The Emirati President issued a law amending the legal form of the Abu Dhabi Securities Market to make the Abu Dhabi Securities Market Company a public joint stock company, to replace the Abu Dhabi Securities Exchange Corporation, and it is fully owned Abu Dhabi Development Holding Company (ADQ).
According to the Emirates News Agency, the law sets the authorized capital of the company at 500 million dirhams, divided into 500 million shares, with a nominal value of one dirham per share.
The law also specified the issued capital of the company at 100 million dirhams, divided into 100 million shares, and the nominal value of the share is one dirham .. All shares of the company upon its establishment are wholly owned by the holding company.
The law authorizes shareholders to sell or transfer some or all of their shares to any other entity or shareholder. They may also offer the company's shares for public or private subscription, according to what is specified in the company's articles of association.
The law defines the company's competences in managing and organizing the market, including listing and trading financial papers and instruments, conducting deposits, clearing, settlement and central clearing operations, in addition to providing an appropriate environment for the interaction of supply and demand forces in the market in accordance with the principles of justice, transparency and efficiency, and what this entails in organizing, implementing, supervising and controlling And inspection.
The Abu Dhabi Stock Exchange Company is also concerned with providing, preparing, and managing one or more platforms for trading securities and financial instruments, whether through a trading session or outside it or any other mechanism developed, and providing related services such as services provided to brokers, market makers, liquidity providers and other updated services.
The company will work according to the law to provide, prepare, and manage one or more platforms or markets to list securities and financial instruments and provide services to issuers such as underwriting services, support services for underwriting, record-keeping services, management of general assemblies, and the distribution of cash dividends and other new services.
The law also authorizes the company to perform the filing, clearing and settlement activities of securities and financial instruments, and to provide related services including investor services, custodial service and the service of lending and borrowing securities and other services created .. while the company can also perform central clearing work for the central counterparty and provide related services It includes management and investment of cash collateral, securities guarantees and other services.
The law also specifies for the company to issue and list securities and financial instruments and derivatives thereof, in addition to organizing, implementing, supervising, controlling and inspecting institutions and companies operating in the market such as brokers, custodians, clearing members, and others, and undertaking any necessary procedures for that including issuing licenses and registrations and identifying and collecting in exchange for services that Provided and other actions.
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