Reform of the DIFC's Listing Regime

The proposed ADSs form part of significant ongoing reform of the regulatory architecture governing NASDAQ Dubai and other securities exchanges in the DIFC. On 1 October 2011, responsibility for maintaining an Official List and listing authority functions in the DIFC was transferred from NASDAQ Dubai to the DIFC's regulator, the Dubai Financial Services Authority (the DFSA). Responsibility for admission of securities to trading on NASDAQ Dubai remains with the exchange. This approach mirrors the position in the UK, where there is a similar split in functions between the Financial Services Authority (in its role as the UK Listing Authority) and the London Stock Exchange, which regulates admission to trading on its markets for listed securities.

The ADSs and the DFSA's Markets Rules