Saudi CMA makes changes to disclosure rules

The Capital Market Authority (CMA), Saudi Arabia's market regulator, announced on Monday new amendments to instructions for announcements of Tadawul-listed companies.

The changes will come into effect starting October 1, the CMA said in a statement.

Under the new rules, the listed companies should comply with the new quarterly and annual financial reporting forms included in the new amendments.

Corporate disclosure titles should be complete, clear and correct to reflect material events.

Announcements should include the conditions, terms and value of any financial obligations, guarantees or asset pledges that might arise from the material development.

Information about related parties should be also disclosed, if any.

For material events that take place during trading hours, all companies should ensure no information is released before an official disclosure if made after market close.

Meanwhile, companies should request a temporary halt on their stocks in the event they can’t keep the material development confidential during trading sessions.