Vietnam: What is information about the bond issue provided by the issuer for the Stock Exchange used for?
What is information about the bond issue provided by the issuer for the Stock Exchange used for?
According to the provisions of Clause 1, Article 19 of Decree No. 153/2020/ND-CP (amended and supplemented by Clause 14, Article 1 of Decree No. 65/2022/ND-CP) as follows:
- At least 01 working day before the official issue date, the issuer shall disclose information before offering to investors for their subscription, and send the disclosed information to the Stock Exchange.
+ The information to be disclosed before offering shall comply with guidelines given by the Ministry of Finance of Vietnam.
+ With regard to green bonds, in addition to the information to be disclosed as prescribed in Point a of this Clause, the issuer shall disclose information about accounting, management and disbursement of funds raised from the offering of green bonds as prescribed in Clause 3 Article 5 of this Decree.
+ The information provided by the issuer for the Stock Exchange shall be used to serve the Stock Exchange’s fulfillment of its responsibilities as prescribed in Article 32 of this Decree. It does not mean that the Stock Exchange confirms and guarantees the offering.
- In case of offering of bonds in multiple waves:
+ For the first wave, the disclosure of information before offering shall comply with the provisions in Clause 1 of this Article.
+ For the following waves, in addition to the information disclosure prescribed in Point a of this Clause, at least 01 working day before the offering wave, the issuer shall disclose additional information for investors registering for bond purchases, and send the same to the Stock Exchange. Additionally disclosed information shall comply with Point b and Point c Clause 3 Article 12 hereof.
- The Stock Exchange shall receive information disclosed before offering as prescribed in Clause 1 and Clause 2 of this Article for consolidation and reporting on issuance of corporate bonds in accordance with the provisions in Article 33 hereof.
Thus, the information provided by the issuer for the Stock Exchange shall be used to serve the Stock Exchange’s fulfillment of its responsibilities as prescribed in Article 32 of Decree No. 153/2020/ND-CP:
+ Consolidate information received from issuers for publishing on the corporate bond information webpage as prescribed in Clause 2 of this Article;
+ Formulate and promulgate regulations on operation of the corporate bond information webpage after obtaining the approval from State Securities Commission.
Vietnam: What is information about the bond issue provided by the issuer for the Stock Exchange used for?
What are the methods of information disclosure by bond issuers in Vietnam?
According to the provisions of Article 6 of Circular No. 122/2020/TT-BTC on this content as follows:
Methods of information disclosure by bond issuers in Vietnam
1. Issuers shall disclose information for investors in the following methods:
a) Paper documents;
b) Electronic documents;
c) Information posted on websites of issuers;
d) Information posted on corporate bond information webpage of Hanoi Stock Exchange as prescribed in Article 32 of Decree No. 153/2020/ND-CP.
2. Issuers shall send information to be disclosed to Hanoi Stock Exchange by using electronic documents through its corporate bond information webpage.
Thus, the bond issuer shall disclose information for investors in the following methods:
+ Paper documents;
+ Electronic documents;
+ Information posted on websites of issuers;
+ Information posted on corporate bond information webpage of Hanoi Stock Exchange.
On what rules do bond issuers disclose information?
According to the provisions of Article 18 of Decree No. 153/2020/ND-CP as follows:
Information disclosure rules
1. The issuer shall disclose information to investors in an adequate and timely manner. Information to be disclosed must be clear according to regulations herein and guidelines given by the Ministry of Finance of Vietnam. The issuer shall be legally responsible for the information disclosed as well as its accuracy and truthfulness.
2. The information disclosed before offering shall not include any advertising information and shall not be disclosed by means of mass media, unless information is disclosed in accordance with regulations on disclosure of information on securities market.
3. The issuer that is a public company shall disclose information in accordance with regulations herein and regulations on disclosure of information on securities market.
Thus, the bond issuer shall disclose information based on the above rules.
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