The Board of Directors of the Capital Market Authority issued amendments to extend the disclosure period for the financial reports of public shareholding companies listed on the Palestine Exchange, which are reviewed by the external auditor, for both the first and third quarter period from 30 days to 45 days.
The amendment came to give public shareholding companies listed on the Palestine Exchange and their auditors sufficient time to review the financial statements for the first and third quarters and issue them within the specified legal period, especially with the presence of public shareholding companies listed on the Palestine Exchange with multinational holding investment activity whose commercial activities spread in many countries and markets, regional and foreign, hence reviewing and preparing the financial statements from the external auditor for these groups requires an appropriate period of time.
The PCMA has announced new regulations related to disclosure by member companies in the Palestine Exchange. This includes requiring member companies to prepare a semi-annual report audited by an external auditor instead of relying on the company’s internal auditor.
The new regulations aim to enhance disclosure efficiency and transparency, aligning with best practices in the field of disclosure for member companies in their dealings with shareholders and clients. They seek to achieve a higher level of transparency, especially in light of ongoing efforts to formalize new licenses related to foreign exchange activities. This necessitates strict oversight within precautionary measures to ensure the stability of such activities and those engaged in them.