Title: The Awareness Workshop Program of “The Regulatory Requirements of “the Unlicensed” Listed Companies’ Financial Statements”
Date Publish 03 July 2019
Kuwait City, 03 July 2019- the Capital Markets Authority implemented the awareness workshop program of “The Regulatory Requirements of “the Unlicensed” Listed Companies’ Financial Statements” on Monday and Tuesday 1 – 2 July 2019 with two daily workshops for the unlicensed listed companies who attended according to special invitations addressed to them.
It is worth noting that these awareness workshops were presented by the On-sight Supervision Department that was represented by:
Mr. Abdullah Khaled Al-Terkait – Head of Supervision of Listed Companies Section
Mrs. Sara Hazem Al-Issa – Chief Financial Analyst
Mr. Abdul-Lateef Jassem Al-Adwani – Chief Financial Analyst
Mr. Yousef Hussain Hussain – Chief Financial Analyst
Mr. Ahmad Salah Al-Nasser – Senior Administrative Researcher
These workshops discussed the objectives of the Supervision of Listed Companies Section that forms as part of CMA’s On-sight Supervision Department. They also demonstrated the company’s compliance with the approved regulations and standards, starting from Article (1-15) of Module Twelve that relates to the submission of the financial statements to be prepared according to the international accounting standards, moving on to the compliance with Appendix (1) of Module Eleven that is allocated for Real Estate Assets Valuation, and the disclosures mentioned in Module Ten (Disclosure and Transparency) of the Executive Bylaws.
The workshop was concluded with an explanation of the Electronic Disclosure System XBRL (ifsah), which was viewed and discussed in detail.
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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