The Emirates Securities and Commodities Authority has adopted a set of decisions directed to the listed joint stock companies and companies licensed by the authority as well as local registered investment funds that include an extension of the period of disclosure of the annual financial statements for 2019 and data The interim financials for the first quarter of this year, as part of its efforts to contain the repercussions of the Corona crisis.

According to Al-Bayan, these decisions included:

1 - Extending the period of disclosure of audited annual financial statements and reports for the fiscal year 2019 an additional period not to exceed 45 days as a maximum ending on 14/5/2020. < / p>


2 - The local public joint stock companies and the local private joint stock companies listed in the market are obligated to observe the publication of the audited annual financial statements for the year 2019 in conjunction with the publication of the invitation to hold the company's annual general meeting.


3 - Postponing the disclosure of the quarterly financial statements ending on March 31, 2020 until the date of the scheduled disclosure date for the interim financial statements ending on June 30.


4- Taking into consideration the application of the provisions of Article (14) of the Authority’s Board of Directors Decision No. (2) for the year 2001 regarding the system for trading, clearing, settlements, transfer of ownership and preserving securities related to imposing a ban on the circulation of insiders on shares of companies until the disclosure of the audited annual financial statements 2019 and financial data Phases for the first quarter of this year.


The article states that the chairman and members of the board of directors of the company whose securities are listed in the market and its general manager or any of the employees familiar with the essential information of the company are prohibited from dealing - on his own or on his behalf by others or in any other capacity in the account of others - in the securities of the company itself or the parent company or The subsidiary, sister, or ally of that company, if any of these companies listed their securities in the market, during the following periods:


(A) Ten (10) working days before the announcement of any material information, unless that information was caused by emergency or sudden events.


(B) Fifteen (15) days before the end of the quarterly, semi-annual or annual financial period, until the financial statements are disclosed.


The authority noted that any provisions that contradict this circular will be suspended temporarily during the current period, whether they were stipulated in decisions issued by the authority or the articles of association of the company until the date of June 30 of this year.