Considering the Revocation of Public Company Status if Conditions are Not Met

Le Trang

09:08, 10/07/2024

This is a notable content regulated in the Securities Law 2019, which was just passed by the National Assembly on November 26, 2019.

To be specific, according to the provisions of Article 38 Law on Securities 2019, after 01 year from the date the company no longer meets the requirements stipulated in point a clause 1 Article 32 of this Law and the company still does not meet the conditions to be a public company, the State Securities Commission (SSC) shall consider canceling the public company status.

The company must fully comply with the regulations related to public companies until the SSC announces the cancellation of public company status.

Within 07 working days from the date of receiving the notification from the SSC about the cancellation of public company status, the company is responsible for announcing the cancellation of public company status on its electronic information portal, the information disclosure means of the SSC, the Vietnam Stock Exchange, and carry out procedures for delisting, deregistering transactions in accordance with the law.

For details, see Law on Securities 2019, effective from January 1, 2021.

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