Requirements for using the IDS module in Vietnam from August 15, 2024

Requirements for using the IDS module in Vietnam from August 15, 2024 (Image from Internet)

1. Requirements for using the IDS module in Vietnam

According to Decision 877/QD-UBCK in 2024, the requirements for using the IDS module in Vietnam are as follows:

General Requirements

- Public companies use the IDS module account issued by the SSC and the company’s public digital signature to carry out reporting and electronic information disclosure on the IDS module as guided in this Regulation.

- Public companies report and disclose information related to the person responsible for information disclosure as stipulated in Article 6 of Circular 96/2020/TT-BTC and register the information about the person responsible for information disclosure on the IDS Module. The registration information about the person responsible for information disclosure on the IDS Module follows the template in the User Guide.

Technical Requirements

(1) Computers used for sending reports and information disclosure:

- Computers must use one of the browsers: Microsoft Edge, Firefox, or Chrome.- Computers must be connected to the internet.

(2) Token device issued by the public digital certification service provider to the company.

Data Requirements for Reports

(1) Public companies send reports and disclosure information as electronic data files to the IDS module.

(2) Report file format:

- Report and disclosure information templates on the IDS module are in Excel or XBRL formats. Public companies must use the latest templates downloaded from the IDS module, ensuring the order of columns and cells as per the template.

- Attachments must be in PDF format.

(3) Font format: Information input into the IDS module must use Vietnamese with Unicode font TCVN 6909:2001.

(4) Public companies are not allowed to arbitrarily change the template format of the report on the IDS module. In case changes or corrections are needed, a written request must be submitted and approved by the SSC.

Security Requirements

(1) Report and disclosure information files on the IDS module must be signed by the company’s digital signature.

(2) Public companies participating in the use of the IDS module must comply with usage rights regulations, account management and usage; not spreading computer viruses; not using different accounts than those issued by the SSC to access the system.

(3) Computers used for sending reports and information disclosure on the IDS module must meet the following requirements:

- Computers must have antivirus software installed, use licensed operating systems, and have updates as recommended by the manufacturer;- Do not use public computers to access the system;- Do not save the username and password on web browsers;- Log out of the IDS module when not in use;- Implement measures to scan and ensure security and safety for computers frequently used for reporting and information disclosure.

More details can be found in Decision 877/QD-UBCK in 2024 effective from August 15, 2024.

2. Regulations on persons performing information disclosure on IDS in Vietnam

According to Article 6 of Circular 96/2020/TT-BTC, the regulations on public companies reporting and disclosing information concerning the person responsible for information disclosure are as follows:

(1) Information-disclosing entities that are organizations must perform information disclosure obligations through one legal representative or one individual authorized to disclose information on behalf of the organization.

- The legal representative is responsible for the completeness, accuracy, and promptness of the information disclosed by the authorized individual. If a disclosure event occurs when all legal representatives and authorized individuals are absent, the highest-ranking member of the Executive Board is responsible for disclosure. If more than one individual holds the highest rank, the remaining members of the Executive Board must elect or designate one individual to be responsible for disclosure;

- Organizations must report or re-report information about the individual responsible for information disclosure to the State Securities Commission and the Stock Exchange within 24 hours after the appointment, authorization, or change of the information-disclosure individual becomes effective. The report on the individual responsible for information disclosure includes: The authorization document for information disclosure as per the template in Appendix I issued alongside Circular 96/2020/TT-BTC, The information provision form as per the template in Appendix III issued alongside Circular 96/2020/TT-BTC.

(2) Investors who are individuals required to disclose information can either self-disclose or authorize one organization (such as a securities company, fund management company, public company, depository member, Vietnam Securities Depository and Clearing Corporation, or another organization) or another individual to fulfill disclosure obligations as follows:

- In the case of self-disclosure, the individual investor must submit the Information Provision Form as per the template in Appendix III issued alongside Circular 96/2020/TT-BTC to the State Securities Commission and the Stock Exchange during the first disclosure and is responsible for providing accurate, prompt, and complete information if there are any changes to the content in the above Information Provision Form;

- In the case of authorizing disclosure, the individual investor is responsible for the completeness, accuracy, and promptness of the information disclosed by the authorized party. The investor is responsible for providing accurate, prompt, and complete information about their securities ownership status and their relationship with related parties (if any) to the authorized organization or individual to fulfill the ownership reporting and information disclosure obligations following legal regulations;

- Individual investors must report or re-report information about the authorized disclosure party to the State Securities Commission and the Stock Exchange within 24 hours after the authorization for information disclosure becomes effective. The report on the authorized disclosure party includes: The authorization document for information disclosure as per the template in Appendix II issued alongside Circular 96/2020/TT-BTC, The information provision form as per the template in Appendix III issued alongside Circular 96/2020/TT-BTC (for cases where the authorized disclosure party is an individual).

(3) Foreign investors or groups of foreign investors must fulfill reporting and information disclosure obligations according to Circular 96/2020/TT-BTC and the laws on foreign investment activities in the Vietnamese stock market.

(4) Information disclosure by public funds and public investment companies must be performed by the fund management company.

**** According to the regulations in Decision 450/QD-UBCK in 2021, the IDS System is understood as follows:

- The IDS (Information Disclosure System) is the information disclosure system of the SSC, which includes:

- The system for receiving reports and disclosure information from public companies at http://ids.ssc.gov.vn.

- The website displaying disclosure information of public companies received and approved by the receiving system at http://congbothongtin.ssc.gov.vn.

Tran Huyen Trang

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