Title: CMA Circular No. (01) of 2025 to All Listed Companies, Licensed Persons, Collective Investment Schemes, Investment Funds Under Liquidation, Auditors Registered with the CMA, and Market Traders Regarding Commencing the Mandatory Application Phase of the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System”

Simultaneously with commencing the mandatory application phase of the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System” on January 5, 2025, which includes domains for the submission of financial statements, capital adequacy reports, forms of disclosure at the Exchange, and general assembly requests, the CMA draws the attention of all listed companies, licensed persons, collective investment schemes, investment funds under liquidation, auditors registered with the CMA, and market traders to the following:

First: The use of all traditional disclosure methods for receiving disclosure forms and reports will be discontinued. They will be submitted through the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System”:

As of Sunday, January 05, 2025, the use of all traditional disclosure methods for submitting financial and non-financial disclosures will be discontinued, such as (the general registry and e-mails) related to the system’s domains, transferring to the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System” as the sole method for submitting disclosures and reports for CMA.

Second: The submission of disclosures and information to Boursa Kuwait Securities Exchange:

Boursa Kuwait Securities Exchange will launch a new sub-site dedicated to XBRL Electronic Disclosure System on January 5, 2025, through a special link on its current website, which will be maintained and continue to operate until March 31, 2025. Companies and disclosing parties will be required to continue submitting their disclosures and reports to the securities exchange via the “CIP” system until that date. This step aims to ensure smooth transitional period that enables companies and stakeholders to adapt to the new system, and to provide an opportunity for all dealers and the public to learn about the new changes to Boursa Kuwait’s website as a result of its update in accordance with XBRL Electronic Disclosure System.

The CMA notes that the disclosures submitted to the CMA through XBRL Electronic Disclosure System “Ifsah 2 Disclosure System” will become the primary source of disclosures and information that will be published on Boursa Kuwait Securities Exchange’s sub-site mentioned above.

Third: Continuously update the entity's profile information:

All parties and entities registered on the electronic disclosure system based on the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System” shall be obliged to update their data and information (Entity Profile Information) on the system directly in the event of any updates, due to the direct impact of this information on the validity and accuracy of the data that will be published to the market through the website of Boursa Kuwait Securities Exchange, in addition to what may result from amendments that may occur to the characteristics of the system's work and disclosure requirements, which are matters that the entity shall adhere to according to these updates, with the obligation of taking into account accuracy and speed in updating the information, due to the importance of this procedure in enhancing levels of transparency and confidence in market transactions.

Fourth: Downloading and installing updated iFile Tool program:

Listed companies, licensed persons, collective investment schemes, and investment funds under liquidation shall consider downloading and installing the latest updated iFile Tool program for submitting financial statements and reports and capital adequacy reports, as the CMA will publish updated versions periodically which includes the lates improvements on the program. The aforementioned program may be downloaded from the XBRL Electronic Disclosure System’s portal, please note that downloading the updated version of the program will not result in the loss of data entered through the previous version of the program, as the new versions of the program will allow the use and opening of previous versions of disclosure files created through previous versions of the program, which will include the previously entered data.

Fifth: Introductory website and Awareness and Training Workshops:

A special awareness section has been designated on CMA’s website under the "Awareness " page "Disclosure System", where this section includes all the guidelines, explanatory materials and recorded videos related to the system's features and working mechanisms.

This awareness section can also be accessed by visiting the login page for the electronic disclosure system based on the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System”, which includes the special link for this site.

Introductory website link: https://www.cma.gov.kw/en/web/ifsah

Sixth: Communication Channels:

To direct inquiries related to submitting disclosures and reports related to the electronic disclosure system based on the XBRL Electronic Disclosure System “Ifsah 2 Disclosure System”, to the CMA or the Securities Exchange Company, please use the inquiries feature included in the system.

You may also contact us for any technical support requests through the channels below.

Prof. Ahmad Al-Melhem

Issued on: 05/01/2025

Copy of the Official Document