The Minister of Economy and Chairman of the Board of Directors of the Securities Commission Sultan Bin Saeed Al Mansouri and Commodities issued a decision to amend the financial reports of the activities licensed by the Authority, according to the website of the Authority.
The decision came in three main articles, where the first article of the resolution included an amendment to the system for listing and trading of commodities and commodity contracts and the article on financial advisory and financial analysis in addition to the special article on the organization of custody of securities.
The first article of the resolution also included the amendment of the special articles on investment management system, securities brokerage system, regulating the clearing works in the commodities market, in addition to organizing the activities of the central clearing company, organizing promotion and definition, as well as regulating the activity of administrative services for investment funds, regulating the licensing of credit rating agencies and regulating depository activity. Central.
Article (2) of the resolution included the addition of a new clause on the system of investment funds by providing the Authority with quarterly interim financial reports audited by the external auditor within 45 days of the end of the quarter and signed by the authorized signatory in the Memorandum of Association. An external auditor within 3 months of the end of the fiscal year and signed, as well as providing the Authority with quarterly interim financial reports within 45 days of the end of the quarter and an annual report within 3 months of the end of the fiscal year including profit and loss and the Company's business activities. The reports should be signed by the manager in charge of the activity if the company is licensed for more than one activity or if the licensee is a local bank or branch of a foreign bank. Local banks and branches of foreign banks are excluded from the quarterly financial reports during 45 months. Days after the end of the quarter and the audited annual financial report within 3 months of the end of the fiscal year.