Circular No. 38/2007/TT-BTC guides the disclosure of information in the securities market.

CIRCULAR

Guidelines on the Disclosure of Information in the Securities Market

______________________

Pursuant to the Securities Law number 70/2006/QH11 dated June 29, 2006 (Securities Law), the Ministry of Finance issues guidelines on the disclosure of information in the securities market as follows:

This technical regulation sets out technical requirements, testing methods, sampling procedures; management requirements; responsibilities of organizations and individuals producing, trading, and importing cigarettes.

1. Subjects of Information Disclosure

The subjects of information disclosure include: Public companies, issuers conducting public bond offerings, listed organizations, securities companies, fund management companies, investment securities companies, Stock Exchanges (SE), Securities Trading Centers (STC) and related individuals.

2. Requirements for Information Disclosure

2.1. Information disclosure must be complete, accurate, and timely in accordance with the provisions of the law.

2.2. Information disclosure must be carried out by the General Director or Deputy General Director or the authorized person responsible for information disclosure. The General Director or Deputy General Director shall bear responsibility for the content of the information disclosed by the authorized person.

In case any person discloses information that affects the price of securities, the authorized person responsible for information disclosure must confirm or correct such information within twenty-four (24) hours from the time the information is disclosed.

2.3. Information disclosure must be conducted simultaneously with reporting to the State Securities Commission (SSC), SE, or STC about the content of the disclosed information, specifically as follows:

a. Public companies, issuers conducting public bond offerings, securities companies, fund management companies, SE, STC when disclosing information must simultaneously report to the SSC.

b. Listed organizations, member securities companies, publicly traded investment securities companies; fund management companies managing publicly traded funds/investment securities companies when disclosing information must simultaneously report to the SSC, SE, or STC.

2.4. Information disclosure must be conducted simultaneously through mass media.

2.5. SE, STC provide information about listed organizations, fund management companies managing publicly traded funds/investment securities companies; publicly traded funds, publicly traded investment securities companies to member securities companies. Member securities companies have the responsibility to immediately provide all such information fully to investors.

3. Authorized Person for Information Disclosure

Public companies, issuers conducting public bond offerings, listed organizations, securities companies, fund management companies, investment securities companies must register the authorized person responsible for information disclosure according to Form CBTT-01 attached hereto. In case of changing the authorized person for information disclosure, they must notify in writing the SSC, SE, STC at least five (05) working days before the change occurs.

4. Means and Forms of Information Disclosure

4.1. Information disclosure is carried out through the following means of information disclosure:

a. Annual reports, websites, and other publications of organizations subject to information disclosure.

b. Information disclosure means of the SSC including: annual reports, websites, and other publications of the SSC.

c. Information disclosure means of SE, STC including: stock market news, websites of SE, STC, electronic display boards at SE, STC, terminal stations at SE, STC.

d. Mass media.

4.2. Public companies, issuers conducting public bond offerings, securities companies, fund management companies disclose information through the means prescribed in sub-clause a, b, d point 4.1 of this clause.

4.3. Listed organizations, member securities companies, publicly traded investment securities companies, fund management companies managing publicly traded funds/investment securities companies disclose information through the means prescribed in sub-clause a, b, c, d point 4.1 of this clause.

4.4. SE, STC disclose information through the means prescribed in sub-clause b, c, d point 4.1 of this clause.

4.5. Documents and reports sent to the SSC, SE, STC are presented in the form of written documents and electronic data in accordance with the regulations of the SSC, SE, STC.

4.6. Subjects of information disclosure must establish their own websites and regularly update information disclosures in accordance with these Circulars on such websites. Subjects of information disclosure must notify the SSC, SE, STC and publicly announce the website address and any changes related to it.

5. Preservation and Retention of Information

Subjects of information disclosure implement the preservation and retention of reported and disclosed information in accordance with the provisions of the law.

6. Handling Violations of Information Disclosure

Organizations and individuals who violate the provisions of the law on information disclosure shall be disciplined, administratively punished, or criminally prosecuted depending on the nature and degree of violation; if causing damage, they must compensate in accordance with the provisions of the law.

II. INFORMATION DISCLOSURE OF PUBLIC COMPANIES

1. Periodic Information Disclosure

Within ten (10) days from the date of the audited annual financial report, public companies must periodically disclose information on the annual financial report in accordance with Clause 1 and Clause 2 Article 16 of the Securities Law, specifically as follows:

1.1. The completion date of the annual financial report is calculated from the date the auditing organization is approved to sign the audit report. The latest deadline for completing the annual financial report is ninety (90) days from the end of the fiscal year.

