The United Arab Emirates has witnessed its first confirmed case of insider trading, it emerged last week.
According to a Gulf News report, an investigation into trades which took place on May 15 in Dubai Islamic Bank (DIB) shares has found that several of them were "not in line with the rules and regulations" governing the UAE's capital markets.
However, the regional news service noted that both the Dubai Financial Market (DFM) and the Emirates Securities and Commodities Authority (Esca) had won praise for the swift way in which they probed the alleged insider trading activity and dealt with those implicated in the investigation.
In a statement, the DFM confirmed that there had been unusual activity relating to DIB shares, and announced that:
"After looking into the time of declaration of the decision of the bank's board on capital increase, and after reviewing the trade on the bank's shares on May 15, and the complaints filed in this connection by some dealers...the DFM and Esca have decided that the deals concluded on that day be cancelled for violating the capital markets law."
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