2024-09-21 06:35:09
The Abu Dhabi Securities Market emphasizes the importance of disclosure and transparency of financial information and data of listed companies. For the benefit of investors and all securities dealers.
In the latest notice issued yesterday, Friday, the market emphasized the need to provide it with an annual quarterly financial report compared to the same period of the previous fiscal year, which includes the company’s financial statements reviewed by the auditors, as well as the company’s report. A report from the Board of Directors or an executive management discussion signed by the Board or its auditor within 45 days of the end of the relevant quarter.
The Abu Dhabi Securities Market stressed that listed companies must commit to preparing financial statements approved by their executive management in accordance with International Financial Reporting Standards (IFRS).
The market is calling on listed companies to commit to releasing financial statements before or after the market opens. According to the Disclosure Guidelines for Listed and Private Joint Stock Companies issued by the Abu Dhabi Securities Exchange.
The market explained that if financial statements are not disclosed between 9 a.m. and 9:30 a.m., the company will be suspended from trading; this is for the safety of the trading period and the completion of internal market procedures. If financial statements are received during this period, trading will resume after 9:30 am.
The market indicates that companies need to commit to disclosing the agenda and date of board meetings that discuss matters affecting the company’s stock price at least two working days before the specified date.
The market gave an example if a company’s board of directors decides to hold a meeting on Friday, September 27, 2024; in this case, the company must disclose the meeting agenda and date before Tuesday, September 24, 2024, and any disclosure after Tuesday The company will be deemed to have breached market disclosure rules.
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