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Markets Rules Module (MKT) is one of the rulebooks issued by the Dubai Financial Services Authority. For compliance officers, legal teams, and advisors working under this regime, finding the right article quickly matters. Lexara indexes the full text of MKT and makes it searchable two ways: full-text and keyword search for rapid lookup, and AI Explorer for natural-language questions answered with citations to the exact article.
95 articles, each with a plain-English summary by Arakan. The full text of every article is in the Laws Browser.
Rule 2.4.22 - Offer of Securities — Rule 2.4.2
All securities must be traded through an Authorized Market Institution or Regulated Exchange, including Exempt Securities and Security Tokens.
Rule 2.6.12 - Offer of Securities — Rule 2.6.1
Issuers must submit a Prospectus approval application to the DFSA with required documents and contacts at least 20 business days before expected approval for first-time filers, or 10 for subsequent ones.
Rule 2.6.32 - Offer of Securities — Rule 2.6.3
Issuers must make the DFSA-approved Approved Prospectus available to the public no later than the start of the offer, in printed form at registered offices or electronically online.
Rule 2.6.42 - Offer of Securities — Rule 2.6.4
Securities may not be offered under an Approved Prospectus, absent an exemption, unless the prospectus is current, meaning within 12 months of DFSA approval.
Rule 2.6.52 - Offer of Securities — Rule 2.6.5
Financial intermediaries relying on an Issuer's Approved Prospectus may only make an Offer of securities if the prospectus is current, due diligence is done, and the Issuer's consent is filed with the DFSA.
Rule 2.7.12 - Offer of Securities — Rule 2.7.1
Firms seeking DFSA approval of a foreign offer document as an Approved Prospectus must submit the application form, fee, any needed English translation, and a statement of its foreign origin, meeting DFSA conditions.
Rule 2.12.12 - Offer of Securities — Rule 2.12.1
Financial promotions for a prospectus offer made during the offer period must state that the prospectus is or will be DFSA-approved and published, and give access details to it.
Rule 2.13.22 - Offer of Securities — Rule 2.13.2
Where Directors offer their own shares in a Prospectus Offer, the Prospectus must prominently identify each such Director and the number or proportion of shares being offered.
Rule 3.2.103 - Governance of Reporting Entities — Rule 3.2.10
The annual financial report must disclose whether best practice standards were adopted and include a statement on the corporate governance framework.
Rule 3.3.23 - Governance of Reporting Entities — Rule 3.3.2
Each director of a reporting entity must act on a fully informed basis, in good faith, honestly, with due diligence and care, and in the best interests of the entity and its shareholders.
Rule 3.3.33 - Governance of Reporting Entities — Rule 3.3.3
Market reporting entities must ensure equal treatment of all holders of securities within a particular class or type regarding all attaching rights.
Rule 3.3.43 - Governance of Reporting Entities — Rule 3.3.4
Companies must not buy back own Shares unless creditor payment ability is not materially prejudiced, shareholder approval is obtained, and meeting documents are filed with the DFSA beforehand.
Rule 3.3.53 - Governance of Reporting Entities — Rule 3.3.5
Reporting entities must offer existing shareholders pre-emption rights on new cash share issues in proportion to holdings, unless constitutional documents differ or shareholders approve by majority vote.
Rule 3.3.83 - Governance of Reporting Entities — Rule 3.3.8
Reporting entities must obtain majority shareholder approval for constitutional changes, capital alterations over 20%, major asset deals of 50% of net assets, and voluntary liquidation.
Rule 3.5.33 - Governance of Reporting Entities — Rule 3.5.3
Related party transactions above 5% of net asset value need prior majority shareholder approval; smaller ones require prompt notice to the DFSA with independent confirmation of fairness.
Rule 4.2.14 - Market Disclosure — Rule 4.2.1
Issuers must make timely disclosure of inside information as soon as possible, in the prescribed manner, ensuring it is not misleading and omits nothing likely to affect its import.
