First: Companies, Investment Banking Divisions of commercial banks and branches of foreign companies licensed by the Capital Market Authority to operate in the field of securities 'Licensed entities" must adhere to the rules of professional and ethical behaviour which are universally accepted in the field of securities and they must also prepare their own Codes of conduct in keeping with the minimum standards prescribed in this circular.

Second: Each of these entities to which this Circular applies, must submit a copy of their Professional Code of Conduct, in both Arabic and English, to the CMA, after approval from their board of directors or the partners as the case may be, on or before (6) months from the date of this Circular.

Third: Anything infringing this Circular or inconsistent with its provisions shall be repealed.

Yours sincerely,