​As part of the Capital Market Authority’s (CMA) role in regulating and monitoring the work and activities of entities subject to its supervision and oversight, as well as regulating and monitoring full disclosure of information relating to financial securities and issuers, and in reference to the Saudi Organization for Certified Public Accountants’ board decision to implement the International Financial Reporting Standards (IFRS) on listed companies starting from 1/1/2017, and in view of the difficulties and challenges that may face issuers in transforming to IFRS, CMA announces that it has amended paragraph (d) in Article 42 of the Listing Rules such that the issuer must provide CMA and announce to the shareholders its interim financial statements as soon as they have been approved and within a period not exceeding 30 days after the end of the financial period included in such financial statements.  In addition, CMA has amended paragraph (e) in Article 42 of the Listing Rules such that the issuer must provide CMA and announce to the shareholders its annual financial statements as soon as they have been approved and within a period not exceeding 3 months after the end of the annual financial period included in such financial statements.

These amendments will be applied to issuers’ financial statements prepared for the financial periods beginning on 1/1/2017 or thereafter.