International Journal of Computer Science & Network Security

International Journal of Computer Science & Network Security (국제컴퓨터통신보호논문지학회)
권호 표지
DOI QR코드

DOI QR Code

Guarantees of Applying Disclosure and Transparency on the Companies Listed in the Saudi Capital Market

  • Moanes, Hani Mohamed (Department of Law, College of Business Administration, Northern Border University)
  • Received : 2022.03.03
  • Published : 2022.04.30
Download PDF
⟨ Previous Next ⟩

Abstract

By explaining the essence of corporate governance as well as disclosure and transparency, the study examined the guarantees of applying disclosure and transparency to firms listed on the Saudi stock exchange. The research also addressed the disclosure and transparency duties of firms listed on the Saudi stock exchange. Finance to prepare a prospectus, as the Capital Market Authority's regulations required that the prospectus includes information that enables the investor in securities to make his investment decision based on real foundations based on the issuing company's financial position and to ensure that companies fulfill that disclosure in the prospectus. Firms who fail to disclose are required by law to do so, and the Capital Market Authority's laws mandate companies listed on the financial market to regularly report fundamental events linked to the issuer or the securities issued by it. The Capital Market Authority must make it available to the public dealing with the business issuing the securities, and The Capital Market Authority's Law and Regulations have imposed fines on corporations that do not comply with disclosure and make the Board of Director's report available. The research focused on activities that the legislator deemed to be a breach of the obligation of openness, such as the danger of many measures aimed at ensuring the impartiality and transparency of trading in the Saudi financial market, as well as the absence of conflicts of interest. The research also addressed the sanctions imposed on The source for failing to meet the obligation of disclosure and openness, as well as the mechanisms of compensating persons harmed by the failure to meet that responsibility.

Keywords

Acknowledgement

The author gratefully acknowledge the approval and the support of this research study by Grant No.- 7268-BA-2017-1-8-F from the Deanship of Scientific Research at Northern Border University, Arar, KSA.

