The IFSAH System and Disclosure Channels

Electronic Disclosure Platform, Registration, and Operations

First: Introduction

IFSAH (إفصاح, meaning “disclosure” in Arabic) is the electronic disclosure system operated by the Saudi Tadawul Group. It serves as the primary channel through which listed companies fulfill their disclosure obligations. From quarterly financial statements to immediate disclosures, from major shareholder notifications to insider trades — virtually all formal disclosures flow through IFSAH. Understanding this system, its workflow, and its requirements is essential for anyone involved in disclosure on behalf of a listed company.

Beyond IFSAH itself, listed companies must coordinate disclosure across multiple channels: company websites, newspapers (for specific announcements), media outlets, and increasingly international platforms for foreign investors. This article examines the IFSAH system in depth — registration, account types, electronic signatures, templates, integration with the Tadawul website — as well as the complementary channels that together form the modern Saudi disclosure infrastructure.

💡  Key Insight IFSAH is not just a tool — it is part of the regulatory infrastructure. Every disclosure that flows through IFSAH is timestamped, archived, and available to the market. Companies that treat IFSAH professionally — with trained users, backup arrangements, and integrated workflows — handle disclosures smoothly. Companies that treat it as a peripheral system often face problems at critical moments.

Second: Overview of IFSAH

1. What IFSAH Is

1.1 Definition

• Electronic disclosure platform.
• Operated by Saudi Tadawul Group.
• Primary channel for listed companies.
• Available 24/7.

1.2 Purpose

• Centralized disclosure submission.
• Public visibility of disclosures.
• Audit trail for regulators.
• Equal access for investors.

1.3 Coverage

• Main Market companies.
• Parallel Market (Nomu) companies.
• Authorized Persons (when applicable).
• Various other registered entities.

2. History and Evolution

2.1 Origin

• Launched to modernize disclosure.
• Replacing paper-based processes.
• Aligning with international markets.
• Continuously evolving.

2.2 Recent Enhancements

• Improved user interface.
• Enhanced templates.
• Mobile accessibility.
• Better integration with Tadawul website.

2.3 Future Direction

• More automation.
• API integration.
• XBRL implementation.
• AI-assisted features.

3. Position in Regulatory Framework

3.1 Relationship with CMA

• Disclosures available to CMA in real-time.
• For supervision.
• For enforcement.
• Data analytics.

3.2 Relationship with Tadawul

• Operated by Tadawul Group.
• Integrated with trading systems.
• Coordinated with listing rules.
• Market infrastructure.

3.3 Relationship with Investors

• Public portal.
• Free access to disclosures.
• Search and filter capabilities.
• Real-time information.

Third: Account Types and Registration

1. Company Accounts

1.1 Listed Company Account

• Primary account for the issuer.
• Registered upon listing.
• Maintained throughout listing.
• Multiple users under one company.

1.2 Registration Process

• Upon company listing.
• Through Tadawul.
• With required documentation.
• Initial setup.

1.3 Account Maintenance

• Updates as needed.
• Changes in authorized users.
• Contact information.
• Periodic review.

2. User Accounts

2.1 Disclosure Officer

• Primary user.
• Authorized to submit disclosures.
• Identified by the company.
• Registered with Tadawul.

2.2 Backup Users

• Secondary authorized users.
• For continuity.
• With same authorities.
• Multiple recommended.

2.3 Limited Users

• View-only access.
• Or specific functions.
• For different roles.
• As needed.

3. Insider Accounts

3.1 Purpose

• For board members and senior executives.
• For their personal trades.
• Personal accounts.
• Required by regulations.

3.2 Registration

• By the company on behalf of the insider.
• With personal information.
• Initial setup.
• Maintained by insider.

4. Major Shareholder Accounts

4.1 Purpose

• For 5%+ shareholders.
• For their ownership disclosures.
• Continuous changes.
• As required by OSCO.

4.2 Coverage

• Individual shareholders.
• Institutional shareholders.
• Foreign shareholders.
• With appropriate authentication.

Fourth: Disclosure Officer Role

1. Designation

1.1 By the Company

• Board appointment or delegation.
• Senior level position.
• With clear authority.
• Documented.

