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HASTC promises preferences for early-birds
The Hanoi Securities Trading Centre (HASTC) has promised to give special preferences to companies which register early to have their shares traded on the OTC market, which is expected to be put under management in the time to come.
In an announcement released on November 24, HASTC said that it will give special incentives to companies which register to put their shares on the OTC market right in the fourth quarter of 2008.
HASTC also said that instead of requiring these public unlisted companies to submit financial reports audited by auditing firms approved by the State Securities Commission (SSC), HASTC would also accept 2007 financial reports audited by firms licenced to audit in 2008 and 2009 by the Vietnam Association of Certified Public Accountants (VACPA).
However, 2008 financial reports of companies which have shares traded at HASTC must be audited by auditing firms approved by SSC as stipulated in Circular No 38.
Unlisted public companies can choose auditing firms listed on the website of the Ministry of Finance or VACPA’s website at www.vacpa.org.vn.
While waiting for regulations on securities transactions of public unlisted companies to be approved, the announcement by HASTC is thought will create more favourable conditions for businesses.
HASTC is trying to complete final procedures to put the OTC market into operation. Companies that wish to list on the OTC market must meet requirements on corporate governance, shareholders’ book management; most eligible companies operate in the fields of stocks, banking, finance and insurance.
Among the first companies to apply to put shares into transaction on the OTC market are eight banks and securities companies.
TBKTVN
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