Saudi Arabia’s Capital Market Authority (CMA) opened a public consultation on 29 September 2026 for draft provisions governing earnings calls by Main Market listed companies. The 30-day comment period is due to close on 29 October. The Authority plans for final provisions to take effect with the announcement of annual financial results for fiscal year 2026. This remains a proposal, not a current obligation. The draft seeks to regulate periodic communication between companies, investors and analysts about financial results and company performance.

The draft would require every Main Market listed company to hold two earnings calls each year. Each call would take place within five business days after the relevant financial results announcement and after the market closes. A company would announce the call on its website and explain how it would be conducted and how participants could register. The agenda would cover financial results, guidance on future performance, challenges and opportunities, with participants’ questions answered. The proposal therefore sets out timing and access arrangements as well as a requirement to hold a conference.

The draft also requires the presentation and a recording of each call to be published promptly on the company website. If adopted, that could provide an accessible record for investors unable to join live. It would not guarantee that company forecasts prove accurate: management guidance remains forward-looking and uncertain. The effect on equal access would depend on consistent publication of the call materials and on reducing practical barriers to reaching them.

Economically, regular calls could narrow the time between corporate results announcements and investor questions, while broadening access to public information. But the number of calls alone does not show that disclosures are informative or that analysts and individual investors benefit equally. The final text will matter for scope, access, record retention and presentation of forward-looking statements. CMA says it will consider feedback before approving final provisions. As of 8 October, two calls a year, the five-business-day window and publication of recordings are features of a consultation draft, not an operative rule.

Making calls accessible involves more than uploading a recording: investors must be able to find it and review its content later. Different disclosure practices could still make comparisons difficult even if companies comply with the formal requirement.