Information disclosure rules on Vietnam's stock market

Information disclosure rules on Vietnam's stock market (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

1. Information disclosure rules on Vietnam's stock market

According to Article 4 of Circular 96/2020/TT-BTC, the Information disclosure rules on Vietnam's stock market are as follows:

- Information disclosed must be adequate, accurate and timely. An individual’s personal information, including citizen identity card, ID card, military ID card, unexpired passport, contact address, permanent address, telephone number, fax number, email, number of securities trading account, number of securities depository account, number of bank account, and trading code of foreign investor or business entity of which over 50% of charter capital is held by foreign entities, shall be disclosed if agreed by that individual.

- The disclosing entities are legally responsible for the information they disclose. In case of changes to disclosed information, the disclosing entity shall promptly and adequately disclose the changes and reasons for those changes.

- When disclosing information, the disclosing entities mentioned in Article 2 of Circular 96/2020/TT-BTC shall simultaneously send reports on information disclosure, including adequate information as prescribed, to SSC and SE at which the securities are listed or registered.

In case the information disclosed includes the personal information mentioned in Clause 1 of Article 4 of Circular 96/2020/TT-BTC and the disclosing entity refuses to disclose the personal information, 02 documents, including a document containing adequate personal information and other that does not contain such personal information, shall be sent to the SSC and SE for publishing.

- An organization’s information shall be disclosed by its legal representative or attorney-in-fact.  An individual’s personal information shall be disclosed by himself/herself or his/her attorney-in-fact. Information shall be disclosed by persons in charge as prescribed in Article 6 of this Circular.

- Disclosing entities shall retain the information disclosed or reported as prescribed in this Circular as follows:

+ Information periodically disclosed and information about registration of public companies must be retained in the form of hard copy (if any) and soft copy for at least 10 years. These information must be retained and accessed on the website of the disclosing entity for at least 05 years;

+ Information disclosed on ad hoc basis or on request or other activities must be retained and accessed on the website of the disclosing entity for at least 05 years.

2. What are disclosing entities on the Vietnam's stock market?

According to Clause 1, Article 2 of Circular 96/2020/TT-BTC, the disclosing entities on the Vietnam's stock market include:

- Public companies;

- Organizations making public offering of corporate bonds;

- Issuers that make initial public offering of shares;

- Organizations that have corporate bonds listed;

- Securities companies, securities investment fund management companies; branches of foreign securities companies in Vietnam and branches of foreign fund management companies in Vietnam (hereinafter referred to as “branches of foreign securities companies and foreign fund management companies in Vietnam”); representative offices of foreign securities companies and foreign fund management companies in Vietnam; public funds and public securities investment companies;

- Vietnam Stock Exchange and its subsidiaries (hereinafter referred to as “SE”), Vietnam Securities Depository and Clearing Corporation (VSDCC);

- Investors that have to disclose information as prescribed by law.

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