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In December 2011, the Basel Committee on Banking Supervision published its final rules, known as Basel III, modifying the Basel II regulatory capital accord for internationally active financial institutions.
This is the fourth briefing in Latham & Watkins’ five-part Briefing Series on the Draft UAE Commercial Companies Law.
A distinguishing feature of the UK Listing Authority’s GDR listing regime is that an applicant may submit a listing application (including a listing prospectus) to obtain a ‘block listing’ for its GDRs under which ‘up to’ a certain number of listed GDRs may be issued against deposits of the applicant’s shares into the GDR programme.
Following a public consultation process that began in April 2011, a number of key changes to the securities and capital markets legislation and regulations of the Dubai International Financial Centre take effect from 5 July 2012.
The Securities and Commodities Authority has recently published amended market disclosure rules relating primarily to shares in companies listed on the Dubai Financial Market or the Abu Dhabi Securities Exchange.
On 1 April 2012, a Dubai- and Asia-based ship building and repair company became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework.