SSC pushes for eagle-eyed disclosure

September 13, 2011 | 11:27

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The State Securities Commission has urged local stock exchanges to enhance disclosure supervision.

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The requirement asked central exchanges to identify more listing companies, inside and major shareholders who violated information disclosure regulations, then refer those violations to the State Securities Commission (SSC) “as soon as possible” for “timely punishments.”

Companies using irrational reasons for delaying disclosure must be identified and published on exchanges’ websites. Those violating regulations for several times would to be “timely treated,” said the requirement.

The market watchdog also urged the exchanges to adjust their relevant punishments, citing strict measures such as suspending transactions and delisting.

The SSC’s move comes amid large-scale violations in terms of information disclosures on the local market. More than half of Ho Chi Minh-listed companies missed their deadlines for announcing first half-year financial statements recently, while cases of insider trading without releasing regulated information grew.

The requirement was “in order to prevent information disclosure violations on the stock market,” said SSC.

Hai Linh

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