Vietnam: Authorization for information disclosure on securities market is permitted

According to Article 6 of the Circular No. 96/2020/TT-BTC of the Ministry of Finance of Vietnam, a disclosing entity that is an organization shall disclose information through its legal representative or attorney-in-fact.

- The legal representative shall assume responsibility for the adequacy, accuracy and timeliness of information disclosed by the attorney-in-fact. In case information needs to be disclosed but both the legal representative and attorney-in-fact are absent, the member holding the highest position of the Board of Directors shall take charge of information disclosure. If two or more members holding the same highest position, other members of the Board of Directors shall elect or appoint a member to take charge of information disclosure;

- The disclosing organization shall report or re-report information about the person in charge of information disclosure to the State Securities Commission (SSC) and Stock Exchange (SE) within 24 hours from the effective time of appointment, authorization or replacement of the person in charge of information disclosure. Report on the person in charge of information disclosure includes: The power of attorney to disclose information made according to the form prescribed in Appendix I enclosed herewith and the curriculum vitae made according to the form prescribed in Appendix III enclosed herewith.

Besides, a disclosing entity that is an individual investor may disclose information by himself or herself or authorize an organization (that is a securities company, securities investment fund management company, public company, depository member, Vietnam Securities Depository and Clearing Corporation (VSDCC) or another organization) or an individual to disclose information as follows:

- If the individual investor directly discloses information, in the first disclosure, he/she must submit the curriculum vitae made according to the form prescribed in Appendix III enclosed herewith to SSC and SE, and shall provide accurate, timely and adequate information from the occurrence of any changes in the submitted curriculum vitae;

- In case of authorization for information disclosure, the individual investor shall assume responsibility for the adequacy, timeliness and accuracy of information disclosed by his/her attorney-in-fact. The investor shall provide accurate, timely and adequate information about his/her ownership of securities and relationship with affiliated persons (if any) to his/her attorney-in-fact that shall fulfill the obligations of ownership reporting and information disclosure as prescribed by law;

- The individual investor shall report or re-report information about his/her attorney-in-fact to the SSC and SE within 24 hours from the time when the authorization comes into force. Report on the investor’s attorney-in-fact includes: The power of attorney to disclose information made according to the form prescribed in Appendix II enclosed herewith and the curriculum vitae made according to the form prescribed in Appendix III enclosed herewith (except the case where an individual is authorized).

Note: Foreign investors and groups of foreign investors shall fulfill the obligations to report and disclose information in accordance with regulations of this Circular and the Law on foreign investments in Vietnam's securities market. Information of public funds and public securities investment funds shall be disclosed by securities investment fund management companies.

View more details at the Circular No. 96/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from January 01, 2021.

Le Vy

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE