Regulatory Alerts2023-02-14
Regulatory Article No. 11: Submission of Electronic Financial Data with Appendix No. 7
The Securities Commission issued Regulatory Article No. 11 to mandate the electronic submission of financial data by companies in PDF or JPG formats via email. The regulation establishes strict protocols for authentication, requiring authorized signatures, password-protected email addresses, and formal acknowledgment receipts to validate submissions. It further delineates liability for data misuse, designating the company as responsible for unauthorized access while holding the Inspection and Supervision Department accountable for internal employee misconduct.
Regulatory Articles of the Securities Commission for the Year 2022 Regulatory Article No. (11): Submission of Electronic Financial Data
Article (1): Electronic financial data shall be submitted in accordance with Appendix No. 7.
Article (2): The Company shall send the financial data meeting the requirements (signed and stamped) by the Managing Director and the Company's Accountant to the Inspection and Supervision Department via electronic mail in file format (PDF) or (JPG). The Company must send the original hard copy within a period of three working days from the date of sending.
Article (3): Electronic data meeting the requirements shall not be considered received by the Commission until a confirmation message of receipt is sent by the Commission to the Company.
Article (4): The Company shall retain the file regarding the storage of its electronic data and update it (add to it) periodically and continuously.
Article (5): The Company shall provide the Commission with its electronic address to be approved for correspondence with the Commission, securing this address with a password limited in knowledge to the specific individuals authorized to send the data.
Article (6): The Company bears responsibility for the use of this data by unauthorized persons.
Article (7): The Company shall determine the authorized individuals who possess the password.
Article (8): The Company is responsible for the misuse of its electronic address by unauthorized persons.
Article (9): Electronic data sent to the Commission is considered "official documents" subject to supervision and inspection, and investigative decisions regarding them.
Article (10): The Inspection and Supervision Department shall determine the names of the authorized employees to receive the financial data, and the Department shall be responsible for misuse by unauthorized employees.
Regulatory Articles of the Securities Commission for the Year 2022 Appendix No. (7) The email mentioned in the Appendix has been changed to: com.gmail@644inspection