CMA Disclosure Advisory
Disclosure is where investor trust is won or lost, one announcement at a time — and where most Saudi listed companies carry their real regulatory exposure. We build the disclosure process so the company is never improvising on the day an announcement is due.
Elevare Partners advises Saudi listed companies on the full continuing-obligation regime: periodic financial reporting on the Capital Market Authority's calendar, the board of directors' report, and the material-event disclosures that must reach the market without delay through Efsah. We draft announcements in Arabic and English, verify them against current CMA and Tadawul requirements before they go out, and keep the record consistent with what the company has said before and will say next. Where a material development cannot yet be announced, we help manage the information as inside information and, where needed, the trading-suspension route.
The strongest issuers have their disclosure ready before the event — the announcement templates, the decision tree, the approval chain. The weak ones write it under pressure with the clock running. We put the first kind of process in place and run it with you through every cycle.
The Challenge
Disclosure failures rarely come from bad intent — they come from no process. Announcements drafted under time pressure, inconsistent messaging across cycles, uncertainty about what is material and when it must go out, and the bilingual obligation handled as an afterthought. Each one risks a regulatory finding and a credibility cost that outlasts it.
Elevare PRISM continuously monitors peer disclosure patterns and Tadawul regulatory updates, so a draft announcement can be checked against how comparable issuers have disclosed similar events and against the current rules. It turns disclosure from a memory-and-instinct exercise into one grounded in the live record of the market.
What We Deliver
- ✓Disclosure framework: what must be disclosed, when, by whom, through what channel
- ✓Periodic reporting calendar aligned to CMA deadlines
- ✓Material-event announcement drafting, bilingual and rule-checked
- ✓Efsah announcement preparation and pre-release verification
- ✓Inside-information controls and, where needed, trading-suspension support
- ✓Announcement templates and an approval-chain decision tree
- ✓Disclosure consistency review across reporting cycles
Who This Is For
- ✓Tadawul Main Market and Nomu issuers managing continuing obligations
- ✓IR and legal teams that need a disclosure process, not just ad-hoc drafting
- ✓Companies facing a sensitive or complex material-event disclosure
- ✓Boards that want disclosure risk managed as a system
Who we work with
Frequently asked questions
What is Efsah?
Efsah is the Saudi Exchange's electronic disclosure platform, accessed through Tadawul, that listed companies use to publish official announcements to the market — financial statements, material developments, board and shareholder changes. Until information goes out on Efsah, the market has not formally been informed.
How quickly must a listed company disclose material news?
Without delay, through Efsah, so the whole market is informed before anyone can trade on it. Until it is disclosed, the information is inside information and must be controlled. If a company genuinely cannot announce yet, it can request a temporary trading suspension from Tadawul pending disclosure.
Do disclosures have to be in both Arabic and English?
Yes. Since 1 January 2021, every Main Market issuer must make its notifications and public disclosures in both Arabic and English. The two versions must be identical in substance, and where they conflict, the Arabic prevails. We draft both natively so they say the same thing and read correctly in each language.
CMA and Tadawul Disclosure Requirements: The Listed-Company Calendar
What a Saudi listed company must disclose, when, by whom, and how. The continuing-obligation regime — periodic reporting, material-event disclosure on Efsah, and the bilingual rule — set out as a practitioner's reference.
What Is an Efsah Announcement?
Efsah is the Saudi Exchange's electronic disclosure platform. This explainer covers what it is, what a listed company announces through it, and why it is the line between information and inside information.
How Do Tadawul Trading Halts Work?
What pauses trading on the Saudi Exchange: price fluctuation limits, the volatility auction, and regulatory trading suspensions — three different mechanisms that are easy to confuse.