New Regulations On Information Disclosure on Stock Market

16/12/2020, 09:44 AM

The Ministry of Finance has just issued Circular 96/2020 guiding information disclosure on the stock market, replacing Circular 155/2015 from January 1, 2021.

Compared to the current regulations in Circular 155/2015 / TT-BTC, Circular 96 expands the subject of information disclosure. Accordingly, Circular 96 provides quite comprehensive regulations on the subjects that are obliged to disclose information such as: Public companies; organizations issuing corporate bonds to the public; issuing organizations conduct initial public offering of stocks; organizations listing corporate bonds; securities companies, securities investment fund management companies; branches of foreign securities companies in Vietnam and branches of foreign fund management companies in Vietnam; representative offices of foreign securities companies and fund management companies in Vietnam; Public funds, public securities investment companies...

The information disclosure must be complete, accurate and prompt in accordance with the law. Content disclosed of personal information includes: Citizen card, ID card, Military ID card, valid passport, contact address, permanent residence address, phone number, fax number, email, securities trading account number, Securities depository account numbers, bank account numbers, transaction codes of foreign investors, foreign-invested economic organizations owning more than 50% of the charter capital are only allowed to perform if individuals that agreed.

The organization's disclosure of information must be made by its legal representative or authorized person. The individual's information disclosure is done by the individual himself or authorized by another organization or individual to perform.

Subjects of information disclosure are responsible for preserving and retaining published information and reporting in accordance with this Circular as follows: Periodically disclosed information, information about public company registration must be kept in writing (if any) and electronic data for at least 10 years. This information must be kept and accessible on the website of the subject of information disclosure for a maximum of 5 years.

Information disclosed on an extraordinary basis, on request or in other activities must be kept and accessible on the website of the subject of disclosure for at least 5 years.

Means of reporting and information disclosure include: The organization's electronic information page (website) is the subject of information disclosure; The State Securities Commission's information disclosure system; Website of the Stock Exchange and other means of disclosure in accordance with the Rules of the Stock Exchange; Other mass media as prescribed by law (printed newspapers, electronic newspapers,…).

Announced the Annual General Meeting of Shareholders 21 days before the opening date

According to the Circular, at least 21 days before the opening date of the General Meeting of Shareholders if the company charter does not specify a longer term, Public companies must publish them on their websites and on the State Securities Commission's websites, The Stock Exchange (in the case of a listed organization or organization registered for trading) on ​​the meeting of the General Meeting of Shareholders, clearly stating the path to all documents of the General Meeting of Shareholders, including: meeting invitation notice, agenda, votes, documents used in the meeting and draft resolution for each issue in the agenda. Documents of the General Meeting of Shareholders must be updated with amendments and supplements (if any).

Regarding extraordinary information disclosure: A public company must disclose extraordinary information within 24 hours from the occurrence of one of the following events: The company's accounts at banks, foreign bank branches are blocked at the request of competent agencies or when the payment service is provided; The account is allowed to resume operation after being frozen in the cases specified at this point;

Approve the decision of the Extraordinary General Meeting of Shareholders. Decide on dividend rate, method of dividend payment, time of dividend payment; decision to split, merge shares...

Circular 96/2020 takes effect from January 1, 2021 and replaces Circular No. 115/2015 / TT-BTC.

Source: Bao Chinh Phu