Who is not required to disclose information sent to the Stock Exchange when issuing securities in Vietnam?
Who is not required to disclose information when issuing securities in Vietnam?
Pursuant to Article 1 of the Regulations on information disclosure of Vietnam Exchange and its subsidiaries, issued together with Decision No. 21/QD-SGDVN in 2021, entities are not required to disclose information when issuing securities as follows:
Scope and regulated entities
1. This document provides guidelines for information disclosure by the entities participating in securities trading at Vietnam Exchange (Vietnam Exchange) and Vietnam Exchange’s subsidiaries (including Hanoi Stock Exchange and Ho Chi Minh Stock Exchange). Disclosure of information about private placement and trading of privately placed bonds shall comply with specific regulations.
2. This Decision applies to:
a) Trading members, special trading members, and securities investment fund management companies;
b) Organizations having their shares listed or registered, and organizations having corporate bonds listed;
c) Issuers of covered warrants;
d) Listed public funds, and listed public securities investment companies;
dd) Investors that have to disclose information as prescribed by the Law on securities;
e) Other relevant organizations and individuals as regulated by the Law on securities.
Thus, the following entities are not required to disclose information when issuing securities, including:
- Trading members, special trading members, and securities investment fund management companies;
- Organizations having their shares listed or registered, and organizations having corporate bonds listed;
- Issuers of covered warrants;
- Listed public funds, and listed public securities investment companies;
- Investors that have to disclose information as prescribed by the Law on securities;
- Other relevant organizations and individuals as regulated by the Law on securities.
Who is not required to disclose information sent to the Stock Exchange when issuing securities in Vietnam?
Who is not required to disclose information sent to the Stock Exchange when issuing securities in Vietnam?
Pursuant to Article 3 of the Regulations on information disclosure of Vietnam Exchange and its subsidiaries promulgated together with Decision No. 21/QD-SGDVN in 2021, stipulating information disclosure as follows:
General provisions on information disclosure
The entities specified in Clause 2 Article 1 of this document shall disclose information in accordance with the provisions of Article 4 of the Circular No. 96/2020/TT-BTC and the following guidelines:
1. An equitized enterprise that applies for trading on the UPCoM trading system but does not yet obtain the certification of completion of procedures for public company registration from the State Securities Commission of Vietnam shall not be required to submit reports to the State Securities Commission when disclosing information.
2. When sending information to be disclosed to the Stock Exchange, the following guidelines must be adhered:
a) The entities mentioned in Clause 2 Article 1 of this document, except trading members and special trading members, shall disclose information on Hanoi Stock Exchange or Ho Chi Minh Stock Exchange where their securities are listed or registered;
b) Trading members and special trading members shall send their information to be disclosed to Vietnam Exchange. Trading members or special trading members that are listed organizations or registered organizations shall concurrently disclose information on Vietnam Exchange as prescribed in Chapter III of this document and disclose information on Hanoi Stock Exchange or Ho Chi Minh Stock Exchange where their securities are listed or registered as prescribed in Chapter II of this document.
3. Information disclosure shall comply with provisions of the Circular No. 96/2020/TT-BTC, this document and other relevant regulations. Information must be disclosed in a clear and comprehensible manner so as to avoid causing confusion to shareholders and investors.
Stock Exchanges shall refuse to receive and disclose information on their websites in case the submitted information is presented in an unclear manner or using wrong form, or is found to be inaccurate or forged, or to be not related to securities activities and securities market or that is not required to be disclosed in accordance with regulations of the Law on securities.
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Thus, all subjects need to make information disclosure at the Stock Exchange.
However, especially for trading members, special trading members are not required to disclose information at the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange, but must disclose information at the Vietnam Exchange.
After disclosing information at the Vietnam Exchange, trading members and special trading members shall disclose information to the Hanoi Stock Exchange or the Ho Chi Minh Stock Exchange where the securities are listed and registered for trading.
Through which means is the information disclosed when issuing securities in Vietnam?
Pursuant to Article 7 of the Regulation promulgated together with Decision No. 21/QD-SGDVN in 2021 stipulating the means of information disclosure shall comply with Article 7 of Circular No. 96/2020/TT-BTC, specifically:
Methods of sending information to be disclosed:
- The website of the disclosing entity;
- The media of State Securities Commission of Vietnam;
- The website and other information disclosure media of Stock Exchange according to its regulations;
- Website of Vietnam Securities Depository and Clearing Corporation;
- Other means of mass media as prescribed by law (printed newspapers, online newspapers, etc.).
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