OTC share transactions will be put under control once the project on organizing and managing the transactions of public companies’ unlisted securities is completed.
The State Securities Commission (SSC) said that it has consulted with relevant ministries over the project and will open the draft for collecting opinions from securities investors in early August before bringing the project into effect.
If everything goes smoothly, transactions of OTC securities under the new scheme will be carried out in the trial basis in October, and officially applied in early 2008.
According to SSC, the securities to be put under the new scheme are the shares of public companies which have registered at state management agencies as stipulated by the current laws. These shares items will be granted codes. Investors will carry out transactions through securities companies based on their accounts to be opened at securities companies.
Under the new transaction scheme, investors will have more opportunities to access official information sources, make payment under favourable methods and minimize risks.
Currently, the preparatory works for the new transaction scheme have been kicked off at the Hanoi Securities Trading Centre. The main principle of the new scheme is to ensure the simplicity in making transaction, while allowing remote transactions which aims to create more favourable conditions for investors.
According to SSC, more than 600 companies have sent files for registering public companies. However, the number of companies completing the registration procedures remains modest.
The problem lies in the fact that the documents guiding the registration were just promulgated in April, which did not give enough time to companies to have their financial reports audited. SSC has to apply a flexible policy, which allows companies to make registration first, and then expose information to investors. The auditing results will be announced later.
June 30, 2007 was the deadline for public companies to make registration at SSC.
Source: VNE
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