Regulatory Alerts2014-01-01
Authority Board Resolution No. 39 of 2014
The Authority mandates all market makers and index fund investment managers to submit annual or updated email declarations of their board members, directors, shareholders, and employees, including national ID numbers and titles. These entities must obtain certified approval for designated traders by providing unique codes and brokerage details, maintain a comprehensive register tracking all trades in index securities and fund documents, and strictly avoid conflicts of interest. Additionally, they are prohibited from trading index securities while in possession of undisclosed, price-sensitive information that could impact market prices.
Resolution No. (39) Each market maker and investment manager of index funds shall comply with the following:
- Notify the Authority with a statement containing the names of all board members, directors, shareholders, and employees, their titles, and their national ID numbers for each, to the following email address (eg.gov.efsa@insiders.com), in an Excel file format, with the requirement to update this statement at least once each calendar year or upon any modification thereto.
- Submit a request certified by the Managing Member to the Authority to obtain its approval, attaching the names of the persons referred to in item (1) who wish to trade, their unique codes, and the brokerage firm through which they will trade, in accordance with their submitted requests.
- Maintain a company register containing the traders among the persons referred to in item (1) regarding the securities constituting the index, the proportion and value of their trades on each security constituting the index, as well as on fund documents, and the dates of these trades.
- Commit to avoiding any conflict of interest, and refrain from trading the securities constituting the index for which they possess undisclosed market information that could affect the prices of these securities.