Does a securities company establishing a branch have to disclose unusual information? If so, how long must it be announced?
The time limit for disclosing extraordinary information is specified in Clause 2, Article 23 Circular 96/2020/TT-BTC as follows:
Unusual information disclosure
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2. Securities companies and securities investment fund management companies that are limited liability companies must disclose unusual information within 24 hours from the occurrence of one of the events prescribed in Clause 1 of this Article. Points a, b, c, e, g, h, l, n, o, p, r and s, Clause 1, Article 11, Clause 2, Article 15 and Clause 1 of this Article (The General Meeting of Shareholders is changed to the Council of Members). members, the Board of Directors was changed to the Board of Members).
3. Securities companies, securities investment fund management companies, securities company branches and foreign fund management companies in Vietnam when disclosing information according to the provisions of Clauses 1 and 2 of this Article must clearly state the event that occurred, the cause and the solutions (if any).
Thus, according to regulations, the time limit for disclosing unusual information in the case of a securities company establishing a branch is 24 hours from the date the securities company receives the decision of the State Securities Commission approving it. about establishing a branch.