the DFSA is likely to exercise its discretion and require a Reporting Entity to appoint a compliance adviser, the obligations of a Reporting Entity regarding compliance advisers and sponsors, and how a compliance adviser and sponsor can assist a Reporting Entity to meet its continuing regulatory obligations.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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