On Mar. 25, 2025, KUW CMA issuedCircular No. 8/2025 extending operating period of KUW EXC current website (based on disclosures submitted through the CIP system).
Companies and stakeholders to continue submitting disclosures until Jun. 30, 2025.
Contribute to providing smooth transition period that allows the companies and the stakeholders to adapt to the Ifsah-2 Disclosure System and meeting its requirements.
Required companies and stakeholders registered on XBRL electronic disclosure system to update their data and information on the system in the event of any modifications.
On Jul. 10, KUW CMA launched new version of its e-disclosure system.
KUW CMA launched the updated version of its electronic disclosure system using XBRL language, Ifsah-2 Disclosure System, enhancing the disclosure and transparency level.
Includes 4 portals, the disclosure portal for financial data, capital adequacy reporting domain, disclosure portal for general assemblies, and last one for market disclosures.
Gradual transition to activate system portals in flexible manner to overcome obstacles re launching system, through 2 stages: pilot stage, mandatory implementation stage.
Pilot phase qualify system users, raise awareness of features and mechanism of the components of the electronic disclosure system, provide full support to all categories.
Mandatory implementation phase witnesses the suspension of the traditional disclosure methods in effect before the implementation of electronic disclosure system portals.
KUW CMA worked on implementing comprehensive awareness plan including providing awareness, introductory corner for the system entitled Electronic Disclosure System.
Unify all elements forms of these disclosures and reports according to XBRL language.
Jul. 15, 2024 Pilot Phase
On Jul. 15, 2024, KUW CMA issued circular regarding the transitional period for the mandatory application of the electronic disclosure system in XBRL.
Concerns all listed companies, licensed persons, collective investment schemes, investment funds under liquidation, KUW CMA registered auditors and market dealers.
Updated version of electronic disclosure system using XBLR launched on Jul. 14, 2024.
The mandatory implementation of the XBRL electronic disclosure system begins on Jan. 5, 2025, allowing relevant parties time to prepare and adjust before this phase.
All concerned must register users through the upgraded system by Aug. 1, 2024.
They must also download and install the iFile Tool program to submit financial statements and reports via the XBRL electronic disclosure system.
And must submit annual, interim, monthly financial statements, reports via financial statements portal and capital adequacy reporting portal, disclosure via disclosure portal, applications/forms general assemblies via general assemblies portal.
Comprehensive awareness materials, guides offered on system's introduction website.
Additionally, training workshops will be conducted aimed at qualifying all relevant entities and individuals to use the system effectively during the pilot phase.
Jan. 4, 2025, Mandatory Implementation Phase
On Jan. 4, 2025, KUW CMA announced start of mandatory implementation phase of the electronic disclosure system, XBRL language Disclosure System-2, Jan. 5, 2025.
Entities subject to KUW CMA shall use new system, submit financial and non-financial disclosures, reports suspended, stop receiving them via public registry and e-mail.
Electronic disclosure system is the approved means to submit disclosures and reports.
KUW EXC will launch a new sub-site dedicated to electronic disclosures based on XBRL.
Cover stakeholders, licensed persons, listed companies, auditors, collective investment schemes, regulatory authorities, Boursa Kuwait company, dealers in capital market.
Contribute to improving the disclosure process and facilitating the exchange of data.
Jan. 6, 2025 Implementation Circular
On Jan. 6, 2025, KUW CMA issued circular to listed companies, licensed persons, collective investment schemes, investment funds under liquidation, registered auditors.
Updated market participants on mandatory implementation of electronic disclosure system, using the XBRL language Ifsah disclosure system, on Jan. 5, 2024.
Disclosures submitted via CIP system remain operational until Mar. 31, 2025.
Mar. 25, 2025 Period Extension Circular
On Mar. 25, 2025, KUW CMA issuedCircular No. 8/2025 extending operating period of KUW EXC current website (based on disclosures submitted through the CIP system).
Companies and stakeholders to continue submitting disclosures until Jun. 30, 2025.
Contribute to providing smooth transition period that allows the companies and the stakeholders to adapt to the Ifsah-2 Disclosure System and meeting its requirements.
Required companies and stakeholders registered on XBRL electronic disclosure system to update their data and information on the system in the event of any modifications.
