Dubai – MENA Herald: Dubai Financial Market (DFM) today announced that its UAE listed companies have showed a 98% compliance to disclose their preliminary results for the financial year 2015 within the deadline of 45 days from the end of the year in line with the regulations of the Securities and Commodities Authority (SCA).
As much as 47 UAE companies listed on the DFM have disclosed their preliminary results while one company only has missed the cutoff date. Out of the 12 non-UAE companies dually listed on exchange, six companies have disclosed their results within the deadline.
The DFM has praised the commitment of the vast majority of its listed companies to comply with the SCA regulations and urged them to constantly ensure that they fully adhere to the deadlines in order to maintain the high level of compliance DFM listed companies regularly achieve.
It is worth noting that the DFM has implemented an extensive campaign over the past few months to make listed companies aware of the implementation of the regulation on disclosing the preliminary annual results within the 45 days deadline for the first time. The exchange has dispatched notices to listed companies as well as connecting with disclosure and compliance teams to emphasize on the importance of adherence to the new timeframe so that investors receive the results at the earliest as part of DFM’s commitment to further enhance levels of disclosure and transparency.
The DFM employs advanced mechanisms enabling listed companies to swiftly disseminate their results and any other disclosures through the electronic disclosure system (Efsah).
The DFM has submitted a detailed report to (SCA) including the dates of the disclosure and its observations to take the necessary action in regards to companies that missed the deadline.