An announcement From the CMA Regarding the Extending of the statutory deadline to disclose the financial statements for listed companies whose Interim Period ends on 29/7/1441, 29/2/2020 and 31/03/2020.
Monday, April 06, 2020 at 6:06 PM
Mon Apr 6, 2020 18:06
In line with the precautionary measures announced by the country to limit the spread of the emerging Corona virus (COVID-19), and because of these measures are of the utmost importance to the health of the investment community and all its segments and those working in the financial sector and as an extension of the precautionary measures initiated by the authority in light of these exceptional circumstances and its impact on issuers, and to protect all financial market participants, and to maintain a orderly market, and to enable the listed companies to comply with the regulatory requirements for disclosing the Interim financial statements for the Period ending on 29/7/1441 ,29/2/2020 and 31/03/2020, and based on the Capital Market Law and its implementing regulations, the CMA announces the issuance of its resolutions to approve the Extending of the statutory deadline to disclose the Interim financial statements for listed companies whose Interim Period ends on 29/7/1441 ,29/2/2020 and 31/03/2020 for an additional period of (20) days, Within a period not exceeding (50) days from the end of the financial period covered by these financial statements.
It is also possible for all financial market participants to view the updated Financials Deadlines through the page of Restriction Periods and Financials Deadlines on the Saudi Stock Exchange Company (Tadawul) website, through the following link: (link)
The CMA also urges issuers to communicate with the authority in the event of any difficulties related to the disclosure of the regulatory requirements for reasons related to the precautionary measures announced by the country to limit the spread of the emerging Corona virus (COVID-19).
It is also worth noting that the CMA has taken several precautionary measures to assist the participants in the financial market in these exceptional circumstances, among which is the suspension of attending the general assembly meetings for listed companies in the financial market until further notice, limiting the holding of the general assembly meetings to take place remotely through modern technology, and suspending the freezing of accounts according to the instructions of investment accounts. In addition to extending the statutory deadline to disclose listed companies’ board reports and not applying the Procedure of Suspending the Trading of Listed Securities for one trading session after the expiry of the statutory deadline for disclosing the annual financial information for listed companies, real estate investment traded funds and exchange traded funds. Furthermore, the CMA has previously emphasized on the financial institutions it supervises to activate business continuity plans and harnessing all electronic technologies to ensure business continuity in the financial market.
The CMA is also constantly monitoring the financial market and reviewing all precautionary measures, as well as taking any additional measures to support the entities subject to its supervision and enable business continuity. Therefore, details of the procedures taken by the Capital Market Authority to face the repercussions of the emerging Corona virus can be found on the following link: (link).