The CMA Calls for Public Consultation on the Draft Regulatory Provisions for Earnings Calls

The Capital Market Authority (CMA) called upon all interested and relevant persons and participants in the capital market to share their feedback on the Draft Regulatory Provisions for Earnings Calls. The consultation period will last for 30 calendar days, ending on 18/05/1448H, corresponding to 29/10/2026.
The proposed regulatory provisions aim to enhance disclosure and transparency practices and establish requirements for periodic communication between listed companies and their investors and analysts regarding their financial results and performance, thereby enhancing the quality of information available to investors and supporting informed investment decisions and company performance.
The proposed regulatory provisions require all companies listed on the Main Market to hold earnings calls twice a year. Each call must be held within five business days of the announcement of the financial results and after the market closes, in accordance with a set of regulatory requirements governing such calls. The company must announce the call on its website and specify how the call will be conducted and the process for registering to attend. During the call, the company will discuss its financial results, guidance on its future financial performance, challenges and opportunities, and respond to participants’ questions and inquiries.
The provisions also require the content of earnings calls to be made available to all investors by immediately publishing the presentation and a recording of the call on the company’s website.
The proposed regulatory provisions are expected to improve the regularity and quality of communication between listed companies and investors, increase the level of information available regarding companies’ results and performance, and establish earnings calls as a regular corporate practice among companies listed on the Main Market. This would promote efficient and equitable access to information among market participants.
The CMA emphasized that the comments from the public shall be taken into full consideration for the purpose of approving the final version of the Regulatory Provisions for Earnings Calls, which shall come into effect upon the announcement of the annual financial results for the 2026 fiscal year. Comments can be submitted through the Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the Saudi Competitiveness & Business Center, during the specified consultation period, through the following link:istitlaa.ncc.gov.sa