Arab Today, arab today financial industry supports new rules
Last Updated : GMT 21:23:30
Arab Today, arab today
Arab Today, arab today

Financial industry supports new rules

Arab Today, arab today

Arab Today, arab today Financial industry supports new rules

Abu Dhabi - Agencies

Top fund managers and industry officials voiced support for the stock market regulator\'s new rules on share ownership, but said more legislation to protect minority shareholders was also needed. The new regulations introduced by the Securities and Commodities Authority (SCA) this week require investors to notify the market immediately if they plan to purchase a shareholding in a public company of 30 per cent or greater. Investors will have to disclose once their holdings in affiliated entities of listed stocks reaches 10 per cent and when their combined holdings in a public company reaches 5 per cent. The moves come after the Abu Dhabi government-controlled investment fund Aabar Investments amassed a 21.57 per cent stake this year in the Dubai contracting company Arabtec Holding through its affiliated companies. Aabar\'s entities were not obliged to disclose their holdings in Arabtec if they were less than 5 per cent. \"It was a big surprise,\" said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi, of the new regulations. \"This shows that the Arabtec story triggered a reaction from the regulator.\" Stockbrokers said the SCA\'s regulations addressed the interests of minority shareholders, even thoughthey are not directly mentioned. \"The overriding factor here is to protect minorities and the retail investor,\" said Anastasios Dalgiannakis, the head of institutional trading at Mubasher Financial Services in Dubai. \"If we had this rule before, the accumulation of shares would have been much more transparent and could have protected minority shareholders.\" \"Usually regulations happen after a catalyst, the regulator saw some loopholes and wanted to fix it,\" said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. \"These markets are still in nascent stages and more needs to be done for minority shareholders.\" The new rules follow a series of regulations that the SCA introduced following the global financial crisis. All these rules are aimed at tightening the governance of UAE financial markets. The Dubai International Financial Centre on Monday night revealed that it would also update disclosure rules for share ownership to meet similar standards required in the European Union. The UAE is under review for emerging markets status by the international index provider MSCI. The country is currently classified as a frontier market. From The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today financial industry supports new rules Arab Today, arab today financial industry supports new rules

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today financial industry supports new rules Arab Today, arab today financial industry supports new rules

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday