2024-09-20 17:46:19
The Abu Dhabi Securities Market emphasizes the importance of disclosure and transparency of information and financial statements of listed companies for the benefit of all investors and securities dealers.
In the latest notice issued today, the market emphasized the need to provide annual quarterly financial reports compared with the same period of the previous fiscal year, which include the company’s financial statements reviewed by the auditors and the report of the company’s board of directors or its authorized representative during the relevant quarter. A signed director or executive management discussion report within 45 days of closing.
The Abu Dhabi Securities Market stressed the need for listed companies to commit to preparing financial statements approved by their executive management in accordance with International Financial Reporting Standards (IFRS).
There are calls for listed companies to commit to disclosing financial statements before or after transactions in accordance with the Disclosure Guidelines for Listed and Private Joint Stock Companies issued by the Abu Dhabi Securities Exchange.
The market explained that in order to ensure the safety of the trading period and complete the market’s internal procedures, if the financial statements fail to be disclosed, the company’s trading will be suspended from 9 am to 9.30 am, and will subsequently be returned to the company if the financial statements are received during this period. Trading takes place after 9.30am.
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, corresponding to September 27, 2024, then in this case the company must disclose the meeting agenda and date no later than Tuesday, corresponding to September 24, 2024 If the disclosure is made to the market after Tuesday, the company will be deemed to have violated the disclosure rules.
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