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to be entered in the Central Registry Agency (“CRA”) system before
the capital markets instruments are traded on the exchange. Some
examples of grounds for inclusion of a person on the list are: the reg-
istration and the announcement of the representative of a legal person
in the Board of Directors member, appointment, change of position,
promotion, consultancy/audits, work in the parent company, etc.
Different from the former communiqué, if there is an amendment
to the Insiders List, the necessary updates have to be made within two
days thereafter.
According to the former communiqué, the Insiders List had to be
filed by the issuer for a period of eight years; whereas, the new
Communiqué employs the CRA for record-keeping and in the event of
a request, it shall be sent to the Capital Markets Board and the relevant
stock exchange.
Confirmation of News or Rumors
Issuers are obliged to disclose regarding the accuracy of the news
or rumors in the media should they relate to inside information.
However, the popularity and circulation rate of the media, as well as
the evaluation of the Board of Directors as to whether or not this infor-
mation is inside information, are essential to decide whether a disclo-
sure is needed.
Disclosure of Forward Looking Statements
Essential changes are made in the Communiqué to which the
investor relations departments should pay close attention.
If the issuer wants to disclose forward looking statements, a reso-
lution of the Board of Directors or a written approval of the competent
persons to whom the Board of Directors has granted authority shall be
obtained.
These disclosures can be made maximum four times a year. The
disclosure can be announced separately in public disclosure platform
(“PDP”) or, it can be incorporated in the annual reports. Nevertheless,
if any changes occur in respect of such disclosures, a new disclosure
shall be made immediately.
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