The CMA Board has taken resolution No. (2008-20-2) dated 14/5/1429H, corresponding to 19/5/2008 concerning revision of resolution No.(2005-57-1) dated 30/2/1426H, corresponding to 9/4/2005, concerning imposition of penalties on any joint stock company that may violate the CMA registration and listing rules governing disclosure of the interim and annual financial statements , to quote as follows:
(a) A company which violates the provisions of clause (d) of article twenty six of (Listing and registration rules) governing disclosure of the interim financial statements , shall be punished with a fine of SR (10.000) to SR (50.000). Such fine shall be calculated for every interim financial period which it’s interim financial statements are not disclosed as scheduled.
(b) A company which violates the provisions of clause (e) of article twenty six of (Listing and registration rules) governing disclosure of the annual financial statements, shall be punished with a fine of SR (10.000) to SR (100.000).
(c) Name of the company that fails to disclose it’s interim and annual financial statements, and type of fine imposed, shall be published on “TADAWUL” web site.
(d) Fines should be paid to the CMA within thirty days from notification of the violator.
(e) The CMA may impose other additional fines or take any other actions subject to the Capital Market Law and it’s implementing regulations.
(f) This resolution shall be published on the CMA web site and communicated to all listed companies, and this resolution shall be put into effect as of 14/5/1429H, corresponding to 19/5/2008.