References

  1. Issued by the Board of the Capital Market Authority pursuant to Resolution No. 8/16/2017 amended by Resolution No. 1/7/202dated14/1/2021https://cma.org.sa/RulesRegulations/Regulations/Documents/CGRegulations_ar.pdf
  2. Alamgir, M., 2007, May. Corporate Governance: A Risk Perspective. In Governance and Reform, a conference organized by the Egyptian Banking institute, Cairo (Vol. 227, p. 45).
  3. Freeland, C., 2007, May. Basel Committee Guidance on Corporate Governance for Banks. In Coorporate Governance and Reform: Paving the Way to Financial Stability and Development, a conference organized by the Egyptian Banking Institute, Cairo, May (pp. 7-8).
  4. Castrillon, M.A.G., 2021. THE CONCEPT OF CORPORATE GOVERNANCE. Revista Cientifica" Vision de Futuro", 25(2), pp.178-194. DOI: https://doi.org/10.36995/j.visiondefuturo.2021.25.02R.005.en
  5. Bedford "Extenstion in Accounting Disclousur Prentice" New Jersy N.M.1973, P. 12-17.
  6. Mustafa Hassan Bissoni Al-Saadani, The extent to which transparency and disclosure are related to financial reports and corporate governance, Finance and Trade Journal, November 2009, p. 16.
  7. Germain, M., 1997. Transparence et information. Petites Affiches, (139), p.16.
  8. Chung, K.H. and Chuwonganant, C., 2009. Transparency and market quality: Evidence from SuperMontage. Journal of Financial Intermediation, 18(1), pp.93-111 https://doi.org/10.1016/j.jfi.2008.01.002
  9. Mustafa Hassan Bissoni Al-Saadani, The extent to which transparency and disclosure are related to financial reports and corporate governance, Finance and Trade Journal, November 2009, p. 7.
  10. Heurteux, C., 1960. L'information des actionnaires et des epargnants en droit francais et compare (Doctoral dissertation, Grenoble)., p.361.
  11. Issued by the Board of the Capital Market Authority pursuant to Resolution No. 3-123-2017 dated 12/27/2017 AD, as amended by Resolution No. 1-7-202dated14/1/2021.
  12. Muhammad bin Abdullah Al-Ghamlas, The Role of the Capital Market Authority in Hussein Disclosure and Transparency for Saudi Listed Companies, Journal of Accounting Research, Volume 12, Issue One 2013, p. 40.
  13. Capital market booklet 6, https://cma.org.sa/Awareness/Publications/booklets/Booklet_6.pdf
  14. Martynyshyn, Y., Kukin, I., Khlystun, O., Zrybnieva, I. and Pidlisnyi, Y., 2021. Analysis of the Features of Corporate Governance by the State: Similarity and Difference of Models. International Journal of Computer Science & Network Security, 21(6), pp.29-34. https://doi.org/10.22937/IJCSNS.2021.21.6.6
  15. Bhattacharya, U. and Daouk, H., 2002. The world price of insider trading. The journal of Finance, 57(1), pp.75-108. https://doi.org/10.1111/1540-6261.00416
  16. Hussein Abdel Muttalib, Mechanisms of Disrupting the Egyptian Stock Exchange for the Development of Savings, Egypt Contemporary Journal, Issue 477/478, p. 551.
  17. Muhammad bin Abdullah Al-Ghamlas, The Role of the Capital Market Authority in Hussein Disclosure and Transparency for Saudi Listed Companies, Journal of Accounting Research, Volume 12, Issue One 2013, p. 40.
  18. Capital market booklet 6, https://cma.org.sa/Awareness/Publications/booklets/Booklet_6.pdf
  19. Decision issued by the Securities Dispute Appeal Committee No. 1941/L.S/2020 issued on 7/2/2020
  20. Decision issued by the Securities Dispute Appeal Committee No. 1050/SY/2016 issued on 12/4/2016
  21. Mohamed Ibrahim Moussa, Governance of Companies Listed in the Stock Exchange, New University House, Alexandria, 2010, p. 96.
  22. Germain, M., 1997. Transparence et information. Petites Affiches, (139), p.16.
  23. The Market Is the Saudi Stock Exchange (Tadawul).
  24. Muhammad bin Abdullah Al-Ghamlas, The Role of the Capital Market Authority in Hussein Disclosure and Transparency for Saudi Listed Companies, Journal of Accounting Research, Volume 12, Issue One 2013, p. 40.
  25. Martynyshyn, Y., Kukin, I., Khlystun, O., Zrybnieva, I. and Pidlisnyi, Y., 2021. Analysis of the Features of Corporate Governance by the State: Similarity and Difference of Models. International Journal of Computer Science & Network Security, 21(6), pp.29-34. https://doi.org/10.22937/IJCSNS.2021.21.6.6
  26. Rules On The Offer Of Securities And Continuing Obligations, Annex 9 to 12.
  27. Decision issued by the Securities Disputes Appeal Committee No. 1703/SY 2019 issued on 8/5/2019.
  28. Decision issued by the Securities Disputes Appeal Committee No. 973/SY/2015 issued on 25/11/2015.
  29. Imad Hammadi Al-Bajawi, The Law of the Financial Market, Al-Mutanabbi Library, Riyadh, p. 2019, p. 179.
  30. Martynyshyn, Y., Kukin, I., Khlystun, O., Zrybnieva, I. and Pidlisnyi, Y., 2021. Analysis of the Features of Corporate Governance by the State: Similarity and Difference of Models. International Journal of Computer Science & Network Security, 21(6), pp.29-34. https://doi.org/10.22937/IJCSNS.2021.21.6.6
  31. Issued by the Board of the Capital Market Authority pursuant to Resolution No. 8/16/2017 amended by Resolution No. 1/7/202dated 14/1/2021
  32. Decision issued by the Securities Dispute Appeal Committee No. 1900 / L.S./2020 issued on 3/5/2020.
  33. Decision issued by the Securities Disputes Appeal Committee No. 1788/ L.S/2019 issued on 20/9/2019.
  34. Decision issued by the Securities Dispute Appeal Committee No. 1556/ L.S/2018 issued on 26/10/2018.
  35. Decision issued by the Securities Disputes Appeal Committee No. 955/ L.S /2015 issued on 08/9/2015.
  36. Decision issued by the Securities Disputes Appeal Committee No. 533/ LS/2012 issued on 12/8/2012.
