The State Securities Commission (SSC) issued Circular 180/2015/TT-BTC on unlisted public companies, which took effect on January 1, 2016.
The State Securities Commission (SSC) issued Circular 180/2015/TT-BTC on unlisted public companies, which took effect on January 1, 2016.
According to new rules it laid out, public companies which are not eligible for listing on the two stock exchanges and equitised enterprises must register for trading on UPCoM within 30 days from their registration as a public company.
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| Within 30 days of the last day of an initial public offering, unlisted public companies and equitised enterprises must register for trading on UPCoM. — Photo baocongthuong.vn |
Within 30 days of the last day of an initial public offering, unlisted public companies and equitised enterprises must register for trading on UPCoM.
The new rules were aimed at preventing eligible companies from avoiding listing and deliberately delisting, actions that could harm investors’ interests.
The authorities expect listing to improve the transparency and operational efficiency of companies.
Meanwhile, according to data released by the SSC on November 30, 2015, more than 1,000 public companies had listed neither on the stock exchange nor on UPCoM.
The new circular stipulates a deadline of December 31, 2016, for listing by companies that have not yet listed.
Because of this, many public companies, including joint stock banks, have been hastily completing the required procedures to list their shares to before the deadline.
By June this year shares of 686 companies had been traded on the two national stock exchanges, while the number on UPCoM stands at over 280.
(Source:VNS)
