|06 April, 2020

COVID-19 relief: UAE market regulator allows firms extra 45 days to report results

Extension would allow to address potential compliance issues stemming from the impact of the coronavirus

Image used for illustrative purpose. City skyline in Dubai.

Image used for illustrative purpose. City skyline in Dubai.

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UAE's Securities and Commodities Authority (SCA) has provided listed companies an additional 45 days to file their financial statements of the FY 2019 and Q1 of 2020.

SCA has issued a circular for traders informing them about the additional 45 days so that they can report their disclosure statements no later than May 14 and June 30 for the FY 2019 and Q1-2020, respectively.

The extension would allow to address potential compliance issues stemming from the impact of the coronavirus on investors and capital markets, the regulator said in its website.

The regulatory relief covers all listed local and foreign companies as well as those licensed by and local investment funds registered with SCA.

On April 2, the state news agency WAM reported that the SCA has halved the limit that causes trading to halt once losses hit a specific level to support investor confidence amid increased selling activity in the wake of the coronavirus outbreak.

The loss thresholds triggering trading suspension were reduced to 5 percent from 10 percent.

(Writing by Seban Scaria; Editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

#CORONAVIRUS #UAE #SCA #COMMODITIES #COMPANIES  

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© ZAWYA 2020

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