During an investigation, what should a licensed body do if it discovers that any of the submitted documents or information are incorrect, misleading or have been changed?
A.
The Chair and Board of Directors should notify the Authority and tender their resignations
B.
Notify the concerned entity at the Authority or any of the capital market institutions within 5 working days
C.
Call an emergency Board meeting and thereafter notify the concerned entity at the Authority
D.
Notify the concerned entity at the Authority or any of the capital market institutions immediately
If a licensed body discovers that any submitted documents or information are incorrect, misleading, or have been changed during an investigation, it is required to notify the concerned entity at the Authority or any of the capital market institutions immediately. According to the CISI UAE Financial Rules and Regulations, this immediate disclosure is critical for maintaining market integrity and ensuring that the Authority and other relevant bodies can take appropriate actions to address any issues of non-compliance or fraud. The prompt notification prevents further misrepresentation and safeguards the transparency of the financial markets.
[Reference: CISI UAE Financial Rules and Regulations — Investigation and Disclosure Requirements, Section 5.6.2 (2023)., ]
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