As part of its efforts to develop and improve public joint-stock companies' controls, the Securities and Commodities Authority's (SCA) board of directors agreed to approve controls for offering and listing the shares of newly-incorporated public joint-stock companies for the purposes of boosting investor confidence, promoting investor protection, and improving the UAE securities markets through the development of incorporation procedures for new public joint-stock companies. 

 Among the most important controls approved by SCA was that investments in such companies must be restricted to eligible investors of juridical persons such as banks, financial institutions, mutual funds, and other companies and institutions, in addition to the federal government, local governments, or affiliated companies or associations and solvent individual investors, with a minimum subscription of AED5 million.

 Furthermore, founders of such companies cannot be special-purpose vehicles (SPVs) and the shares owned by the major shareholders must not be lower than the maximum permissible limit, i.e. 45 percent of the capital. In addition, the main  purpose of the company must be carrying out commercial, industrial, agricultural, real estate, or tourism activities and it must appoint a bank as an underwriter.

As to listing controls, among the most important ones approved were the listing of companies in the second category on the market and the requirement that companies appoint a SCA-licensed listing consultant for at least two fiscal years following the listing of the company on the financial market. Such consultant must assist the company in preparing the necessary listing documents, regularly supplying the market with information on whether the company is meeting the listing criteria, and  providing investors with necessary information.

SCA published these newly-issued controls on its website (www.sca.gov.ae) to be accessed by all investors and market participants.