Kuwait Capital Markets Authority mandates use of Ifsah 2 XBRL electronic disclosure system from 5 January 2025

The Kuwait Capital Markets Authority has announced the start of the mandatory application phase of its XBRL Electronic Disclosure System, “Ifsah 2 Disclosure System”, from 5 January 2025, requiring all entities under its supervision to submit financial and non-financial disclosures through the new platform. From that date, traditional submission channels such as the general registry and email will be discontinued, and Ifsah 2 will be the sole method for filing disclosures and reports. The scope covers licensed persons, listed companies, auditors, collective investment schemes, other regulatory authorities, Boursa Kuwait Securities Company, and traders active in Kuwait’s capital market. Disclosure requirements are structured across four domains: financial reporting, capital adequacy reporting, general assembly reporting, and other market disclosures. Disclosures submitted to the CMA via Ifsah 2 will become the primary source for disclosures and information published on the Boursa Kuwait Securities Exchange website. For submissions to the securities exchange, Boursa Kuwait Securities Exchange will launch an XBRL dedicated sub-site on 5 January 2025 via a special link that will remain available until 31 March 2025, while companies and disclosing parties must continue submitting disclosures and reports to the exchange through the “CIP” system until that date. The CMA also noted it has operated a pilot phase since 14 July 2024, during which system registration reached about 99% of the relevant user category.