Saudi Market Updates Disclosure and Trading Rules

The Saudi capital market has updated its disclosure rules and trading mechanisms in a move designed to support fundraising by listed companies and expand participation by foreign institutional investors. The changes reinforce the framework overseen by the Capital Market Authority (CMA) and the Saudi Exchange, which operates the Main Market and the Nomu – Parallel Market.

Under the framework, listed joint-stock companies must comply with CMA implementing regulations — including the Rules on the Offer of Securities and Continuing Obligations and the Rules for Foreign Investment in Securities — alongside the Saudi Exchange Listing Rules. All public disclosures must be complete, clear, accurate, and non-misleading. Issuers are required to notify the CMA and the public without delay of any material developments not yet public that may affect their assets, liabilities, financial position, or the price of their listed securities.

What companies must disclose

Disclosures required under the Listing Rules must be made before the start of the trading period that follows the relevant event. Continuing obligations cover material developments, financial statements, changes in directors, and notifiable transactions — including significant changes in holdings of 5% or more of a company's issued share capital.

Reporting deadlines remain clearly defined. Main Market issuers must publish interim quarterly financial statements within 30 days of each quarter's end, in Arabic and English, after board approval. Nomu issuers publish half-yearly statements within 45 days, while annual statements must appear within 90 days of the financial year-end. All financial statements must first be announced through the Saudi Exchange disclosure system before being shared with shareholders or third parties.

For residents and expats investing locally, these rules matter: they ensure timely, equal access to company information, define trading blackout windows around financial results, and strengthen transparency across the market. The updates align with efforts to make the Saudi market more accessible to global capital while protecting investors.

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