Published On: Thu, Jan 1st, 2015

SCA statement on halting investors from trading

 Securities and Commodities Authority (SCA)

Securities and Commodities Authority (SCA)

The Securities and Commodities Authority (SCA) affirmed on Wednesday that its decision to halt four investors from trading in the market was not the first and certainly will not be the last. It is part of its continuous efforts, made during in the current and past years, to ensure the safety of financial markets and seek to provide fair trading environment for all investors.

In a statement, SCA reiterated that it exercises its role as per the laws concerning its establishment and functioning and that its duty, under such laws, does not involve releasing the names of violators or referring to their personalities. Instead, its role is to warn the financial market to halt violators from trading. The market, in turn, warns brokerage companies to ban investors from trading.

SCA regulations on transparency and disclosure involves the disclosure of quarterly, semi-annually, and annually financial statements of listed companies, in addition to the disclosure of essential information such as a change in leading positions or any decisions made by these companies’ boards. The regulation does not involve the publication of the names of investors or dealers whom administrative penalties have been issued against because of violations committed in the financial market.

In this context, SCA confirmed that it has never leaked news or information to one newspaper but not another. It deals with all media institutions equally, manifested in the press releases regularly published on its website and sent to all media institutions, without discrimination.

Finally, SCA is committed to promote market transparency and continuously cooperate with the media as much as it is keen to enforce laws and regulations in a fair manner, establish sound practices, and ensure the safety and accuracy of all transactions processed.

Source : WAM News Agency for United Arab Emirates

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