Saudi Arabia: Extending the disclosure of companies ’financial reports for a month

0
62


In addition, the trading suspension procedure was not applied until the end of April 29

Source: Dubai – Arabic.net

The Saudi Capital Market Authority has announced, in line with the precautionary measures announced by the state to limit the spread of the new Corona virus, a number of measures that will enable some listed companies, real estate investment mutual funds and ETFs to adhere to the regulatory requirements for the disclosure of the Board’s report and annual financial information ending in 12/31/2019.

The measures announced by the Capital Market Authority included:

1. Failure to apply the suspension of trading securities for one trading session following the expiry of the regulatory period for the publication of the annual financial information stipulated in Paragraph (1) of Item (Second) of the procedures for suspending the trading of listed securities in accordance with the listing rules, as follows:

– Listed companies and traded real estate investment funds that were unable to comply with the annual financial information disclosure deadline that ends on 3/31/2020, provided that these real estate companies and traded real estate investment funds publish their annual financial information before the end of Wednesday 04/04/2020 And, if you are unable to do so, the trading of its securities will be suspended until it publishes its financial information.

– ETFs that have been unable to comply with the annual reporting deadline that ends on 04/04/2020, provided that ETFs publish their annual financial information before the end of Wednesday 06/05/2020, and if you are not able to do so, then Suspending the trading of its securities until it publishes its financial information.

2. Extension of the statutory deadline to disclose the report of the Board of Directors to listed companies whose fiscal year ends on 12/31/2019, for an additional month, provided that the listed companies submit their report before the end of Thursday, 04/30/2020.

The Capital Market Authority also urges exporters to contact the authority in the event of any difficulties related to the disclosure of statutory requirements for reasons related to the precautionary measures announced by the state to limit the spread of the Corona virus emerging (COVID-19). Note that the authority is currently studying deadlines for disclosing financial information to issuers for the upcoming publishing periods.

The Capital Market Authority has taken a number of precautionary measures to assist market participants in these exceptional circumstances, among them the suspension of the association contract for companies listed in the financial market in attendance until further notice, the contentment of its contract through modern technical means remotely, and the suspension of the freezing of accounts in accordance with the instructions of investment accounts Also, the authority confirmed earlier the financial institutions it supervises by activating business continuity plans and harnessing all electronic technologies to ensure the continued pace of business in the financial market.







LEAVE A REPLY

Please enter your comment!
Please enter your name here