Hossam Abdelnaby (Abu Dhabi)
The Securities and Commodities Authority launched the service of distributing unclaimed dividends from shareholders in public joint-stock companies, and returning cash balances to clients who hold dormant accounts with brokerage companies. The Authority confirmed the start of receiving requests for those entitled to receive their un-received dividends in listed local public joint-stock companies for a period of time. Before March 2015, or cash balances in stagnant accounts with brokerage companies, after coordination with relevant authorities and parties, in order to provide rapid services that meet shareholders’ expectations.
The Authority explained that with regard to the service of disbursing unclaimed dividends from shareholders in joint-stock companies, First Abu Dhabi Bank has been appointed to provide services for disbursing un-received dividends to shareholders of listed local public joint-stock companies for the period before March 2015, and the bank will receive disbursement requests via email. Or telephone or bank branches spread throughout the country. She indicated that the applicant for dividend disbursement must provide the following documents and data, which are a copy of the Emirates ID for citizens/residents of the country, a copy of the passport (for non-citizens), a copy of the family book (for UAE citizens), in addition to a certificate from the bank showing the shareholder’s account number. The IBAN, stock certificates, invitations to general assemblies, or any other documents proving his ownership of the shares, his entitlement to dividends if available, and also the investor number in the relevant market (if any).
The Authority stated that if the shareholder is a legal person, a copy of the commercial license and a copy of the authorization to sign must be attached, in addition to a copy of the passport and identity card of the authorized signatory, noting that if the applicant is an agent for the shareholder or heirs, a power of attorney must be attached/ An inheritance inventory certificate issued and approved by the competent authorities within the country. If the agency is issued from outside the country, it must be certified by the UAE embassy in the country of issuance, the Ministry of Foreign Affairs of that country, and the Ministry of Foreign Affairs of the UAE.
The Securities and Commodities Authority stated that the payment agent will transfer the profits to the shareholder’s account within 5 working days of submitting the application, and after completing all the required documents and data. He will also send an SMS to the shareholder’s mobile phone to notify him of the transfer of profits.
Regarding the service of disbursing amounts of dormant accounts with existing licensed brokerage companies, the Securities and Commodities Authority stated that the investor must submit an application to the brokerage company with the licensed documents attached to it with the following documents and data: a copy of the ID card (for citizens/residents of the country), a copy of the passport Travel (for non-citizens), a certificate from the bank showing the shareholder’s account number and IBAN, a statement of account with the company or the relevant market, or any other document showing the balance owed to him (if any), and finally a copy of the account opening agreement signed with the company (if any), The number of the investor in the relevant market.
The Authority said that in this case, the company verifies the existence of the cash balance due to the investor, then refers the application to the Authority that studies the application, and then transfers the profits to the investor within 5 working days of completing all required documents and data, stressing that for brokerage companies that have been canceled license (closed), the investor can submit the application directly to the Authority, attaching all the described documents, through the digital service on the Securities and Commodities Authority’s website, e-mail, or the Authority’s call center.
2024-03-12 09:48:12
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