The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial center, said Dubai’s ruler had enacted two laws that alter some provisions of the center’s markets law and regulatory law.
The Markets Law 2012, which replaces the Markets Law 2004, brings about a number of changes including modifications to prospectus disclosure, DFSA said in an e-mailed statement today. A prospectus now requires formal approval by the DFSA before an offer of securities can be made to the public, it said.
The new law also changes provisions relating to what activities constitute an offer, market misconduct provisions and corporate governance, according to the statement. The Regulatory Law Amendment Law 2012 allows the DFSA to undertake regulatory oversight of auditors within the DIFC, according to the statement.
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