What is organization that has securities listed in Vietnam?
What is organization that has securities listed in Vietnam? What is implementation of information disclosure by organizations that have corporate bonds listed in Vietnam?
I have just learned and started to play the securities market. But when participating in the securities market, there is a term that I still don't understand. May I ask what is organization that has securities listed in Vietnam, what can be understood?
Please advice. Thankyou.
1. What is organization that has securities listed in Vietnam?
Pursuant to Clause 7, Clause 8, Article 3 of Circular 96/2020/TT-BTC providing for listing organizations as follows:
7. “organization that has shares listed” means an organization that has shares listed on the securities trading system.
8. “organization that has corporate bonds listed” means an organization that has corporate bonds listed on the securities trading system.
Thus, a organization that has securities listed is understood in terms of an organization has shares listed and an organization that has corporate bonds listed as specified above in Vietnam.
2. What is implementation of information disclosure by organizations that have corporate bonds listed in Vietnam?
Pursuant to Article 20 of Circular 96/2020/TT-BTC providing for information disclosure by organizations that have corporate bonds listed as follows:
1. If the organization that has corporate bonds listed is a public company, it shall disclose information according to Articles 10, 11, 12 and 13 of this Circular.
2. If the organization that has corporate bonds listed is an organization that has shares listed or a large-scale public company, it shall disclose information according to Articles 14, 15, 16 and 17 of this Circular.
3. If an organization that has corporate bonds listed is not an entity prescribed in Clause 1 and Clause 2 of this Article, it shall disclose information from the time corporate bonds are listed until bonds are fully paid for or corporate bonds are delisted, whichever comes first. To be specific:
a) Information about annual financial statements which have been audited by an accredited audit organization and annual report shall be periodically disclosed in accordance with Clause 1 and Clause 2 Article 10 of this Circular;
b) Ad hoc information disclosure shall be made upon occurrence of any of the events mentioned in Article 15 of this Circular (Board of Directors shall be replaced with the Board of Members if it is a limited liability company);
c) Disclosure of information on request shall be made according to Article 12 of this Circular.
According to this Article, information disclosure by organizations that have corporate bonds listed in Vietnam is made according to the requirements specified above.
3. What is periodic information disclosure by organizations that have shares listed in Vietnam?
According to Article 14 of Circular 96/2020/TT-BTC, periodic information disclosure by organizations that have shares listed as follows:
1. Organizations that have shares listed and large-scale public companies shall periodically disclose information according to Article 10 of this Circular.
2. Organizations that have shares listed and large-scale public companies shall disclose their half-year financial statements which have been reviewed by accredited audit organizations.
a) Half-year financial statements must be complete interim financial statements which are prescribed in the Accounting Standard “Interim financial statements”, contain financial figures in 06 first months of the fiscal year of the company, and are prepared according to Point a Clause 1 Article 10 of this Circular;
b) Half-year financial statements must be reviewed according to Standard on review of financial statements. The full text of the half-year financial statements shall be disclosed together with the review conclusions and the company's explanation about any qualified review conclusion;
c) Time limit for disclosure of half-year financial statements
The organization that has shares listed or large-scale public company must disclose its reviewed half-year financial statements within 05 days from the day on which the audit organization signs the review report and within 45 days from the end of 06 first months of the fiscal year.
If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must disclose its reviewed half-year financial statements within 05 days from the day on which the audit organization signs the review report and within 60 days from the end of 06 first months of the fiscal year.
3. Organizations that have shares listed and large-scale public companies shall disclose their quarterly financial statements or reviewed quarterly financial statements (if any).
a) Quarterly financial statements must be complete interim financial statements which are prescribed in the Accounting Standard “Interim financial statements” and prepared according to Point a Clause 1 Article 10 of this Circular;
b) The full text of the quarterly financial statements or reviewed quarterly financial statements (if any) shall be disclosed together with the review conclusions and the company's explanation in case qualified review conclusions are given to the reviewed quarterly financial statements;
c) Time limit for disclosure of quarterly financial statements
The organization that has shares listed or large-scale public company must disclose its quarterly financial statements within 20 days from the end of the quarter. The organization that has shares listed or large-scale public company must disclose its reviewed quarterly financial statements (if any) within 05 days from the day on which the audit organization signs the review report and within 45 days from the end of the quarter.
If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must disclose its quarterly financial statements within 30 days from the end of the quarter.
If the organization that has shares listed or large-scale public company has disclosed its reviewed quarterly financial statements within the prescribed time limit for disclosure of quarterly financial statements, it shall not be required to disclose its quarterly financial statements.
4. When disclosing information about financial statements specified in Clauses 1, 2 and 3 of this Article, the organization that has shares listed or large-scale public company shall be required to provide explanation from the occurrence of any of the following events:
a) After-tax profit shown in the income statement of the reporting period increases/decreases by at least 10 compared to that of the same reporting period in the previous year;
b) After-tax profit of the reporting period is negative; YOY profit is changed from a positive number to a negative number or vice versa;
c) After audit or review, after-tax profit of the reporting period varies by at least 5% and is changed from a positive number to a negative number or vice versa.
5. If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must provide explanation about the events in Clause 4 of this Article based on the financial statements of the parent company or general and consolidated financial statements.
Therefore, periodic information disclosure by organizations that have shares listed, specifically announcing quarterly financial statements or reviewed quarterly financial statements in accordance with the above provisions in Vietnam.
Best Regards!
