New regulations govern electronic securities disclosure filings
The State Securities Commission issued Decision No 515/QD-UBCK on June 25, establishing electronic disclosures for the securities market. The regulation governs public companies, securities-issuing organisations (except for issuing bonds guaranteed by the Government), securities companies, fund management companies, the stock exchanges, the Viet Nam Securities Depository Centre and related persons. Under the decision, before disclosing information on the commission's electronic portal, these organisations must register both directly and by email with the commission's Department of Information and Public Relations. Subsequent disclosures must be posted by a legal representative of the company or a person authorised to disclose information.
Ministries strengthen online copyright protections with joint circular
The Ministry of Information and Communications and the Ministry of Culture, Sports and Tourism issued Joint Circular No 07/2012/TTLT-BTTTT-BVHTTDL on June 19, establishing copyright responsibilities for the enterprises providing "medium services" in Viet Nam. Under the legal document, "medium services" are defined as telecommunications, internet, social network, search engine, and server services.
The circular requires these enterprise to (i) determine the copyright of inputted information; (ii) guarantee that information archives are only used for information transmission; (iii) remove information that infringes upon the copyright; and (iv) accept liability for copyright infringement.
In addition, enterprises providing online social network services must require users to make lawful use of uploaded information, and warn users of potential civil, administrative and criminal liabilities related to copyright infringement.
The joint circular takes effect on August 6.-BIZ CONSULT