1.2 Qualifications

• Knowledge of disclosure regulations.
• Understanding of company operations.
• Communication skills.
• Trustworthy.

1.3 Backup

• At least one backup.
• With same qualifications.
• Available when primary unavailable.
• Trained equally.

2. Responsibilities

2.1 Disclosure Submission

• All formal disclosures through IFSAH.
• Following templates.
• Within deadlines.
• With required attachments.

2.2 Quality Assurance

• Verifying content accuracy.
• Checking completeness.
• Ensuring approvals.
• Final review.

2.3 Regulatory Liaison

• With CMA.
• With Tadawul.
• For questions or issues.
• Maintaining relationships.

2.4 Internal Coordination

• With finance team.
• With legal.
• With investor relations.
• With senior management.

3. Authority and Limits

3.1 Authority

• To submit disclosures on company’s behalf.
• Within established framework.
• Per company policy.
• With required approvals.

3.2 Limits

• Cannot create disclosures without approval.
• Cannot withhold required disclosures.
• Cannot act beyond authorized scope.
• Subject to oversight.

Fifth: Electronic Authentication

1. Electronic Signature

1.1 Purpose

• Authenticate the user.
• Verify identity.
• Ensure non-repudiation.
• Legal validity.

1.2 Technology

• Digital certificates.
• Approved by Saudi authorities.
• Secure infrastructure.
• Audit trail.

1.3 Process

• Sign documents electronically.
• Multi-factor authentication.
• Time-stamped.
• Logged.

2. Identity Verification

2.1 Nafath Integration

• Saudi national digital identity platform.
• Integrated with IFSAH.
• Strong authentication.
• User-friendly.

2.2 Foreign Users

• Alternative authentication.
• With approved credentials.
• For foreign insiders or shareholders.
• Coordinated with company.

3. Security

3.1 Account Security

• Strong passwords.
• Regular changes.
• Multi-factor authentication.
• Session management.

3.2 System Security

• Tadawul infrastructure.
• Encryption.
• Monitoring.
• Continuous security.

3.3 Incident Response

• Procedures for compromised accounts.
• Immediate notification.
• Account suspension.
• Investigation.

Sixth: Disclosure Templates

1. Why Templates Matter

1.1 Consistency

• Across companies.
• Across disclosures.
• Comparability for investors.
• Easier analysis.

1.2 Completeness

• Required fields ensure all info captured.
• Reduces omissions.
• Standardizes content.
• Quality control.

1.3 Efficiency

• Faster preparation.
• Easier review.
• System validation.
• Reduced errors.

2. Types of Templates

2.1 Financial Statement Templates

• Quarterly statements.
• Annual statements.
• With required elements.
• IFRS compliance.

2.2 Immediate Disclosure Templates

• Various event types.
• With pre-defined fields.
• With required information.
• Specialized formats.

2.3 Specialized Templates

• Major shareholder disclosures.
• Insider trading disclosures.
• Related party transactions.
• M&A disclosures.

2.4 Annual Templates

• Board annual report.
• Governance report.
• Various scheduled reports.

3. Template Updates

3.1 Periodic Reviews

• By Tadawul.
• Based on regulatory changes.
• Based on user feedback.
• Continuous improvement.

3.2 Implementation

• Notice to users.
• Training updates.
• Transition periods.
• Support.

Seventh: The Submission Process

1. Preparation

1.1 Content Gathering

• All required information.
• From internal sources.
• Verified for accuracy.
• Approved by relevant parties.

1.2 Document Preparation

• In required formats.
• With proper structure.
• In Arabic (mandatory).
• Often in English.

1.3 Internal Approvals

• Per company policy.
• With documented sign-offs.
• Before submission.
• With backup if needed.

2. Submission Steps

2.1 Login

• Through IFSAH portal.
• With authentication.
• Secure session.

2.2 Template Selection

• Appropriate template.
• Based on disclosure type.
• With variations as needed.

2.3 Data Entry

• Required fields filled.
• Documents attached.
• Verification.
• System validation.

2.4 Final Review

• Preview before submission.
• Quality check.
• Verification of all elements.
• No going back after submission.

2.5 Submission

• Final electronic signature.
• Submission.
• System confirmation.
• Timestamp.

