UAE markets regulator refuses to name four investors stopped from trading

The UAE market regulator declined to reveal the names of four traders that have been halted from trading.

It said the move was part of a routine action at clamping down on illegal activities in the UAE markets, which have been reeling since mid-November.

The regulator was replying to press reports in UAE’s Arabic language daily, Al-Bayan, which on Tuesday said four prominent traders were prohibited from trading because they had committed violations.

The daily said the number of people involved had increased to six, adding that the stock markets in Dubai and Abu Dhabi had started to implement the regulator’s decision and halt the investors from trading for a period ranging between one to three months.

“The Securities and Commodities Authority (SCA) would like to state that its decision to halt four investors from trading in the market was not the first, and certainly not 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,” it said.

“SCA reiterates 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.”

It added: “SCA regulation on transparency and disclosure involves the disclosure of quarterly, semi-annual, and annual financial statements of listed companies, as well as 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.”

The SCA regulated the Dubai Financial Market and the Abu Dhabi Securities Exchange.

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