The Capital Markets Authority has announced the launch of the mandatory phase for the implementation of the electronic disclosure system using XBRL language, termed "Disclosure System-2," today (Sunday).

This initiative is part of the Authority's comprehensive strategy to enhance transparency and disclosure standards in the Kuwaiti financial market, alongside improving the efficiency of transactions related to securities activities.

The electronic disclosure system utilizing XBRL language is a modern platform aimed at providing an advanced technical infrastructure for managing financial and non-financial disclosures, aligning with international best practices.

This system will contribute to enhancing the accuracy and reliability of the submitted data, while facilitating interaction among various stakeholders. The Authority emphasizes that all entities under its supervision are required to use the new system starting January 5, 2025. As a result, all traditional means of submitting disclosures and financial reports will cease, including acceptance through the public registry and email.

From now on, the Authority's electronic disclosure system using XBRL language ("Disclosure System-2") will be the only approved method for submitting disclosures and reports.

Regarding the submission of disclosures and information to the Kuwait Stock Exchange, the Exchange will launch a new sub-site dedicated to XBRL-based electronic disclosures on January 5, 2025. This will be part of a specific link on its current website, which will remain operational until March 31, 2025.