Regulatory Alerts2024-01-02
ISC Board Decisions held on 14/12/2023
The Saudi Capital Market Authority establishes the regulatory framework for the Unlisted Companies Platform (UCP) to facilitate trading in shares of companies that fail to disclose annual or quarterly financial statements. The rules mandate that these companies are suspended from the main market for 15 days and transferred to the UCP if they do not comply, with a maximum one-year stay on the UCP before potential delisting to the OTC market. The Authority retains the power to take legal action against companies that intentionally fail to submit required disclosures under the Capital Market Law.
Share