Abu Dhabi Securities Exchange , ADX announced that it has implemented improvements and advancements to its electronic disclosure system and mechanisms, which will keep pace with the latest technologies and best practice applied in global exchanges. Through these digital enhancements, which came into effect on 1st November, companies will be able to practice immediate disclosure without the need for prior approval from the Exchange except for trading suspensions, resumption of trading and insider trading situations.
This development is in line with ADX’s focused efforts upon improving the investment environment to benefit listed companies, investors and traders. Furthermore, the initiative will deepen the activation of the Exchange’s transparency and governance principles.
H.E. Khalifa Salem Al Mansouri, Acting Chief Executive of ADX, said: “ADX is keen to align its system improvements towards enhancing the Exchange’s regional and international status. In order to achieve this, we have created a smooth and sophisticated system for our investors and stakeholders, through employing flexible and accurate methods.”
ADX has informed all listed companies about the new system updates through a detailed memorandum. These amendments and improvements were communicated through a set of key points which outlined the stages of the disclosure process:
First: The company shall carry out an immediate disclosure, following a full check of the information’s validity. The organisation will take full responsibility for the content of the disclosure.
Second: The company shall send the disclosure information to any ADX employees involved with said disclosure by e-mail.
Third: Disclosure appears directly on the ADX’s website and will be available to all.
Fourth: The company can amend the disclosure in case of a mistake.
Fifth: The normal procedures will be implemented in case the disclosure is called to stop or end; or if the company is re-traded, so that the new amendments do not affect the normal regulations system for suspending and returning companies for trading.
These new improvements form just one part of a series of measures taken by ADX to improve the quality of services provided to stakeholders, investors and institutions, facilitated by legislation to enable smooth and effective transactions and remittances. ADX has recently launched a comprehensive range of electronic systems, solutions and smart applications that focus on enhancing digital infrastructure and as is aligned with the Abu Dhabi government’s digital transformation strategy.