The basic principle of the Exchange is to ensure full, fair, timely and accurate disclosure of material information from all listed companies.
- Must be correct, factual and clear
- It must be sufficient to enable the public to make informed investment decisions
- Must be disseminated through the Exchange. So, everyone has equal access to information.
Structured and Unstructured Disclosure Reports:
1.) Unstructured Disclosures – communication of corporate developments as they occur and as may be necessary to update information on the operations and business of the listed company.
Standards and test in determining whether the disclosure is necessary:
- Where the information is necessary to enable the Issuer and the public to appraise their position and standing.
- Such information is necessary to avoid the creation of a false market
- Where such information may reasonably be expected to affect the market activity and price of securities
Disclosure of material information:
- – Within ten (10) minutes from the receipt of such information or the happening or occurrence of said act, development or event.
- – The disclosure must be made to the Exchange prior to its release to the media.
2.) Structured Disclosures – periodic reportorial requirements to assure the public availability of continuing adequate information on listed companies.