DFSA and NASDAQ Dubai Announce the Transfer of the Official List of Securities
The Dubai Financial Services Authority (-DFSA-) and NASDAQ Dubai today announce that with effect from 1 October 2011 the responsibility for maintaining the Official List of Securities will be transferred from NASDAQ Dubai to the DFSA (the -Transfer-).
The Transfer will result in the streamlining of the regulatory process for approving prospectuses and listing, for the benefit of issuers and investors. It is also in line with international best practice. NASDAQ Dubai will continue to be exclusively responsible for the admittance to trading of securities on its market and its role as an Authorised Market Institution licensed to operate an exchange and clearing house remains unchanged.
The DFSA and NASDAQ Dubai agreed to effect the Transfer in view of the DFSA's proposed new Markets Rules. Without the Transfer the Markets Rules would have had the effect of considerably increasing the regulatory burden on issuers in the Dubai International Financial Centre, by duplicating regulatory oversight in respect of prospectus and listing approval processes. The Transfer ensures that these processes will instead be centralised at the DFSA, providing an efficient and effective regulatory structure.
For more information about the Transfer please view the Q&As Here