CMA LAW: Circular No. (7) of 2020 Regarding the Disclosure of the Impact of the Incidents Resulted from the Novel Corona Virus Pandemic on the Financial Statements

(Circular to all Licensed Persons and the Companies listed in the Exchange)

From the perspective of promoting principles of  transparency and disclosure in capital markets, and due to the exceptional circumstances that the State of Kuwait and the whole world is going through facing the novel Corona Virus Pandemic (COVID-19), and as a result of the economic changes resulting from the precautionary decisions that prevent the spread of this virus and its impact on the companies’ businesses and their financial positions, which may require several of those companies to reevaluate their financial and non-financial assets pursuant to these updates, and consider the impact of the procedures they took to reduce the effect of these exceptional circumstances. The Capital Markets Authority (CMA) draws the attention of the Licensed Persons and the Companies listed in the Exchange to the importance of disclosing the effect of these exceptional circumstances of the novel Corona Virus on the company’s performance and financial position in accordance with the form attached to this circular.

Therefore, the listed companies shall disclose this form in conjunction with their disclosure of the first financial results in the Exchange after the issuance of this circular and attach a copy of the form with the financial statements that will be submitted to the CMA. In addition, the Licensed Persons unlisted in the Exchange shall attach this form to the first financial statements that will be submitted to the CMA after the issuance of this circular.

Best wishes,

Prof. Ahmad A. Al-Melhem

Issued on: 07/07/2020

Copy of the Official Document

نموذج الإفصاح عن تأثير الأحداث الناتجة عن انتشار فايروس كورونا المستجد على البيانات المالية

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.