Title: CMA Circular No. (06) of 2024 to All Listed Companies, Licensed Persons, Collective Investment Schemes, Investment Funds Under Liquidation, Auditors Registered with the CMA, and Market Traders Regarding the Transitional Period for Mandatory Application of the XBRL Electronic Disclosure System

Simultaneously with the launch of the enhanced version of the XBRL Electronic Disclosure System as of Sunday July 14, 2024, which includes domains for the submission of financial statements, capital adequacy reports, forms of disclosure at the Exchange, and general assembly requests, and to ensure a gradual and smooth transition from traditional systems for submitting those forms and reports to XBRL Electronic Disclosure System, and to ensure enabling all stakeholders involved in those domains to prepare and adapt to the system before entering the planned mandatory application phase scheduled to commence on of Sunday January 5, 2025, the Capital Markets Authority (CMA) draws your attention to the following:

First: Registration in the XBRL Electronic Disclosure System:

All listed companies, licensed persons, collective investment schemes, investment funds under liquidation, auditors registered with the CMA, and market traders concerned with disclosure at the Exchange shall initiate the registration process and register key and ordinary users of the entity through the enhanced version of the system, before August 1, 2024. It should be noted that the entity’s registration process (company/collective investment scheme) must be through the Entity Admin, who will be responsible for registering the key users and defining their permissions within the system. Additionally, auditors registered with the CMA shall register in the system after completing the registration of the data of the audit office they belong to.

Access to the electronic portal of the system and initiation of the registration process may be made through the following links:

Second: Downloading and installing iFile Tool program and linking with the auditor:

Listed companies, licensed persons, collective investment schemes, and investment funds under liquidation shall consider downloading and installing iFile Tool program for submitting financial statements and reports and capital adequacy reports on the concerned employees’ computers. The program may be downloaded from the XBRL Electronic Disclosure System’s portal after completing the users’ registration at the system.

Moreover, the entities shall complete the process of linking with the entity’s auditor through the page of the key user authorized to enter the Financials Reporting Domain and the Capital Adequacy Reporting Domain.

Such entities shall complete the process of downloading and installing iFile Tool program and complete the process of linking with the auditor before the commencement of the mandatory application deadline to submit statements and reports through the XBRL Electronic Disclosure System, determined in Item “Third” below.

Third: Financials Reporting Domain and Capital Adequacy Reporting Domain:

Listed companies, licensed persons, collective investment schemes, and investment funds under liquidation shall submit the financial statements and reports – annual, periodical, and monthly (each applicable accordingly) – and submit the capital adequacy reports of the licensed persons as follows:

Fourth: Disclosures Domain:

The companies listed on the Exchange, investment funds listed on the Exchange, public offer investment funds, and market investors from individuals and entities concerned with disclosure on the Exchange shall submit their forms of disclosure on the Exchange as follows:

Fifth: General Assemblies Reporting Domain:

The companies listed on the Exchange and the licensed persons shall submit the applications and forms relating to general assemblies as follows:

Sixth: Introductory website and Awareness and Training Workshops:

All awareness materials and the user manual will be available on the introductory website of the system. The CMA will hold several awareness workshops for all entities and individuals concerned with the system during the pilot phase of the system to ensure that all parties concerned with the system are prepared and adapted before entering the mandatory application phase of the system, planned to commence on of Sunday January 5, 2025.

Seventh: Communication Channels:

You may also contact us for any feedback or enquiries via the following email address:

ifsah.help@cma.gov.kw

Prof. Ahmad Al-Melhem

Issued on: 15/07/2024

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