Rule 4.2.34 - Market Disclosure — Rule 4.2.3
Inside Information may be selectively disclosed only to confidentiality-bound persons who received written notice, requiring prompt full market announcement once it may reach others.
Rule 4.5.14 - Market Disclosure — Rule 4.5.1
Firms must comply with DFSA direction notices requiring specified information to be disclosed to the market, and take any other steps the DFSA considers appropriate.
Rule 4.6.14 - Market Disclosure — Rule 4.6.1
Market-related events require disclosure to comply with specified categories and deadlines as outlined in the rules.
Rule 4.8.14 - Market Disclosure — Rule 4.8.1
An SME Reporting Entity must prominently disclose and keep up to date on its website the prescribed business, governance, ownership, financial reporting and takeover information under market disclosure rules.
Rule 5.1.25 - Accounting Periods and Financial Reports and Auditing — Rule 5.1.2
Firms must prepare financial statements for each financial year under IFRS or other DFSA-acceptable accounting standards.
Rule 5.1.35 - Accounting Periods and Financial Reports and Auditing — Rule 5.1.3
Entities must not change their accounting reference date without prior DFSA approval, and must notify the DFSA at least 28 business days before any proposed change.
Rule 5.1.75 - Accounting Periods and Financial Reports and Auditing — Rule 5.1.7
Reporting Entities must prepare and file a semi-annual financial report for Shares, including audit statements and signed by two Directors.
Rule 5.1.85 - Accounting Periods and Financial Reports and Auditing — Rule 5.1.8
Listed companies must disclose annual reports within 120 days, semi-annual reports within 60 days, and preliminary results before market opening after Board approval, plus accounting date changes.
Rule 5.1.8-25 - Accounting Periods and Financial Reports and Auditing — Rule 5.1.8
Listed entities must publicly disclose annual reports within 120 days, semi-annual reports within 60 days, and preliminary results 30 minutes before market opening after Board approval.
Rule 5.1.8-35 - Accounting Periods and Financial Reports and Auditing — Rule 5.1.8
Market disclosure of annual and semi-annual financial reports is required within specified timeframes, alongside any changes to accounting reference dates.
Rule 5.2.55 - Accounting Periods and Financial Reports and Auditing — Rule 5.2.5
A Public Listed Company must ensure its Registered Auditor and audit staff are independent and free of conflicts of interest, and notify the DFSA if independence issues arise.
Rule 5.2.65 - Accounting Periods and Financial Reports and Auditing — Rule 5.2.6
A Public Listed Company must take reasonable steps to ensure its company and employees provide information, records access and assistance to the Registered Auditor, do not interfere with the audit, and report significant financial-position matters.
Rule 6.3.76 - Listed Funds and ATS Traded Funds — Rule 6.3.7
Financial Promotions for Fund Units must comply with applicable Collective Investment Law or equivalent foreign jurisdiction requirements.
Rule 6.4.16 - Listed Funds and ATS Traded Funds — Rule 6.4.1
Fund operators must not enter related party transactions involving fund property except as permitted under the Collective Investment Law 2010 rules or the foreign fund's home jurisdiction requirements.
Rule 6.5.1 and related provisions6 - Listed Funds and ATS Traded Funds — Rule 6.5.1 and related provisions
Listed Funds must make timely and accurate market disclosures of Inside Information while adhering to established requirements for delay and information control.
Rule 6.8.16 - Listed Funds and ATS Traded Funds — Rule 6.8.1
Funds must disclose triggering event categories to the market, following the prescribed disclosure matrix for Fund-specific matters.
Rule 6.9.26 - Listed Funds and ATS Traded Funds — Rule 6.9.2
Listed funds must disclose annual reports within 120 days, interim reports within 60 days, and preliminary results 30 minutes before market opening; ETFs must disclose tracking error and explain divergence.
