Ban on insider trading goes into effect in UAE

DUBAI, March 18 (Xinhua) -- A ban on insider trading at public share holding companies listed in the markets of the capital of the United Arab Emirates (UAE) has taken effect from Sunday, official Emirates News Agency (WAM) reported.

Abu Dhabi and Dubai's financial markets have called on to implement a ban on insiders' trading until the financial statements for the first quarter of 2019 are announced, according to WAM.

The ban is in line with the provisions of the Securities and Commodities Authority resolution from 2001 concerning trading, clearing, settlement and transfer of ownership and custody of securities.

The ban will last for a period of 15 days before the financial statements of the company are released.