Dubai Financial Market (DFM) today launched its sophisticated online disclosure solution 'Efsah' (the Arabic synonym of "Disclosure"); a secure web-based application enabling listed companies to publish their disclosures swiftly and effectively.
Through a user name and password, the issuer can create and distribute regulatory disclosures immediately by completing a standard template online in both Arabic and English, and submitting along with the relevant documents in various formats.
A preview facility is offered for final checks before a disclosure is released. The application also enables listed companies to add their own list of recipients including investors, analysts and other stakeholders, who will instantly receive the disclosure. Additionally, the disclosing company can embargo a disclosure to be released at a later date or time.
The new solution represents a step forward in comparison to its predecessor as it wouldn't require DFM to upload disclosures sent by fax or email as this step will be done by the disclosing company through attaching the documents to the standard template. Once the disclosure delivered, the DFM Disclosure Department will promptly review from a procedural and content perspectives and publish on DFM website.
Over the last few weeks, DFM has successfully hosted 9 training sessions to educate 68 disclosure employees representing 43 UAE listed companies on the effective operation of this solution. The exchange plans to organize similar sessions for representatives of Dual Listing companies in the near future.
Essa Kazim, Managing Director and CEO, DFM (PJSC) said: "The introduction of the eDisclosure solution reflects DFM's commitment to achieving the highest level of disclosure and transparency as one of the main pillars of any financial market in order to protect investor interests, provide a safe environment for investments and to further enhance integrity and equality for all investors. Due to the high level of collaboration with the listed companies and DFM's user-friendly procedures, our issuers are successfully maintaining nearly 100% in regards to compliance with the quarterly and annual statement disclosures.Undoubtedly, the introduction of this solution will further enhance the disclosing process and better serve the market participants as they will be able to stay informed on the most recent disclosures."
The launch of the new disclosure solution and its various invaluable features was extremely welcomed by DFM listed companies. Commenting on the introduction of Efsah, Osman Sultan, CEO of du said: "We welcome DFM's initiatives to enhance best practices and adhere to world class excellence through evolutionary technological tools. As a listed company, du is pleased with this step and believes that the eDisclosure platform will enable companies to better communicate with investors efficiently and to have an on-going dialogue with them."
Adel Ali, Group Chief Executive Officer of Air Arabia said: "The new disclosure system that DFM has adopted reflects the efforts invested in enhancing transparency and disclosure process. We hope the new system will add value and direct benefits to the listed companies as well as investors".