Securities Watchdog Warns Penalty for Delayed Interim ReportsThe China Securities Regulatory Commission (CSRC) warned Monday that listed companies should strictly abide by relevant regulations of information disclosure as stipulated in the Securities Law or the Commission will mete out accordingly the punishment to those that fail to release the interim reports before August 31, 2001.Investors rely on the information released by listed companies to judge the quality of the companies and render a decision for investment. Besides, it is a legal obligation for listed companies to disclose information in time and in an honest, accurate and complete way, said the spokesman. Though the majority of listed companies could do in line with the law in the past two years, a handful of companies failed to publicize the reports on time. What's more, they are lack of adequate awareness of the illegal nature of their acts and the adverse effect entailed therefrom, the spokesman said. Under the Securities Law, which entered into effect in July 1999, listed companies should publish their interim reports within two months following the end of the first half of each fiscal year and release the annual reports within four months after the end of each fiscal year. Any company in violation of the law shall be corrected and fined without fail. By PD Online Staff Li Heng |
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