Rule 6.9.2-26 - Listed Funds and ATS Traded Funds — Rule 6.9.2
Listed funds must publish annual reports within 120 days, interim reports within 60 days, and preliminary results before market opening, plus tracking error disclosure for ETFs.
Rule 6.9.2-36 - Listed Funds and ATS Traded Funds — Rule 6.9.2
Listed funds must disclose annual financial reports within 120 days, interim reports within 60 days, and preliminary results before market opening after Board approval, plus ETF tracking error and divergence explanations.
Rule 6.11.16 - Listed Funds and ATS Traded Funds — Rule 6.11.1
A Listed Fund must comply with any DFSA direction notice requiring specified information to be disclosed to the market.
Rule 7.1.97 - Sponsors and Compliance Advisers — Rule 7.1.9
Persons required to appoint a sponsor must take reasonable steps ensuring the sponsor and its employees are assisted, given records access, not obstructed, not misled, and significant financial changes reported.
Rule 8.1.28 - Systems and Controls — Rule 8.1.2
Firms must maintain systems and controls demonstrating compliance, including monitoring of corporate governance, connected persons, restricted persons, related party transactions and inside information, and keep required records for at least six years.
Rule 9.3.39 - The Listing Rules — Rule 9.3.3
Applicants for Share admission must demonstrate sufficient working capital for at least 12 months or outline how additional funding will be secured.
Rule 9.3.69 - The Listing Rules — Rule 9.3.6
Applicant with a controlling shareholder must demonstrate to the DFSA it can operate independently of that shareholder and its associates, unless no appreciable prejudice risk exists.
Rule 9.3.79 - The Listing Rules — Rule 9.3.7
Before Listing, an Applicant must have adequate systems and controls to eliminate or manage material conflicts of interest, or obtain DFSA acceptance of a post-Listing remediation proposal.
Rule 9.3.89 - The Listing Rules — Rule 9.3.8
Securities admitted to listing must be duly authorised under the applicant's constitution, hold required statutory consents, be freely transferable, and shares must be fully paid and unencumbered.
Rule 9.3.99 - The Listing Rules — Rule 9.3.9
Listed securities must have an expected aggregate market value of at least $250 million for shares (non-SMEs) or $2 million for debentures at listing.
Rule 9.3.109 - The Listing Rules — Rule 9.3.10
Issuers must ensure at least 25% of shares in a class seeking admission are distributed to the public, excluding director, connected, and nominee holdings, by the time of admission.
Rule 9.3.119 - The Listing Rules — Rule 9.3.11
SME Applicants must ensure all pre-listing shareholders sign a binding 12-month lock-in agreement not to dispose of securities interests from admission, subject to court order, death, or takeover acceptance exceptions.
Rule 9.6.19 - The Listing Rules — Rule 9.6.1
Listed issuers whose securities are suspended from listing must continue complying with all relevant listing rules applicable to them.
Rule 9.6.39 - The Listing Rules — Rule 9.6.3
To request voluntary suspension or delisting, a company must submit a written request to the DFSA stating reasons, proposed timing and required information, and comply with any DFSA conditions.
Rule 9.7.19 - The Listing Rules — Rule 9.7.1
Market listed companies must ensure shareholders receive all necessary information and facilities, such as proxy forms, meeting notices and circulars, to exercise their securities rights on an informed basis.
Rule 9.7.29 - The Listing Rules — Rule 9.7.2
Listed company must ensure a sufficient number of shares are distributed to the public at all times and notify the DFSA promptly upon becoming aware of non-compliance.
Rule 9.7.39 - The Listing Rules — Rule 9.7.3
Notify DFSA promptly regarding new securities trading admissions, suspensions, or delistings.
Rule 9.7.79 - The Listing Rules — Rule 9.7.7
Businesses must maintain suitability for listing, operate independently of controlling shareholders, and manage material conflicts of interest.
Rule 9.7.89 - The Listing Rules — Rule 9.7.8
Entities subject to the Listing Rules must make required security-specific market disclosures under the relevant appendix and comply with other continuing obligations.
