According to HNX, the obligation to disclose audited financial statements (FS) of public companies is stipulated in Circular 96/2020/TT-BTC dated November 16, 2020 guiding information disclosure on the stock market, accordingly, public companies must disclose audited annual FS within 10 days from the date the auditing organization signs the audit report but not exceeding 90 days from the end of the fiscal year.
In addition, large-scale public companies must publish the audited semi-annual financial statements within 5 days from the date the auditing organization signs the audit report, but not exceeding 45 days from the end of the first 6 months of the fiscal year. In case a large-scale public company is a parent company of another organization or a superior accounting unit with an accounting unit under its own accounting apparatus, it must publish the audited semi-annual financial statements within 5 days, but not exceeding 60 days, from the end of the first 6 months of the fiscal year.
In order to monitor compliance with information disclosure obligations of trading registration organizations, in order to protect the rights and interests of investors, HNX strengthens monitoring and detection of violations of financial statement disclosure obligations of trading registration organizations on the UPCoM market, and handles violations according to the Regulations on Registration and Management of Unlisted Securities Transactions issued together with Decision No. 34/QD-HDTV dated November 16, 2022 of the Board of Members of the Vietnam Stock Exchange.
Accordingly, the trading of shares of registered organizations that are late in submitting audited annual financial statements or reviewed semi-annual financial statements more than 45 days after the deadline for information disclosure as prescribed will be restricted.
Along with that, suspend trading of shares of registered organizations subject to trading restrictions without taking remedial measures, seriously violating information disclosure obligations, and failing to publish audited financial statements for 3 consecutive fiscal years or more.
HNX said that currently on the UPCoM market, there are quite a few enterprises that are restricted from trading because they have not yet published their audited financial statements. HNX has requested enterprises to explain the reasons and propose solutions to overcome the violations. In case the trading registration organization does not have measures to overcome the reasons leading to the stock being restricted from trading, HNX will suspend trading according to the regulations and instructions of the Vietnam Stock Exchange./.
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