1.2. The content of the information disclosure on the annual financial report includes: Balance sheet; Income statement; Cash flow statement; Notes to the financial statements in accordance with the law on accounting. In case of public companies in special industries, the annual financial report disclosure will follow the Financial Report Model issued or approved by the Ministry of Finance.

1.3. In case the public company is the parent company of another organization, the content of the information disclosure regarding the annual financial report shall include the Financial Report of the public company (parent company) and the Consolidated Financial Report in accordance with the provisions of the Accounting Law.

1.4. The public company must prepare and disclose the Annual Report according to Model CBTT-02 attached hereto simultaneously with the disclosure of the annual financial report.

1.5. The public company must disclose the Summary Annual Financial Report according to Model CBTT-03 attached hereto on three (03) consecutive issues of a central newspaper and one (01) local newspaper where the main office of the public company is located, or through the information dissemination means of the Securities Commission.

1.6. The annual financial report and the Annual Report of the public company must be disclosed on the publications and websites of the public company and stored for at least ten (10) years at the main office of the organization for investors to refer to.

2. Unusual Information Disclosure

2.1. The public company discloses unusual information in accordance with the provisions of Clause 2 and Clause 3, Article 101 of the Securities Law, specifically as follows:

2.1.1. The public company must disclose unusual information within twenty-four (24) hours from the occurrence of any of the following events:

a) The bank account of the company is frozen or allowed to operate again after being frozen;

b) Temporary cessation of business operations;

c) Revocation of the Business Registration Certificate or Establishment and Operation License or Operating License;

d) Adoption of decisions by the Shareholders' Meeting as stipulated in Article 104 of the Enterprise Law;

đ) Decisions of the Board of Directors regarding the repurchase of the company's shares or reselling the purchased shares; regarding the date of exercising the right to purchase shares held by bondholders accompanied by share purchase rights or the date of converting convertible bonds into shares and other decisions related to the issuance as stipulated in Clause 2, Article 108 of the Enterprise Law, and the results of individual private placements of the public company;

e) There is a decision to initiate prosecution against members of the Board of Directors, General Director or Deputy General Director, Deputy General Director, Chief Accountant of the company; there is a court judgment related to the company's activities; there is a tax authority's conclusion regarding the company's violation of tax laws.

2.1.2. The public company must disclose unusual information within seventy-two (72) hours from the occurrence of any of the following events:

a) Decision to borrow or issue bonds with a value of thirty percent (30%) or more of the actual capital;

b) Decisions of the Board of Directors regarding the medium-term strategy and annual business plan of the company; decisions to change accounting methods applied;

c) The company receives notice from the Court accepting a petition to initiate bankruptcy proceedings against the enterprise.

2.2. The public company must disclose information about the events specified in Points 2.1.1 and 2.1.2 above on the publications and websites of the public company and on the website of the Securities Commission.

2.3. When disclosing unusual information, the public company must clearly state the event that occurred, the cause, the plan, and the measures to address it (if any).

3. Disclosure of Information upon Request

3.1. The public company must disclose information in accordance with the provisions of Clause 4, Article 101 of the Securities Law within twenty-four (24) hours from receiving the request of the Securities Commission, including the following events:

a) There is information related to the public company that seriously affects the legitimate interests of investors;

b) There is information related to the public company that significantly affects the price of securities and requires confirmation of such information.

3.2. The public company must disclose information upon request through the publications and websites of the public company, through mass media or the information dissemination means of the Securities Commission. The content of the information disclosure must clearly state the event requested by the Securities Commission; the cause; the degree of authenticity of the event.

III. INFORMATION DISCLOSURE OF THE ISSUER IMPLEMENTING BOND PUBLIC OFFERING

1. Time of Information Disclosure

The issuer implementing a bond public offering (bond issuer) must disclose information in accordance with this Circular during the period from issuing bonds to the public until the completion of bond payment.

2. Content of Information Disclosure by the Bond Issuer, including:

2.1. Periodic Information Disclosure

The bond issuer must periodically disclose information on the annual financial report in accordance with Clause 1, Section II of this Circular.

