Regulatory Alerts2024-01-02
Regulatory Bylaw No. 23 for the Trading Platform of Shares of Companies Not Disclosing Financial Data
The Securities and Commodities Authority issued Bylaw No. 23 to regulate the Stream-X platform for trading shares of listed companies that fail to disclose annual or quarterly financial statements. The bylaw mandates that such companies be suspended from the main market and transferred to this specialized platform for up to one year, with potential further transfer to the OTC market if disclosures remain outstanding. It establishes specific trading rules, including a 5% price fluctuation limit, and outlines the legal measures and procedures for transferring companies back to the main market upon compliance or removing them for continued non-disclosure.
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