The Taiwan Monthly

Listed Companies and Initial Public Offerings

To enhance real-time information disclosure, listed companies publish material information regarding financial report approved by board of directors

For the purpose of setting a more definite time for TWSE listed companies to disclose financial statements, TWSE has amended the Taiwan Stock Exchange Corporation Procedures for Verification and Disclosure of Material Information of Companies with Listed Securities. Provisions are added to require TWSE listed companies make a disclosure of material information after financial statements are submitted to or approved by the board of directors. The amendment will come into effect with the third quarter financial statements for 2020.

TWSE listed companies are required to file quarterly financial statements by the statutory deadlines under Article 36 of the Securities and Exchange Act. In other words, quarterly financial results should be disclosed within 45 days after the end of a fiscal quarter and annual results within three months after the end of a fiscal year. It is also common for some TWSE listed companies to disclose their financial statements well ahead of the statutory deadlines in order to hold institutional investor conferences. Hence, to set a more definite time for such disclosures, TWSE has amended the aforesaid procedures for verification and disclosure of material information to require TWSE listed companies make material information disclosures promptly upon board approval of quarterly and annual financial statements. Such disclosures will allow investors to be more up to date on a company's business results.

 

TWSE encourages TWSE listed companies to increase transparency. TWSE listed companies are required to hold or be invited to one or more institutional investor conference every year in order to allow investors to follow their business performance. The amendment revises the procedures above, and will have financial results disclosed in a more timely manner.