2.2. Unusual Information Disclosure

2.2.1. The bond issuer must disclose information on the events specified in items a, b, and c of Point 2.1.1 and Point 2.1.2, Clause 2, Section II of this Circular on the publications and websites of the bond issuer and on the website of the Securities Commission.

2.2.2. When disclosing unusual information, the bond issuer must clearly state the cause and content of the event that occurred, the plan, and the measures to address it (if any).

IV. INFORMATION DISCLOSURE OF LISTED ORGANIZATIONS

1. Periodic Information Disclosure

1.1. Listed organizations must periodically disclose information on the annual financial report in accordance with Clause 1, Section II of this Circular.

1.2. Listed organizations must periodically disclose information on the quarterly financial report within five (05) days from the completion of the quarterly financial report, specifically as follows:

1.2.1. The deadline for completing the quarterly financial report is before the twentieth day of the first month of the next quarter. The quarterly financial report does not require auditing.

1.2.2. The content of the information disclosure regarding the quarterly financial report of listed organizations includes: Balance Sheet, Income Statement, Cash Flow Statement, Notes to the Financial Statements in accordance with the Accounting Law. In cases where listed organizations belong to special industries, the disclosure of quarterly financial reports will follow the Financial Report Form issued or approved by the Ministry of Finance.

In case the results of business operations between two reporting periods fluctuate by five percent (5%) or more, the listed organization must clearly explain the reasons for such unusual fluctuations in the quarterly financial report.

1.2.3. The listed organization shall publish a summarized quarterly financial report according to Form CBTT-03 attached hereto through the information dissemination means of the State Securities Commission, Stock Exchange, and Securities Trading Center.

1.2.4. The quarterly financial report of the listed organization must be published on the publications and websites of the listed organization and must be stored for at least twelve (12) months following the publication at the main office of the organization for investors to reference.

2. Unusual Information Disclosure

2.1. The listed organization must disclose information within twenty-four (24) hours from when it suffers asset losses valued at ten percent (10%) or more of its equity capital, or from when one of the events specified in point 2.1.1, Clause 2, Section II of this Circular occurs; within seventy-two (72) hours from when one of the events specified in point 2.1.2, Clause 2, Section II of this Circular occurs, on the publications and websites of the listed organization and through the information dissemination means of the Stock Exchange and Securities Trading Center.

2.2. When disclosing extraordinary information, the listed organization must clearly state the content and cause of the event, the plan, and corrective measures (if any).

3. Disclosure of Information upon Request

3.1. The listed organization must disclose information as prescribed in Clause 3, Section II of this Circular within twenty-four (24) hours from receiving the request of the State Securities Commission, Stock Exchange, and Securities Trading Center.

3.2. The listed organization must disclose information upon request of the State Securities Commission, Stock Exchange, and Securities Trading Center through the publications and websites of the listed organization, via mass media, or through the information dissemination means of the State Securities Commission, Stock Exchange, and Securities Trading Center. The disclosed information must clearly state the event requested to be disclosed by the State Securities Commission, Stock Exchange, and Securities Trading Center; the cause; and the degree of authenticity of the event.

Disclosure of Information Regarding Transactions of Internal Shareholders

4.1. Members of the Board of Directors, Supervisory Board, General Director or Managing Director, Deputy General Director or Deputy Managing Director, Chief Accountant of the listed organization, and related parties, when intending to trade shares of the listed organization, including cases of transfer not through the trading system at the Stock Exchange and Securities Trading Center (gifts, inheritance...), must report to the State Securities Commission, Stock Exchange, and Securities Trading Center at least one (01) working day before the transaction date. Within three (03) working days from the completion of the transaction, the person conducting the transaction must report to the State Securities Commission, Stock Exchange, and Securities Trading Center and the listed organization about the transaction result, the shareholding ratio after the transaction, and the change in the shareholding ratio according to Form CBTT-04 attached hereto.

4.2. If members of the Board of Directors, Supervisory Board, General Director or Managing Director, Deputy General Director or Deputy Managing Director, Chief Accountant of the listed organization, and related parties cannot execute the transaction, they must report the reason to the State Securities Commission, Stock Exchange, and Securities Trading Center within three (3) days from the end of the expected transaction period.

V. DISCLOSURE OF INFORMATION BY SECURITIES COMPANIES AND FUND MANAGEMENT COMPANIES

1. Periodic Information Disclosure

1.1. Securities companies and fund management companies must regularly disclose annual financial reports as stipulated in points 1.1, 1.2, 1.3, 1.4, and 1.6, Clause 1, Section II of this Circular.

