The Capital Market Authority (CMA) has amended the listing rules, which now obliges listed companies to disclose any information or material developments half an hour before the start of the trading period.

The CMA board approved the amended listing rules after it has been published on the website of CMA for public consultation for 90 days. The authority stated that while working on the rules it took into account all observations, proposals and inquiries received from the public, experts and all concerned parties during the consultation period.

In addition, the authority also took into consideration the joint project between the CMA and the Saudi stock exchange (Tadawul) to separate the tasks and functions between them according to the related Capital Market Law provisions.

Teams from both entities will review all the implementing regulations, and internal policies and procedures to achieve the target goals.

The listing rules regulates the requirements for companies' public offering and listing on the Tadawul.

The requirements also relate to prospectuses and capital increase, including the rights issue, and continuous obligations on listed companies including the disclosure of material development and financial information.

In addition, these rules regulate requirements related to board of directors’ report, restrictions on shares transactions, notification related to substantial holdings in shares or convertible debt instruments and other related items.

The amended Listing Rules require the issuer to appoint financial and legal advisers when applying for capital reduction.

Additionally, disclosures to the public of any information or material developments, pursuant to part 8 of the Listing Rules, must be made at least half an hour before the start of the trading period. Also, and pursuant to the amended Listing Rules, the issuer is required to determine the need to publish an announcement to the public in response to rumors related to any material development.