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    بوابة الاقتراحات والملاحظات لحكومة دولة الإمارات

    

UAE Central Bank
Board of Directors Resolution
No. 21/2/88 dated 14/6/1988
___________________________
REGARDING THE SYSTEM OF THE INVESTMENT BANKS IN THE STATE


The Chairman of Board of Directors,

After assessing the rules of the Federal Law No.10 of 1980, regarding the Central Bank, monetary system and organizing the banking profession, particularly the Articles 11, 12, 18, 24 & 113 whereof.

And the Federal Decree No.67 of 1985 regarding appointing the Board of Directors of the Central Bank.

And in accordance with the decision of the Board of Directors in its session dated 14.6.1988.

Decided the following:

Article (1) : The investment banks are meant by virtue of this system, the banks which are usually called the banks of business or development or investment or those who grant the long and medium term loans or other similar expression or nomination.

Article (2) : The main objectives of the investment banks are promoting new activities, financing the progress of the existing business through participation in the capital of the companies and providing the long and medium term loans.

Article (3) : The rules of the third para of Article 78 and Articles 79-113 of the Federal Law No.10 of 1980 regarding the Central Bank, the monetary systems and organizing the banking profession, excluding the para (0) of Article (90) whereof, will be applied on the investment banks.

a) "Other Financial Instruments" shall mean any financial products (instruments) not included in or exempted from the definition of securities which are dealt with in money markets and/or capital markets, whether local and/or foreign.

b) "Investment Fund" shall mean the money collected from investors who are interested in investing it in some kind of securities or financial instruments available in money and/or capital markets, whether local or foreign. The investors contribute through the purchase of allotments or certificates or stocks of equal values, issued by the fund when established, in such a way that their total value at issuance is equivalent to the fund's capital.

The fund shall enjoy the status of an independent juridical entity.

c) "Close-Ended Fund" shall mean the investment fund, which does not allow its shareholders to redeem the value of their stocks. However, the fund is allowed, at times, to increase its funds by Issuing new stocks; it is also allowed to purchase its stock from the market according to specific rules.

d) "Mutual Fund or Open-Ended Fund" shall mean the investment fund, which allows shareholders to redeem the value of their stocks directly from the fund. It is allowed to increase its funds continuously by issuing new stocks, and is also allowed to purchase its shares from the market according to specific rules.

e) "Investment Trust Fund" shall mean the fund, which is incorporated when the trustee (whether a bank or an investment company) collects funds entrusted to him from different trusts in one fund which it manages. The trustee invests the funds in local and/or foreign securities either directly by doing it himself or by appointing another Investment Company to manage the funds. The yields resulting from this investment shall be disbursed to beneficiaries according to the provisions of the legal document for each trust.

f) "Advisor in Banking, Financial and Investments" shall mean the natural or juridical person who, against a certain fee, provides banking, financial and investment consultations.

g) "Portfolio Manager" shall mean the person responsible for the selection of the actual investments on behalf of his client.

All the regulations, notices, instructions and circulars issued by the Central Bank will also be applied unless otherwise they are excluded from some of these rules by the UAE Central Bank.

Article (4) : The local companies who are desirous to obtain 1icences to practice their activities as investment banks should apply in writing to the Central Bank and the application should be attached with a copy of the "Memorandum and rticles of Association" of the company together with a list of the Founders, as well as the documents that support the fulfillment of the required conditions in accordance with the rules of this resolution, provided that the Founders have obtained an initial approval from the Central Bank.

Article (5) : The investment banks in the state are allowed to exercise the following activities:
  1. Participating in the capital of the commercial companies, provided that participation should not exceed 25% of the capital of the concerned Firm/ Company, or 10% of the shareholders equity of the investment bank whichever is less. It is meant by the shareholders equity, the total of the paid up capital, reserves and retained profits, after covering any decrease in the value of the assets
  2. Granting medium and long-term loans to finance the projects.
  3. Providing the working capital in the shape of credit facilities for periods not less than two years for the companies in which the investment bank participates, or to any party that the investment bank may have granted a medium or long-term loan.
  4. Opening L/C's pertaining to authorised loans provided by the investment bank.
  5. Issuing the guarantees on behalf of the parties indicated in the above mentioned article no.3.
  6. Obtaining the funds through issuing securities, including deposit certificates, in accordance with the conditions decided by the Central Bank.
  7. Accepting the medium or the long-term deposits in Dirhams or in foreign, currencies from the clients for a period not less than two years.
  8. Opening the current accounts in Dirhams and/or in foreign currencies in the name of the companies that the investment bank has granted them loans and also in the names of the clients for whom the bank is acting as a financial agent.
  9. Borrowing or accepting deposits in Dirhams and/or in foreign currencies for a period not less than three months from the Head Office or the local or foreign banks or from the financial market.
  10. Acting as a financial agent on behalf of other parties in accordance with the rules.
  11. Managing the investment portfolios for others.
  12. Maintaining the researches and studies for identifying new investments opportunities.
  13. Doing any other activity, which is usually, considered as one of the investments banks activities after obtaining the approval of the Central Bank.

Article (6) : The investment banks in the state are forbidden top exercise any activities not stated in the fifth article herein and in particular they are forbidden to exercise the following activities :
  1. Opening the current accounts for any of the clients not allowed for the same in accordance with the rules stipu1ated in this resolution.
  2. Allowing overdraft exceeding the limit of the credit facilities granted in accordance with the article mentioned.
  3. Discounting the Commercial Bills.
  4. Opening the L/Cs other than those pertaining to approved loan.
  5. Granting the personal loans.
  6. Financing the purchasing of consumable commodities.
  7. Doing operations in the monetary or financial markets or dealing with foreign currency which have no connection with the operation it is allowed to practice.

Article (7) : The existing investment banks should upon the issue of this decision adopt their position with its rules within one year from the date of its issue and the Governor is entitled to extend this grace period for not more than six months if it is necessary.

Article (8) : This decision to be circulated to all concerned to execute its rules and to act upon it from the date of its issue.




Surror Bin Mohammad Al Nahyan
The Chairman of Board of Directors


Issued in Abu Dhabi on 14/6/1988

        

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