1.2. Securities companies must publish a summarized annual financial report according to Form CBTT-05 attached hereto, and fund management companies must publish a summarized annual financial report according to Form CBTT-06 attached hereto in three consecutive issues of a central newspaper and a local newspaper where the company's headquarters is located, or through the information dissemination means of the State Securities Commission, Stock Exchange, and Securities Trading Center.

2. Extraordinary disclosure of information.

2.1. Securities companies and fund management companies must disclose extraordinary information within twenty-four (24) hours from the occurrence of any of the following events:

a) There is a decision to initiate prosecution against members of the Board of Directors or Management Board, Chairman, General Director or Managing Director, Deputy General Director or Deputy Managing Director, Chief Accountant;

b) The General Meeting of Shareholders or Management Board or Owner of the company approves a merger contract with another company;

c) The company suffers losses of ten percent (10%) or more of the value of its assets;

d) The company experiences changes in members of the Board of Directors or Management Board, Chairman, General Director or Managing Director, Deputy General Director or Deputy Managing Director; the company appoints or dismisses the manager of a securities investment fund;

đ) The company has significant changes in business operations, including:

- Entering bankruptcy; decision to dissolve by the competent authority;

- Transactions that alter ownership of shares or contributions accounting for ten percent (10%) or more of the subscribed capital;

- Suspension of operations; decision by the competent authority to suspend operations, revoke the establishment and operation license;

- Decision to merge, divide, split, joint venture, or convert the company;

- Decision to amend or supplement the company charter; change the company name;

- Decision to increase or decrease the subscribed capital;

- Decision to add, stop, or reduce one or several types of securities business and services authorized;

- Decision to establish or close branches, representative offices, trading rooms, or order-taking agents; change the location of the main office, representative offices, branches, trading rooms, or order-taking agents;

- The General Director, Deputy General Director, or Managing Director, Deputy Managing Director of the company have their securities practice certificates revoked;

2.2. Securities companies and fund management companies must disclose information regarding the events specified in point 2.1 above on the publications and websites of the securities companies and fund management companies, and through the information dissemination means of the State Securities Commission, Stock Exchange, and Securities Trading Center.

2.3. When disclosing extraordinary information, securities companies and fund management companies must clearly state the event occurred, the cause, the plan, and corrective measures (if any).

3. Disclosure of Information upon Request

3.1. Securities companies and fund management companies must disclose information within twenty-four (24) hours from the time they receive requests from the Securities Commission, Stock Exchange, and Securities Trading Center when there is information related to the company that significantly affects the legitimate interests of investors.

3.2. Securities companies and fund management companies must disclose information according to the requests of the Securities Commission, Stock Exchange, and Securities Trading Center through their publications, company websites, or public media channels, or the information dissemination means of the Securities Commission, Stock Exchange, and Securities Trading Center. The disclosed information must clearly state the event required to be disclosed by the Securities Commission, Stock Exchange, and Securities Trading Center; the cause; and the degree of authenticity of the event.

3.3. Securities companies must disclose information at their headquarters, branches, and order-receiving agents regarding changes in headquarters addresses, branch addresses, order-receiving agents, transaction methods, order placement, trading margin, payment times, transaction fees, provided services, and the list of securities professionals of the company as stipulated in Clause 3, Article 104 of the Securities Law.

VI. DISCLOSURE OF INFORMATION ON MUTUAL FUNDS

1. Periodic Disclosure of Information on Mutual Funds

1.1. Fund management companies must disclose periodic information on the annual asset report of mutual funds within ten (10) days from the date the audit report is completed according to Clause 1, Article 105 of the Securities Law, specifically as follows:

1.1.1. The completion date of the annual asset report of mutual funds is calculated from the date the auditing organization signs off on the audit report. The latest deadline for completing the annual asset report of mutual funds is ninety (90) days from the end of the fiscal year.

1.1.2. The annual asset report of mutual funds must be stored for at least ten (10) years at the headquarters of the fund management company for investors to reference.

1.1.3. Fund management companies must disclose the summarized annual asset report of mutual funds using Form CBTT-07 attached to this Circular in three consecutive issues of a central newspaper and a local newspaper where the fund management company's headquarters are located, or through the information dissemination means of the Securities Commission and Stock Exchange.

