Riyadh, October 06, 2023, The Board of the Capital Market Authority (CMA) has given its approval for revisions to the Instructions for Announcements by Shareholding Companies Listed on the Saudi Stock Exchange. These amendments are scheduled to take effect on January 1, 2024.
This move is part of CMA's ongoing commitment to streamline and enhance the disclosure procedures for companies listed on the Saudi Stock Exchange. The goal is to align with best practices in disclosing company information to both investors and market participants. This initiative aims to empower investors to make well-informed decisions by ensuring they have access to accurate and comprehensive information in accordance with relevant regulatory requirements.
One notable change involves the modification of forms for announcing annual and preliminary financial results for insurance companies, aligning them with the International Financial Reporting Standard (IFRS) 17 on Insurance Contracts. Additionally, the updated instructions introduce new forms for announcing a capital increase with the suspension of priority rights and for reporting the impact of emergency events on a company's operations. Several other instructions have also been revised.
These instructions specify the essential components that should be present in all company announcements posted on the Saudi Stock Exchange website, known as "Tadawul."
The revisions are expected to enhance the quality of disclosures made by listed companies, benefiting all stakeholders in the market. Furthermore, this effort aims to bolster investor protection and knowledge levels.
It's worth noting that CMA initially issued the Instructions for Companies Announcements in 2006, with subsequent updates carried out in compliance with applicable regulatory provisions.
