CMA urges the companies to disclose quarterly financial statement within 15 days

June 29, 2014 3:17 pm

The Acting Director General of the Issues and Disclosure, Ahmed Sulaiman Al Qassabi said CMA’s endeavors to enhance disclosure and transparency have no limit and there is continuous follow up for the means that could develop this issue to move to higher standards of investor confidence through the provision of quarterly statements and material information of the issuers of securities on timely bases to attain fairness for all.

Al Qassabi pointed out that CMA has recently issued a circular to all public joint stock companies and investment funds including instruction for speedy disclosure of the quarterly results within 15 days from the date of approval by the management and prior to approval by the directors in line with the up to date technology which allow the companies early disclosure of the quarterly results within few days and not more than 15 days from the end of the quarter which would help investors to obtain information to take informed investment decisions.

He added the disclosure statement shall indicate the results are initial and not approved by the directors until detailed disclosure is made later in accordance with the disclosure provisions in the Executive Regulation of the Capital Market Law.

He concluded that CMA is keen to build the confidence of market participants and is working continuously to review the laws and regulations regulating the capital market to provide protection for investors and market participants for better standards of fairness, efficiency and transparency and to prevent any leak of information and use by insiders.

The results to be disclosed include total revenues, total expenses, net profits after tax and comparison figures with the previous quarter showing the ratio of change.