1.2. Fund management companies must periodically disclose information on mutual funds, specifically as follows:

1.2.1 Fund management companies must disclose weekly, monthly, quarterly, and annual reports on changes in net asset value of mutual funds using Form CBTT-08 attached to this Circular on their publications, company websites, and through the information dissemination means of the Securities Commission and Stock Exchange.

1.2.2. Fund management companies must disclose monthly, quarterly, and annual asset reports of mutual funds using Form CBTT-07 attached to this Circular on their publications, company websites, and through the information dissemination means of the Securities Commission and Stock Exchange.

1.2.3. Fund management companies must disclose monthly, quarterly, and annual reports on the operation and investment results of mutual funds using Form CBTT-09 attached to this Circular on their publications, company websites, and through the information dissemination means of the Securities Commission and Stock Exchange.

1.2.4. The deadlines for reporting and disclosing information as specified in Points 1.2.1, 1.2.2, and 1.2.3 above are as follows:

- Weekly reports must be reported and disclosed on the first working day of the following week.

- Monthly reports must be reported and disclosed within five (5) working days from the end of the month.

- Quarterly reports must be reported and disclosed within twenty-five (25) days from the end of the quarter.

- Annual reports must be reported and disclosed within ninety (90) days from the end of the year.

2. Unusual Disclosure of Information on Mutual Funds

2.1. Within twenty-four (24) hours from the occurrence of any of the following events of mutual funds, the fund management company must report to the Stock Exchange so that these organizations can disclose information as stipulated in Clause 2, Article 107 of the Securities Law:

a) Approval of investor meeting decisions;

b) Decision to issue mutual fund certificates;

c) Mutual funds receiving a registration certificate for establishing a fund;

d) Decision to change the investment capital of mutual funds;

đ) Revocation of the certificate for issuing mutual fund certificates to the public;

e) Suspension or cancellation of a mutual fund certificate issuance period;

g) Amendments or additions to the Charter and Prospectus of mutual funds.

2.2. Fund management companies must disclose information about the events specified in Point 2.1 above on their publications, company websites, and through the information dissemination means of the Stock Exchange.

2.3. When disclosing unusual information about mutual funds, fund management companies must clearly state the event occurred, the cause, the plan, and any corrective measures (if applicable).

3. Disclosure of Information According to Requests on Mutual Funds

3.1. Fund management companies must disclose information within twenty-four (24) hours from the time they receive requests from the Securities Commission and Stock Exchange when any of the following events occur:

a) Rumors affecting the issuance or price of mutual fund certificates;

b) Abnormal changes in the price and volume of mutual fund certificate transactions.

3.2. Fund management companies must disclose information about mutual funds according to the requests of the Securities Commission and Stock Exchange through their publications, company websites, or public media channels, or the information dissemination means of the Stock Exchange. The disclosed information must clearly state the event required to be disclosed by the Securities Commission and Stock Exchange; the cause; and the degree of authenticity of the event.

VII. DISCLOSURE OF INFORMATION BY SECURITIES INVESTMENT COMPANIES

Publicly traded securities investment companies must disclose information according to the provisions of Section IV and Section VI of this Circular.

VIII. DISCLOSURE OF INFORMATION BY THE STOCK EXCHANGE AND SECURITIES TRADING CENTER

The Stock Exchange and Securities Trading Center must disclose information according to the provisions of Article 107 of the Securities Law, specifically as follows:

1. Information on Securities Transactions at the Stock Exchange and Securities Trading Center

1.1. Information during trading hours:

a) Total number of types of securities permitted for trading;

b. Closing price of the previous day, opening/closing prices of each session/day, execution price, expected price (in the case of periodic matching orders), fluctuation levels and symbols for each type of securities;

c. The three best buy and sell offer prices of stocks and investment fund certificates along with the corresponding purchase and sale volumes at those prices.

1.2. Daily periodic information during trading:

a. Management symbol for traded securities;

b. Total number of types of securities permitted to trade on that day;

c. Composite price index Vn Index, level and fluctuation of Vn Index compared to the previous trading day;

d. Price fluctuation range of stocks during the trading day;

đ. Number of orders, purchase/sale volumes, and corresponding values for each type of security;

e. Total market-wide trading volume (by matching sessions; trading day);

g. Trading price, volume, and value executed for each type of security:

+ Matching (by each matching session and trading day for periodic matching orders and by trading day for continuous matching orders);

+ Agreement transactions (if any);

+ Securities transactions of foreign investors (if any);

+ Buyback stock transactions of listed organizations (if any);

h. Foreign ownership ratio and remaining purchase limit for each type of security;

i. Information on the ten largest traded stocks and the ten stocks with the largest price fluctuations compared to the nearest trading day;

k. Trading information of the ten stocks with the highest par value and the ten stocks with the highest market value;

l. Information on traded bonds including bond type, interest rate, maturity period, execution price, current yield, and maturity yield;

m. Other information required to be disclosed according to the requirements of the State Securities Commission.