  37. Decision issued by the Securities Disputes Appeal Committee No. 148/ L.S /2009 issued on 23/6/2009.
  38. Decision issued by the Securities Dispute Appeal Committee No. 1487/L. S/2018 issued on 8/8/2018.
  39. Decision issued by the Securities Dispute Appeal Committee No. 1596/L. S/2018 issued on 18/12/2018.
  40. Decision issued by the Securities Dispute Appeal Committee No. 1478/ L.S/2018 issued on 7/29/2018.
  41. Decision issued by the Securities Disputes Appeal Committee No. 974/ L.S/2015 issued on 29/11/2015.
  42. Decision issued by the Securities Dispute Appeal Committee No. 1646/L.S/2019 issued on 4/2/2019.
  43. Decision issued by the Securities Disputes Appeal Committee No. 1485/ L.S/2018 issued on 8/8/2018.
  44. Decision issued by the Securities Dispute Appeal Committee No. 1452/L.S/2018 issued on 12/5/2018.
  45. Decision issued by the Securities Dispute Appeal Committee No. 169/SY/2009 issued on 9/13/2009.
  46. Abboud Al-Sarraj, Explanation of the Economic Penal Code in Syrian and Comparative Legislation, Damascus University Publications, ed. 2010 pp. 44-45.
  47. Gerges Tohme, Crimes that Violate the Rules of Governance, A Comparative Critical Study (Kuwait and Lebanon) Journal of the Kuwait International Law School, Year 9, Issue 3, June 2021, pg. 531.
  48. Decision issued by the Securities Dispute Appeal Committee No. 1941/L. S/2020 issued on 7/2/2020.
  49. Decision issued by the Securities Dispute Appeal Committee No. 1224/ L.S /2017 issued on 10/5/2017.
  50. Decision issued by the Securities Disputes Appeal Committee No. 1057/ L.S /2016 issued on 4/5/2016.
  51. Decision issued by the Securities Dispute Appeal Committee No. 1888 / L.S./2020 issued on 2/3/2020.
  52. Decision issued by the Securities Dispute Appeal Committee No. 370/ L.S /2010 issued on 6/8/2011.
  53. Decision issued by the Securities Dispute Appeal Committee No. 1872/L. S/2020 issued on 10/2/2020.
  54. Decision issued by the Securities Dispute Appeal Committee No. 1556 / L.S / 2018 issued on 26/10/2018.
  55. Decision issued by the Securities Dispute Appeal Committee No. 1611/ L.S /2018 issued on 30/12/2018.
  56. Decision issued by the Securities Dispute Appeal Committee No. 1646/L. S/2019 issued on 4/2/2019.
  57. Decision issued by the Securities Disputes Appeal Committee No. 1485/ L.S /2018 issued on 8/8/2018 .
  58. Decision issued by the Securities Dispute Appeal Committee No. 1452/L.S/2018 issued on 12/5/2018.
  59. Ben Sherif Zouhair, The Role of Compensation Funds in Covering Environmental Pollution Damage, Master Thesis, Faculty of Law, University of Algiers 01, 2015, p. 10.
  60. Khaled Mustafa Fahmy, Legal Aspects of Environmental Protection from Pollution in the Light of National Legislation and International Agreements, First Edition, Dar Al Fikr Al Jamia, Alexandria, Egypt, 2011, p. 553.
  61. waili Jamal, Legal protection of the marine environment from the dangers of pollution, a comparative study, Ph.D. thesis, University of Tlemcen, 2007, p. 310.
  62. Decision issued by the Securities Dispute Appeal Committee No. 1703/SY 2019 for the year 1440AD issued on 8/5/2019.
  63. Decision issued by the Securities Dispute Appeal Committee No. 169/SY/2009 issued on 9/13/2009
  64. Decision issued by the Securities Disputes Appeal Committee No. 1485/SY/2018 issued on 8/8/2018
  65. Decision issued by the Securities Dispute Appeal Committee No. 1646/L.S/2019 issued on 4/2/2019.
  66. Decision issued by the Securities Dispute Appeal Committee No. 1596/SY/2018 issued on 18/12/2018
  67. Decision issued by the Securities Dispute Appeal Committee No. 1900 / L.S./2020 issued on 3/5/2020
  68. Decision issued by the Securities Dispute Appeal Committee No. 1872/L.S/2020 issued on 10/2/2020
  69. Decision issued by the Securities Disputes Appeal Committee No. 1555/L.S/2018 issued on 26/10/2018
  70. Decision issued by the Securities Dispute Appeal Committee No. 1194/SY/2017 issued on 1/3/2017
  71. Behera, Santosh K., Pradeep Kumar, Debi P. Dogra, and Partha P. Roy. "A Robust Biometric Authentication System for Handheld Electronic Devices by Intelligently Combining 3D Finger Motions and Cerebral Responses." IEEE Transactions on Consumer Electronics 67, no. (2021): 58-67. https://doi.org/10.1109/TCE.2021.3055419
  72. Khaled Mustafa Fahmy, Legal Aspects of Environmental Protection from Pollution in the Light of National Legislation and International Agreements, First Edition, Dar Al Fikr Al Jamia, Alexandria, Egypt, 2011, p. 553.
  73. waili Jamal, Legal protection of the marine environment from the dangers of pollution, a comparative study, Ph.D. thesis, University of Tlemcen, 2007, p. 310.
  74. Decision issued by the Securities Dispute Appeal Committee No. 1703/SY 2019 for the year 1440AD issued on 8/5/2019.
  75. Decision issued by the Securities Dispute Appeal Committee No. 169/SY/2009 issued on 9/13/2009
  76. Decision issued by the Securities Disputes Appeal Committee No. 1485/SY/2018 issued on 8/8/2018
  77. Decision issued by the Securities Dispute Appeal Committee No. 1646/L.S/2019 issued on 4/2/2019
  78. Decision issued by the Securities Dispute Appeal Committee No. 1596/SY/2018 issued on 18/12/2018
  79. Decision issued by the Securities Dispute Appeal Committee No. 1900 / L.S./2020 issued on 3/5/2020
  80. Decision issued by the Securities Dispute Appeal Committee No. 1872/L.S/2020 issued on 10/2/2020
  81. Decision issued by the Securities Disputes Appeal Committee No. 1555/L.S/2018 issued on 26/10/2018
  82. Decision issued by the Securities Dispute Appeal Committee No. 1194/SY/2017 issued on 1/3/2017