CMA seeks public input on earnings call controls

Logo of Capital Market Authority (CMA)

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 related to earnings calls.

The consultation period will run for 30 calendar days, ending on Oct. 29, 2026.

The proposed regulatory provisions aim to enhance disclosure and transparency practices and regulate periodic communication between listed companies and their investors and analysts regarding financial results and performance. This is intended to improve the quality of information available to investors and support their ability to assess companies’ performance and make investment decisions, according to CMA statement.

Furthermore, the proposed provisions require all companies listed on the Main Market to hold earnings calls twice a year. The call must be held within five business days of the announcement of financial results and after the market closes, subject to a number of regulatory requirements governing such calls. The company must announce the call on its website and provide details on how it will be conducted and how participants can register. During the call, the company must discuss its financial results, guidance for future financial performance, challenges and opportunities, and respond to participants’ questions and inquiries.

The provisions also require companies to make the content of earnings calls available to all investors by promptly publishing the presentation and a recording of the call on the company’s website.

The proposed regulatory provisions are expected to bolster the regularity and quality of communication between listed companies and investors, improve the information available on companies’ results and performance, and establish earnings calls as a regular institutional practice among companies listed on the Main Market. This would enhance the efficiency and fairness of information access among market participants.

The regulator confirmed that all feedback and comments received from the public will be carefully reviewed with a view to adopting the final version of the regulatory provisions for earnings calls. The provisions are expected to take effect starting with the announcement of annual financial results for fiscal year 2026.

It added that comments can be submitted through “Istitlaa,” the unified electronic platform for public and government consultations operated by the Saudi National Competitiveness Center, during the specified consultation period.