Rule 9.8.59 - The Listing Rules — Rule 9.8.5
Listed entities must disclose to the market as soon as possible when a material document has been provided to holders of listed securities.
Rule 9.8.69 - The Listing Rules — Rule 9.8.6
Firms must keep the DFSA's contact details current for senior nominated persons acting as first points of contact for Markets Rules and Markets Law compliance matters.
Rule 9B.2.19B - Security Tokens Admitted to Trading on an ATS — Rule 9B.2.1
Reporting Entities of security tokens admitted to trading on an Alternative Trading System must meet listing principles, continuing disclosure obligations, and information provision requirements to the DFSA as a listed entity would.
Rules 1.1.1-1.1.31 - Introduction — Rules 1.1.1-1.1.3
Entities involved in public offers must ensure compliance with applicable rules and that their directors take reasonable steps for adherence.
Rules 2.5.1-2.5.62 - Offer of Securities — Rules 2.5.1-2.5.6
Prospectus must be structured comprehensibly, include Summary, Registration Statement and Securities Note content per prescribed appendices, the DFSA disclaimer, and a compliant application form.
Rules 2.5.3-2.5.52 - Offer of Securities — Rules 2.5.3-2.5.5
When using a single Registration Statement for multiple Prospectus Offers, it must include recent financials and be accompanied by necessary updates and approvals.
Rules 2.8.1-2.8.22 - Offer of Securities — Rules 2.8.1-2.8.2
Offerors must ensure incorporated Prospectus information is publicly available, clear, free of charge, and sufficiently detailed for investor decision-making.
Rules 2.9.1-2.9.32 - Offer of Securities — Rules 2.9.1-2.9.3
Produce a Supplementary Prospectus if significant changes occur during Prospectus validity, allowing subscribers time to confirm or withdraw.
Rules 2.10.1-2.10.32 - Offer of Securities — Rules 2.10.1-2.10.3
Issuers must identify all persons liable for Prospectus content, obtain and record written Expert consent for included statements, and include the required consent statement in the Prospectus.
Rules 2.13.1, 2.13.32 - Offer of Securities — Rules 2.13.1, 2.13.3
Anyone making a prospectus offer must comply with DFSA requirements for underwriting, escrow of offer monies, or appointing a paying agent during the offer period.
Rules 3.2.3-3.2.93 - Governance of Reporting Entities — Rules 3.2.3-3.2.9
Reporting entities must comply with seven Corporate Governance Principles covering Board effectiveness, role division, Board balance, risk management, shareholder rights, accurate reporting and remuneration, on a comply-or-explain basis.
Rules 3.3.6-3.3.73 - Governance of Reporting Entities — Rules 3.3.6-3.3.7
Reporting entities must give shareholders the information and facilities needed to exercise share rights, including proxy forms, meeting notices and circulars, and the right to vote by proxy at every meeting.
Rules 3.4.2-3.4.43 - Governance of Reporting Entities — Rules 3.4.2-3.4.4
Restricted Persons must not deal in reporting entity securities during close periods without prior written clearance from a designated Director or the Board, except specified exempt categories.
Rules 4.2.2-4.2.2A4 - Market Disclosure — Rules 4.2.2-4.2.2A
Inside Information disclosure may be delayed only if not misleading the market, or, for financial-stability grounds, with prior DFSA written consent for eligible Authorised Firms.
Rules 4.2.4-4.2.54 - Market Disclosure — Rules 4.2.4-4.2.5
Issuers relying on disclosure exceptions must immediately file a confidential report with the DFSA setting out withheld information and reasons, certifying its accuracy, and resume disclosure when directed.
Rules 4.2.6-4.2.94 - Market Disclosure — Rules 4.2.6-4.2.9
Firms must deny inside information access to those who do not need it, keep systems identifying persons with access, ensure staff acknowledge dealing restrictions, and nominate two DFSA disclosure contacts.
