The Capital Market Authority's (CMA's) Board approved amending the Instructions for the Announcements of Shareholding Companies Listed on the Saudi Stock Exchange (“Instructions"). The Instructions will go into effect on 01/01/2024G.
The amendments to the Instructions for the Companies Announcements come as part of CMA's continuous efforts to develop and facilitate the disclosure procedures for Companies Listed on the Saudi Stock Exchange. CMA is also keen to implement best practices related to the company's disclosure to investors and dealers in the capital market. Thus, helping investors make informed investment decisions based on accurate and adequate information in accordance with the relevant statutory provisions.
Among the key amendments is the amendment of the forms for announcing the annual and preliminary financial results of insurance companies in accordance with IFRS 17 Insurance Contracts. The amended instructions also included the addition of forms for announcing a capital increase with suspension of priority rights and a form for announcing the impact of emergency events on the company's business, in addition to a number of other instructions.
The Instructions outline the main elements that should be available in all companies announcements on the website of the Saudi Stock Exchange “Tadawul".
It is anticipated that working with the amended Instructions shall lead to improving and raising the quality of listed companies' disclosures in a way that will benefit all market participants, in addition to enhancing investor protection and raising the investor's awareness level.
It is worth mentioning that CMA issued the first version of the Instructions for Companies Announcements in 2006, and a number of updates to the Instructions have taken place during the past years. All amendments to the Instructions were done in accordance with the relevant statutory provisions.
The amended Instructions for Companies Announcements can be viewed via the following link:
Instructions for Companies Announcements.
