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3. Objectives

The primary objective of these Guidelines is to ensure that insiders are fully aware of the legal and administrative requirements regarding their holdings and dealings in the securities of the concerned company, in such a way as to prevent any abuse of inside information.

The main objectives of these Guidelines are:

1. To operate under the principle of full transparency, through on-going disclosure.
2. To set out obligations on the listed companies, in relation to the insiders' holdings of and dealings in their securities.
3. To contribute to the promotion of a culture of organizational and self-compliance among the insiders and for overseeing the obligations of the listed company to operate appropriate systems and internal controls, in order to meet the expected standards in the most efficient manner.
4. To maintain standards of conduct at the highest level of integrity.
5. To avoid any conflict between the insiders' and the listed companies' interests, and to protect the interest of public investors.

Therefore, these Guidelines require each listed company to:

1. Identify and determine an insider position;
2. Handle and manage inside information in accordance with the Agency's Disclosure Standards and with the requirements of these guidelines;
3. Maintain and monitor the trading conducted by insiders.

In addition, another objective of the Guidelines is to achieve an effective implementation of laws, rules and regulations covering the insider issues, in particular, the BMA Law, BSE Law, Commercial Companies Law and Directives Relating to the Prevention and Prohibition of Money Laundering at the BSE, as well as to BMA Circular ODG/407/03 on Disclosure Standards. The text of the most important Articles relating to insider issues is enclosed as Appendix No. 2.

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