CMA LAW: Circular No. (9) of 2016 to All Licensed Persons Except the Investment Funds

Chairman of the Board of Directors 
Greetings,

Pursuant to Circular No. (1-I.C.-S.S.-2011) issued by the CMA on 28/9/2011, the CMA has requested to be provided with information and financial reports, a draft financial statement and the auditor’s report of the quarterly and final annual financial statements as per the dates and means stated in the mentioned circular.

Thus, the CMA has received inquiries on the meaning of the provision of Item No. (3) of the mentioned circular regarding sending the draft financial statement and the auditor’s report, and whether it means not disclosing the financial statements before receiving the CMA’s letter in which it states its acknowledgment of the content of the financial statements, or it merely means delivering the draft financial statements (quarterly and final) and the auditor’s report to the CMA.

Therefore, and with reference to CMA Board of Commissioners Resolution No. (C.B.C 7 – 28 of 2016) passed in its meeting held on 24/8/2016, and as part of CMA’s responsibility in ensuring the compliance with the related rules and regulations; the CMA draws your attention to the fact that the mentioned Item means delivering the draft financial statement and the auditor’s report to the CMA, and only disclosing them after receiving the CMA’s letter which states its acknowledgment of their content as is conducted according to the procedures adopted since CMA’s issuance of Circular No. (1-I.C.-S.S.-2011).

Dr. Nayef Falah Al-Hajraf
Chairman of CMA Board of Commissioners

Issued on: 21/9/2016 
                   

Copy of the Official Document

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