A statue of a bull and bear outside the Ho Chi Minh Stock Exchange. Securities enterprises have to adjust their current technology system to be compatible with the new one-stop information disclosure system. (Photo hsx.vn) Hanoi (VNS/VNA) - The State Securities Commission (SSC) will soon launch anelectronic one-stop information disclosure system for the stock market, news sitetinnhanhchungkhoan has reported.
The systemwill help entities participating in the stock market save time and money whendisclosing information and minimise the risk of false disclosures, the SSCsaid.
With thenew system, when a business wishes to publicise information, it only needs tosend the information to the Vietnam stock exchange, which acts as a frontline in supervising transactions in the market.
Thesystem is designed so that the information is simultaneously shared to thepublic and the SSC for supervision and management.
Accordingto the SSC, the system has gone through the testing and preparatory phrases andis now undergoing the finishing stage.
However,for smooth operation, enterprises have to adjust their current technologysystems for compatibility, the SSC said.
Asbusinesses are struggling to cope with the negative effects of the COVID-19pandemic, the one-stop information disclosure system would have to wait formore firms to synchronise their technological and information infrastructure.
“Whenwishing to publish information for investors, we have to at the same time sendthree different forms of reports to the SSC and the two stock exchanges of HoSEand HNX. This is one of the shortcomings that has existed for many years on theVietnamese stock market,” said a securities company representative.
“This isboth costly and time-consuming for businesses," he said, adding thatthe electronic one-stop information disclosure system shows effortsof market regulators to reform administrative procedures.
Theinformation system was built within the framework of the VIE032 Technical AssistanceProject themed 'Capacity Building in the Financial Sector', signed between theGovernment of Vietnam and the government of Luxembourg.
VIE032 isthe second project supported by Luxembourg for Vietnam in the fields offinance and securities, focusing on supporting the SSC to complete the legalframework of the stock market, capacity building for managers, marketparticipants and investors through diverse and efficient trainingprogrammes, assisting the SSC to computerise the management system./.
VNA