Rules 4.3.3-4.3.54 - Market Disclosure — Rules 4.3.3-4.3.5
Connected Persons must file a report with the DFSA and the Reporting Entity within 5 business days of qualifying events, and the Reporting Entity must publicly disclose it promptly.
Rules 4.4.3-4.4.44 - Market Disclosure — Rules 4.4.3-4.4.4
Directors with a material interest must notify fellow Directors within 5 business days of the interest arising or changing, and the Reporting Entity must publicly disclose the notice promptly.
Rules 4.7.1-4.7.34 - Market Disclosure — Rules 4.7.1-4.7.3
Reporting Entities must announce required market disclosures simultaneously to relevant institutions, their websites, and retain disclosures for one year.
Rules 5.1.4-5.1.65 - Accounting Periods and Financial Reports and Auditing — Rules 5.1.4-5.1.6
Annual financial reports must include audited statements, operational review, significant events, likely developments, auditor and going-concern statements, and connected person holdings, signed by at least two Directors.
Rules 5.2.2-5.2.45 - Accounting Periods and Financial Reports and Auditing — Rules 5.2.2-5.2.4
A Public Listed Company must notify the DFSA about auditor appointments and confirm their qualifications, addressing any changes promptly.
Rules 5.2.7-5.2.85 - Accounting Periods and Financial Reports and Auditing — Rules 5.2.7-5.2.8
Public listed companies must require their registered auditor to audit under IAASB standards, issue a listed company auditor's report, and file all audit reports and financial statements with the DFSA within four months of year end.
Rules 6.2.1-6.2.26 - Listed Funds and ATS Traded Funds — Rules 6.2.1-6.2.2
Listing rules admit fund units to the Official List only for public domestic funds or designated foreign funds from recognised or equivalently regulated jurisdictions; the Governing Body must ensure chapter compliance.
Rules 6.3.1-6.3.46 - Listed Funds and ATS Traded Funds — Rules 6.3.1-6.3.4
Fund prospectus applications must meet the applicable domestic, foreign, Islamic, or security token content requirements and carry the prescribed disclaimer, and the approved prospectus must be published to the relevant Authorised Market Institution.
Rules 6.6.1-6.6.46 - Listed Funds and ATS Traded Funds — Rules 6.6.1-6.6.4
Connected Persons of a Listed Fund must report qualifying events to DFSA within 5 business days, while the Reporting Entity must disclose the report promptly.
Rules 6.7.1-6.7.36 - Listed Funds and ATS Traded Funds — Rules 6.7.1-6.7.3
Listed Fund Governing Body members with a material interest must notify fellow members within five business days of the interest arising or changing, unless already reported as connected persons.
Rules 6.10.1-6.10.26 - Listed Funds and ATS Traded Funds — Rules 6.10.1-6.10.2
Funds must make required market disclosures per Section 4.7 manner requirements and keep all Fund market disclosures on the website for one year after publication.
Rules 7.1.3-7.1.47 - Sponsors and Compliance Advisers — Rules 7.1.3-7.1.4
Before appointing a sponsor, firms must check the proposed sponsor's competence and resources, notify the DFSA of its identity, and manage independence and conflicts, reporting any issues.
Rules 7.1.6-7.1.107 - Sponsors and Compliance Advisers — Rules 7.1.6-7.1.10
An appointed sponsor must satisfy itself through due enquiry that the prospectus offer person meets requirements, cooperate with DFSA requests, and report compliance failures and non-cooperation to the DFSA.
Rules 7.1.11-7.1.127 - Sponsors and Compliance Advisers — Rules 7.1.11-7.1.12
When a required sponsor is dismissed, the appointing Person must notify the DFSA in writing without delay; a resigning sponsor must notify the DFSA itself in writing without delay.
Rules 7.2.3-7.2.3A7 - Sponsors and Compliance Advisers — Rules 7.2.3-7.2.3A
Entities must confirm the qualifications and independence of compliance advisers and notify the DFSA of any conflicts or proposed adviser changes.