3. Post-Submission

3.1 Confirmation

• Receipt from IFSAH.
• Public visibility verified.
• Distribution to subscribed parties.
• Records updated.

3.2 Internal Records

• Archive in company systems.
• With supporting documentation.
• Audit trail maintained.
• For future reference.

3.3 Communication

• Internal stakeholders.
• If needed, external.
• Investor relations.
• Media coordination.

📌  Note The seemingly mundane act of submitting through IFSAH is actually the legal moment of disclosure. Until that moment, information is non-public; after that moment, it is public. The timestamp matters. Companies that treat submission casually — distracted users, untested workflows, fragile setups — risk problems at critical moments. Companies that treat submission with the seriousness it deserves — checklists, double-checking, backup users — handle it smoothly.

Eighth: Public Access and Distribution

1. Tadawul Website

1.1 Public Portal

• All disclosures visible publicly.
• Searchable database.
• By company, by date, by type.
• Free access.

1.2 Real-Time Updates

• Immediately upon submission.
• Posted to public portal.
• No delay.
• Equal access.

1.3 Historical Archive

• All past disclosures.
• Permanent record.
• For research.
• For analysis.

2. Distribution Channels

2.1 Direct Subscribers

• Email subscribers.
• RSS feeds.
• Mobile apps.
• Notifications.

2.2 Media Outlets

• News organizations.
• Financial publications.
• Wire services.
• Automated pickup.

2.3 Data Vendors

• Bloomberg, Reuters.
• Other data providers.
• Integration with their feeds.
• Global reach.

3. Company Coordination

3.1 Company Website

• Mirror IFSAH disclosures.
• Within minutes of submission.
• Investor relations page.
• Archive.

3.2 Press Releases

• Coordinated timing.
• Consistent with IFSAH.
• Distributed through wire services.
• For major announcements.

3.3 Social Media

• Coordinated posts.
• Within disclosure rules.
• Linking to official disclosures.
• Increasingly important.

Ninth: Languages and Translation

1. Arabic Requirements

1.1 The Default

• Arabic is mandatory.
• Original language for legal purposes.
• In case of dispute, Arabic prevails.
• Required by Saudi law.

1.2 Quality

• Formal Arabic.
• Grammatically correct.
• Clear meaning.
• Professional terminology.

2. English Disclosures

2.1 Increasingly Common

• For larger companies.
• For international investors.
• For dual-listed companies.
• Often simultaneously with Arabic.

2.2 Quality Standards

• Professional translation.
• Native English speakers ideally.
• Consistent terminology.
• Final review.

2.3 Coordination

• Simultaneous submission preferred.
• Or English shortly after Arabic.
• Equal quality.
• Same content.

3. Translation Best Practices

3.1 Glossaries

• Company-specific terminology.
• Industry terms.
• Consistency over time.
• Continuously updated.

3.2 Professional Translators

• With financial expertise.
• Familiar with Saudi market.
• Quality reviewers.
• Confidentiality agreements.

3.3 Quality Control

• Multiple reviewers.
• Cross-checking.
• Final approval.
• Continuous improvement.

Tenth: Complementary Channels

1. Company Website

1.1 Investor Relations Page

• Comprehensive information.
• All disclosures mirrored.
• Historical archives.
• Additional resources.

1.2 Best Practices

• Easy navigation.
• Search functionality.
• Mobile-friendly.
• Regular updates.

1.3 Content Beyond IFSAH

• Investor presentations.
• Webcasts.
• Annual reports (interactive).
• FAQs.

2. Newspapers

2.1 Required Use

• For specific announcements.
• AGM notices.
• Capital changes.
• Per regulations.

2.2 Two Daily Newspapers

• As specified.
• With specific content.
• Coordinated timing.
• Traditional channel.

3. International Channels

3.1 Bloomberg, Reuters, etc.

• For broader reach.
• For institutional investors.
• For analysts.
• Optional but valuable.

3.2 Stock Exchange Coordination

• For dual-listed.
• With multiple exchanges.
• Coordinated timing.
• Equivalent content.

4. Direct Communication

4.1 Analyst Calls

• Conference calls.
• After major announcements.
• Public access encouraged.
• Recorded.

4.2 Investor Meetings

• One-on-one (with care).
• Group meetings.
• No new material info.
• Equal access principle.