2. Information about listed organizations at the Stock Exchange, Trading Center; information about member securities companies; fund management companies managing public funds/public securities investment companies; public funds, public securities investment companies

2.1. Information about listed organizations

2.1.1. General listing activity information:

a. Security name, quantity, par value;

b. Information on initial listing;

c. Information on additional listing;

d. Information on delisting;

đ. Information on listing changes;

e. Information on relisting;

g. Information on stock splits and consolidations;

h. Information on penalties imposed on listed organizations;

i. Other information.

2.1.2. Periodic, extraordinary, and upon request information about listed organizations as stipulated in Clause 1, 2, and 3 Section IV of this Circular.

2.2. Information about securities companies that are members of the Stock Exchange, Trading Center

2.2.1. General member information:

a. Information on member admission;

b. Information on penalties imposed on members and their trading representatives;

c. Information on termination of member status;

d. Other information.

2.2.2. Periodic, extraordinary, and upon request information about securities company members as stipulated in Clause 1, 2, and 3 Section V of this Circular.

2.3. Information about fund management companies managing public funds/public securities investment companies

2.3.1. General information about fund management companies:

a. Information on the number of fund management companies;

b. Information on the number of securities investment funds/securities investment companies managed by fund management companies;

c. Information on penalties imposed on fund management companies;

d. Other information.

2.3.2. Periodic, extraordinary, and upon request information about fund management companies as stipulated in Clause 1, 2, and 3 Section V of this Circular.

2.4. Information about Public Funds

2.4.1. General information about public funds:

a. Information on the number of public funds;

b. Other information

2.4.2. Periodic, extraordinary, and upon request information about public funds as stipulated in Clause 1, 2, and 3 Section VI of this Circular.

2.5. Information about Public Securities Investment Companies

2.5.1. General information about public securities investment companies:

a. Information on the number of public securities investment companies;

b. Information on penalties imposed on public securities investment companies;

c. Other information.

2.5.2. Information as stipulated in Section VII of this Circular.

3. Information on supervising securities market activities

3.1. Information on supervising securities market activities includes:

a. Information on temporarily suspending trading or resuming trading for listed securities;

b. Information on securities under control or no longer under control;

c. Information on transactions changing ownership of more than one percent (1%) (increase or decrease) of the circulating shares of major shareholders; Information on transactions by organizations, individuals, or related parties intending to hold up to twenty-five percent (25%) of the capital or currently holding twenty-five percent (25%) or more of the capital of a listed organization; Information on public tender offers by organizations, individuals, or related parties;

d. Information on stock transactions by members of the Board of Directors, Supervisory Board, General Director (Director), Deputy General Director (Deputy Director), Chief Accountant, and related persons;

đ. Information on acquisitions of listed organizations;

e. Information on violations of information disclosure regulations by listed organizations, securities companies, fund management companies, public securities investment companies;

g. Information on handling violations of laws governing market activities;

h. Guidelines and announcements by the State Securities Commission, Stock Exchange, Trading Center regarding market management and supervision.

3.2. The Stock Exchange, Trading Center must disclose information about events specified in Clause 2 and Point 3.1 Clause 3 Section VIII above immediately upon occurrence of the event or immediately after receiving reports or notifications of information disclosure from listed organizations, member securities companies, fund management companies, public securities investment companies.

IX. IMPLEMENTATION ORGANIZATION

1. This Circular takes effect fifteen days after its publication in the Official Gazette. Organizations that have not established an electronic information website must immediately set up an electronic information website to comply with information disclosure requirements as stipulated in this Circular.

2. The State Securities Commission (SSC), Stock Exchanges (SE), Securities Trading Departments (STD), public companies, issuers conducting public bond offerings, listed organizations, securities companies, fund management companies, investment securities companies, and related organizations and individuals shall be responsible for implementing this Circular./.