The board of directors of Abu Dhabi Securities Exchange (ADX) has approved the enforcement of new regulations for its operations including trading, clearance, registering and depositing of securities certificates.
In a press release, the ADX said the new law is aimed at strengthening the national economy, maintaining growth, adopting best practices for stock markets and providing high quality services to investors, in line with Abu Dhabi Vision 2021.
The board made the decision at a meeting chaired by Chairman Hamad Abdullah Al Shamsi.
The 73 articles of the new law regulate operations conducted on the exchange, as well as procedures for managing confidential information about investors and clients, defining the rights and liabilities of parties to transactions, and storing confidential information about securities ownership transfers for at least 15 years.
Article 7 provides for the creation of electronic registers of deposited securities.