Eleventh: System Operations and Reliability

1. Availability

1.1 24/7 Access

• Available continuously.
• For submissions anytime.
• Especially important after-hours.
• For emergencies.

1.2 System Maintenance

• Periodic maintenance.
• With advance notice.
• During off-hours.
• Minimal disruption.

2. Performance

2.1 Speed

• Fast submission processing.
• Real-time confirmation.
• Immediate public posting.
• Critical during volatile times.

2.2 Capacity

• Handles peak volumes.
• During reporting seasons.
• Without delays.
• Scalable infrastructure.

3. Backup and Continuity

3.1 System Redundancy

• Multiple data centers.
• Backup systems.
• Disaster recovery.
• Continuous availability.

3.2 User Backup

• Multiple authorized users.
• Documented procedures.
• Practice scenarios.
• Ready for any situation.

Twelfth: Best Practices

1. Setup Excellence

• Proper registration: with all required users.
• Backup arrangements: always.
• Updated contact info: for company.
• Tested workflows: before they’re needed.

2. Operational Excellence

• Trained users: primary and backup.
• Documented procedures: comprehensive.
• Quality checks: before every submission.
• Backup plans: for system issues.

3. Quality Excellence

• Template adherence: consistent.
• Translation quality: professional.
• Content accuracy: verified.
• Completeness: no missing elements.

4. Continuous Improvement

• Post-submission reviews: what went well, what didn’t.
• Updates to procedures: based on learning.
• Training refreshers: regularly.
• System updates tracking: Tadawul changes.

Conclusion

IFSAH is the central nervous system of Saudi capital market disclosure. Every formal disclosure flows through it, every authorized user navigates it, every public communication ultimately ties back to it. Mastery of IFSAH is foundational for disclosure professionals in Saudi listed companies. But IFSAH is just one channel — albeit the primary one — in a broader disclosure infrastructure that includes company websites, newspapers, media, and direct investor communication.

Companies that excel in this infrastructure share common characteristics: well-trained disclosure officers and backups, robust internal workflows, professional translation processes, integrated company websites, and effective coordination across all channels. They treat IFSAH and its complementary channels not as administrative tools but as strategic communication infrastructure. As the Saudi market continues to modernize, with technology advances and rising investor expectations, this disclosure infrastructure becomes increasingly important. Companies that invest in disclosure infrastructure today position themselves to benefit from market trust and growth tomorrow.

🎯  Essential Points to Remember (1) IFSAH = primary electronic disclosure system operated by Saudi Tadawul Group. (2) Available 24/7 for submissions, with real-time public posting. (3) Account types: company, user (disclosure officer), insider, major shareholder. (4) Disclosure officer + backup users + electronic signatures + Nafath authentication. (5) Templates ensure consistency, completeness, and efficiency. (6) Submission process: prepare → login → select template → enter data → review → submit. (7) Arabic mandatory (default for disputes), English increasingly common. (8) Complementary channels: company website, newspapers, international platforms. (9) System operations: high availability, fast performance, robust backup. (10) Best practices: proper setup, trained users, quality control, continuous improvement.

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FAQS

What is IFSAH and who operates it?

What types of accounts are available on IFSAH?

Four main account types: the listed company account (the primary issuer account), user accounts for the disclosure officer and backup users, insider accounts for board members and senior executives to report their personal trades, and major shareholder accounts for shareholders owning 5% or more to report ownership changes.

What are the responsibilities of the disclosure officer on IFSAH?

The disclosure officer submits all formal disclosures through IFSAH following templates and within deadlines, verifies content accuracy and completeness, ensures all required approvals are in place, liaises with the CMA and Tadawul on questions or issues, and coordinates internally with finance, legal, investor relations, and senior management.

References and Sources

• IFSAH Platform — Tadawul User Guides.
• OSCO Rules — Disclosure Channels.
• Corporate Governance Regulations.
• Tadawul Listing Rules.
• Saudi Vision 2030 — Digital Transformation.
• Nafath — Saudi National Digital Identity.
• Tadawul Annual Reports — Disclosure Statistics.
• CMA — Authorized Persons Regulations.
• PwC, KPMG, EY, Deloitte — Disclosure Operations Guides.
• XBRL International — Future Direction.