The General Secretariat of the Union of Arab Securities Authorities (UASA) announced the release of a uniform guide containing general rules and guidelines approved by the UASA board for Arab securities exchanges. The move comes in response to the 2016-2020 strategic plan and intends to facilitate reference by the UASA member states and other interested parties to these rules and guidelines.
The announcement is made in line with directives issued by the UASA board, which are articulated under the UASA’s 2016-2020 strategic plan, particularly in relation to initiatives designed to foster cooperation and communication between members, to enhance consistency between the legislation and regulations in place in member states, and to maximize the professionalism of companies listed on Arab securities exchanges. The guide complements the work done on developing rules and guidelines contained in the UASA’s strategic plan.
The guide contains the following general rules and guidelines:
- Guidelines on issuances and listings on Arab securities exchanges.
- Guidelines on disclosures of companies listed on Arab securities exchanges.
- Guidelines on the minimum requirements to be met by entities operating in Arab financial markets.
- Guide on the procedures to be followed to reduce trading violations based on inside information.
- Guide on corporate governance rules for companies listed on Arab securities exchanges.
- Guidelines on the code of ethics for professionals in Arab securities authorities.
- Guidelines on secondment among the UASA member states.
The electronic version of the guide is made available to the public on the website of the UASA via: this link
It is notable that the UAE has been the site of the official headquarters of the UASA under the latter’s memorandum of association. The guide was released during the UAE’s presidency of the UASA back in 2020.