The “Securities” issues a decision package for companies and investment funds

The Securities and Commodities Authority has sent a circular addressed to the listed joint-stock companies and licensed companies from the authority, as well as registered local investment funds, and informed them of several decisions that include the extension of the period of disclosure of the annual financial statements for 2019, and interim financial statements for the first quarter of this year.

The circular clarified that in the context of the UAE’s keenness to apply the highest levels of safety, in line with the Ministry of Health’s instructions to prevent gatherings in the current period, and in view of what the public interest requires, taking into account the coincidence of these obligations with the coming of the annual general assemblies of public joint-stock companies, A number of decisions have been adopted, including: Extending the disclosure period for the annual financial statements 2019 and the interim financial statements for the quarter of 2020, as follows:

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

2- The local public joint stock companies and the local private joint stock companies listed on the market are obliged 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, which ended on March 31, 2020, until the date of the scheduled disclosure of 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) of 2001 regarding the system for trading, clearing and settlement, transfer of ownership and custody of securities related to imposing a ban on the circulation of insiders on company shares until the annual audited financial statements are disclosed 2019 and interim financial statements for the first quarter of this year.