Rules 7.2.5-7.2.87 - Sponsors and Compliance Advisers — Rules 7.2.5-7.2.8
Sponsors advised by their compliance adviser of a failure to comply must rectify it or notify the DFSA, and ensure staff cooperate with DFSA requests.
Rules 7.2.9-7.2.107 - Sponsors and Compliance Advisers — Rules 7.2.9-7.2.10
The appointing person must notify the DFSA in writing without delay, giving all relevant details, when a required compliance adviser is dismissed or resigns.
Rules 9.2.1-9.2.69 - The Listing Rules — Rules 9.2.1-9.2.6
Listed entities must comply with six Listing Principles: maintain senior management understanding, adequate compliance controls, integrity toward holders, no false markets, open DFSA dealings, and equal treatment of same-class holders.
Rules 9.3.1-9.3.29 - The Listing Rules — Rules 9.3.1-9.3.2
Applicants for Listing must be duly established, operating per their constitution, and have filed consolidated audited accounts prepared in accordance with IFRS.
Rules 9.3.4-9.3.59 - The Listing Rules — Rules 9.3.4-9.3.5
Applicants for listing must demonstrate to the DFSA that they and their business are suitable, including controlling-shareholder connections and integrity risk, and that directors have appropriate experience in the business.
Rules 9.3.12-9.3.159 - The Listing Rules — Rules 9.3.12-9.3.15
Listing applications must cover the entire securities class, ensure electronic settlement eligibility with acceptable clearing, cap total warrants at 20% of issued share capital, and meet depository receipt requirements.
Rules 9.4.1-9.4.29 - The Listing Rules — Rules 9.4.1-9.4.2
Requires applicants for listing admission to submit final-form application documents, pay the listing fee, and provide all additional documents, explanations and verification to the DFSA.
Rules 9.4.4-9.4.69 - The Listing Rules — Rules 9.4.4-9.4.6
Listing applicants must submit prescribed 48-hour-advance documents by midday two clear business days before DFSA consideration, and same-day documents by 9am on the consideration day, signed by the Sponsor or an authorised officer.
Rules 9.4.7-9.4.89 - The Listing Rules — Rules 9.4.7-9.4.8
Listed issuers must retain listing documents, such as acquisition agreements, constitution, annual reports and title documents, for six years after admission and provide them to the DFSA on request.
Rules 9.7.4-9.7.69 - The Listing Rules — Rules 9.7.4-9.7.6
Companies must obtain prior DFSA written approval to buy back own shares, using a tender offer to all shareholders above 15%, and promptly disclose each share purchase.
Rules 9.8.1-9.8.29 - The Listing Rules — Rules 9.8.1-9.8.2
Applicants must promptly give the DFSA information reasonably required to decide admission, information needed for investor protection or market operation, and information to verify Listing Rule compliance.
Rules 9.8.3-9.8.49 - The Listing Rules — Rules 9.8.3-9.8.4
Listed issuers must disseminate required market disclosures through a Regulatory Announcement Service and take reasonable care that information is not misleading, false, deceptive, or incomplete in a way affecting its import.
MKT's 190 indexed articles break down by obligation type as follows.
Legal/Corporate Finance — 40 articles
Legal — 26 articles
Legal/Compliance — 26 articles
Legal/Investor Relations — 16 articles
Finance — 14 articles
Legal/Company Secretary — 10 articles
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What is Markets Rules Module (MKT)?
Markets Rules Module (MKT) is issued by the Dubai Financial Services Authority. It has 95 articles.
Who issues MKT?
The Dubai Financial Services Authority. Always check the authority's official publication for the binding text.
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Arakan Lexara Weekly
Key developments and what they mean, what firms are asked to do, and the deadlines coming up — from the DFSA, FSRA, VARA, CBUAE, FTA and more. Read the latest