The six-month ban on share buying for Riad Kamal, the chief executive of Arabtec Holding, took many market-watchers by surprise.
While the UAE Securities and Commodities Authority (SCA) has quietly taken action over trading infractions in the past, the decision to ban one of the country's most high-profile businessmen illustrates the SCA's changing approach to market regulation.
The SCA, created 10 years ago, has been quietly honing its laws and regulations over the past three years in preparation to take a greater role in the country's financial markets, according to people familiar with its plans.
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