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UAE: New disclosure rules announced for companies listed on ADX
The policy covers audited financial statements and board meetings that would affect a company's stock price
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Companies listed on the Abu Dhabi Securities Exchange (ADX) are now required to disclose the agenda and schedule of their board meetings — where matters affecting the firm's stock price will be discussed — at least two business days prior to the specified meeting date, it was announced on Friday.
In a circular, ADX said that decisions taken during these meetings must be disclosed immediately after the meeting concludes, excluding the day of the meeting itself.
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“For example, if a company's board of directors decides to hold a meeting on Friday, September 27, 2024, to discuss matters affecting the company's stock price, the company must disclose the agenda and meeting schedule no later than Tuesday, September 24, 2024. Failure to disclose by Tuesday would be considered a violation of market disclosure regulation,” the circular said.
ADX requested the listed companies to provide it with the financial report for the third quarter of this year in both Arabic and English using the disclosure electronic services (E-Services).
The authority emphasised on the importance of disclosure and transparency regarding financial information of listed companies, for the benefit of all investors and securities dealers.
According to the circular, the the following reports are required to be submitted to ADX:
- A comparative quarterly report for the same period of the previous fiscal year that includes the company's financial statements audited by its auditor within 45 days of the end date of the relevant quarter. The report should also include a Board of Directors' report or a Management Discussion & Analysis (MD&A), signed by the Board of Directors or an authorised representative.
- The listed company should provide its financial reports approved by its executive management and prepared based on International Financial Reporting Standards (IFRS).
- Financial statements must be disclosed either before or after the trading session, in accordance with ADX’s Disclosure Guidelines for Public and Private Joint Stock Companies.
The circular noted that if the financial data is not disclosed by 9am, the market will suspend the company's trading from 9am to 9.30am to ensure the safety of the trading session and the completion of internal market procedures. If the financial data is received during this time, the company will be allowed to resume trading after 9.30am.
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