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1 Investigation Into Market Abuse in the UAE Financial Markets Investigation into Market Abuse in the UAE Financial Markets: A Comparative Legal Study Submitted by Hamad Saif Al Shamisi To The University of Exeter as a thesis for the degree of Doctor of Philosophy October 2010 This thesis is available for library on the understanding that it is copyright material and that no quotation from the thesis may be published without proper acknowledgement. I certify that all material in this thesis which is not my own work has been identified and that no material has previously been submitted and approved for the award of a degree by this or any other university. ……………….…………………………… 1 ABSTRACT Market abuse practices have clearly harmed the integrity of financial markets and damaged investors‘ confidence. Market abuse takes two forms: insider dealing and market manipulation. These cover a variety of illegal practices, such as misusing inside information, pursuing courses of conduct which lead to artificial transactions, giving false or misleading information, and distorting the market in other ways. This thesis aims to examine the two forms of market abuse (insider dealing and market manipulation) under the UAE legal system. Particular attention is given to Federal Law No. 4 of 2000, known as the Emirates Securities & Commodities Authority Law (ESCA Law 2000). Other regulations which affect the market place are also covered. The core question addressed in this thesis is to what extent ESCA Law 2000, and other regulations promulgated pursuant thereto, are efficient in combating market abuse practices and how they have been applied to protect market integrity and the market participants. The thesis investigates the deficiencies of the existing law through a legal comparative study of the jurisdictions of the UK and the Dubai International Financial Centre. This is followed by an applied study which consists of a questionnaire and interviews. The applied study, conducted in the UAE, aims to investigate the perspectives of legal experts, other specialists and investors towards the regulation of the securities markets in the UAE. Applied study and comparison eventually provide the basis for recommendations for the improvement of the UAE legal system, with respect to market abuse practices. 2 Table of Contents ABSTRACT………………………………………………………………………………………..2 ACKNOWLEDGEMENT .................................................................................................. 9 ABBREVIATIONS ........................................................................................................... 11 List of Cases ……………………………………………………………………………………..11 Laws and Regulations ..................................................................................................... 12 List of Figures ……………………………………………………………………………………14 Legal protection of investors in the UAE financial markets ........................................... 14 The operational problems in the UAE financial markets................................................ 14 INTRODUCTION ........................................................................................................ 16 The importance of the study ………………………………………………………….………..16 Research purpose ............................................................................................................ 17 Research methodology .................................................................................................... 19 The structure of the study ................................................................................................ 20 CHAPTER ONE INTRODUCTION TO THE UAE SECURITIES MARKETS 1.1 Introduction............................................................................................................ 21 1.2 Historical Establishment of the UAE‘s Securities Markets ...................................... 22 1.2.1 The Absence of a Formal and Regulated Securities Market ........................ 25 1.2.2 Attempts at Launching a Formal Securities Market ..................................... 27 1.2.3 The Importance of an Open Securities Market ............................................. 29 1.3 The Evolution of the Securities Market Establishment in the UAE ......................... 30 1.3.1 Summer of 1998 Crisis ................................................................................. 31 1.3.2 Launching the Securities and Commodities Authority (SCA) ..................... 33 1.3.3 The Abu Dhabi Securities Exchange ............................................................ 34 1.3.4 The Dubai Financial Markets ....................................................................... 35 1.4 Legislative and Administrative Regulation of the Capital Market ........................... 36 1.4.1 Management Structure of the Market ........................................................... 38 1.4.2 Speciality missions of the Securities and Commodities Authority (SCA) ... 40 1.4.3 Mission of the SCA‘s Board of Directors..................................................... 41 1.4.4 Legislative Regulation of the Securities Market .......................................... 42 1.5 The Dubai International Financial Centre (DIFC) .................................................... 43 1.5.1 DIFC Authority ............................................................................................. 45 1.5.2 Dubai Financial Services Authority (DFSA) ................................................ 46 3 1.5.3 DIFC Judicial Authority ............................................................................... 48 1.5.4 Dubai International Financial Exchange (DIFX) ......................................... 49 1.6 Laws and Regulations at the DIFC ........................................................................... 52 1.7 Dealers in the Stock Market ...................................................................................... 54 1.7.1 Investment Funds .......................................................................................... 54 1.7.2 Brokerage Firms ........................................................................................... 56 1.7.3 Clearing and Settlement ................................................................................ 58 1.7.4 Foreign Investors .......................................................................................... 59 1.7.5 Companies and Financial Institutions ........................................................... 61 1.7.6 Individual investors ...................................................................................... 61 1.8 Types of securities that are trading in the stock markets .......................................... 62 1.9 Conclusion ................................................................................................................ 63 CHAPTER TWO REGULATION OF MARKET ABUSE: OVERVIEW 2.1 Introduction ............................................................................................................... 65 2.2 General View of Regulating the Securities Market under the UAE Legal Framework ……………………………………………………………………………………….66 2.3 Theories of Regulation of Economic Activities ........................................................ 70 (a)The Public interest theory ................................................................................. 71 (b)The Public choice theory................................................................................... 72 2.4 More Protection gives more Investor Confidence ..................................................... 74 2.5 Promoting the Effectiveness of Regulation and the Efficiency of the Market ......... 76 2.6 Mandatory disclosure and Transparency under UAE Regulations ........................... 78 2.6.1 Mandatory Disclosure for listed companies ................................................. 80 (1) Pre-listing disclosure ................................................................................... 81 (2) Post-listing Disclosure ................................................................................ 83 (a) Significant developments ..................................................................... 85 (b) Disseminating any explanatory information ........................................ 86 (c) Disclosure of information and data on a regular basis ......................... 87 2.6.2 Transparency of listed companies ................................................................ 89 2.7 Market Abuse Regulations under Three Jurisdictions: the UK, The DIFC and the UAE…………………………………………………………………………………….92 2.7.1 Definition of Market Abuse .......................................................................... 92 2.7.2 Market abuse under the UK jurisdiction ....................................................... 94 4 (a)Companies Securities (Insider Dealing) Act 1985 ................................ 94 (b)Criminal Justice Act 1993 (CJA 1993) ................................................. 96 (c) The Financial Services and Markets Act 2000 (FSMA 2000) ............. 99 2.7.3 The Dubai International Financial Centre (DIFC): The Market Abuse Regime…………………………………………………………………………101 2.7.4 Market abuse under the Federal Law No. 4 of 2000 ( ESAC law 2000) .... 104 2.8 The UAE judicial system ........................................................................................ 108 2.9 Specialist courts for the financial market ................................................................ 110 2.10 Criminal Reconciliation .......................................................................................
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