Union of Arab Securities Authorities.

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Issuing a study on Tender Offering in the Arab Capital Markets

Published on: 07-May-2017

The UASA issued a study on tender offering in Arab capital markets. The study was prepared by the working team entrusted with implementing some of the UASA strategic plan tasks for the years 2016-2020. The team was consisted of six members including Jordan Securities Commission, Securities and Commodities Authority of UAE, Saudi Capital Market Authority, Syrian Commission on financial markets and securities, Oman Capital Market Authority, and the Egyptian Financial Supervisory Authority in cooperation with the UASA General Secretariat. The study was based on a survey that was circulated among the UASA’s members to identify legislative and regulatory structure for organizing tender offering in the Arab financial markets and their role in stabilizing financial markets and protecting investors’ minority rights. The study aimed to highlight the current situation of various organizations of the member countries of the Union through a comparative study between the organizations of those countries. The UASA Board adopted the guideline during its eleventh annual meeting held in Tunis earlier this year.

The study included a number of international experiences on tender offering including the United States and the European Union, as well as a comparison on similarities and differences between the regulatory authorities of Hong Kong, Singapore, Britain and the United States of America in this field. The study discussed the practices of tender offering of UASA member countries, especially with regard to the regulatory framework governing these offers with the intention of acquisition. The study also reviewed the obstacles facing the Arab countries in applying the tender offering provisions, and included a proposal for the most fundamental pillars of tender offering regulations, which can be taken into account when developing regulatory systems related to tender offering in the stock market. The concerned authorities may use all or some of the contents as appropriate to their legislation and the nature of their markets.

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