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SECC set to inaugurate exchange this March

SECC set to inaugurate exchange this March

THE Cambodian Stock Exchange (CSX) will be inaugurated in March, an unnamed source at the Securities and Exchange Commission (SECC) said Thursday.

Although the new exchange is not expected to begin trading until the end of the year, 90 percent of preparations to establish its organisation are complete, said another SECC official, Director General Ming Bankosal, on Thursday.

“It will be formed soon,” he added, speaking at a public consultation session held at the Phnom Penh Hotel on Thursday regarding two new draft prakas, or edicts, on the exchange.

Approximately 200 representatives of the private sector took part in the consultation session, which looked at prakas on accreditation for professional accounting firms and the prime principles of operating rules for a securities market, clearance and settlement facilities, and a securities depository.

“Professional accounting firms play a crucial role in auditing a firm to have accurate financial statements,” said Ming Bankosal in reference to the first draft edict.

Professional accounting firms must hold minimum capital of 500 million riels (US$120,000) to comply, and must have conducted auditing in Cambodia for at least five years – along with the same experience overseas. Also, a firm’s financial statements must have been audited independently for the previous three years.

Once the CSX is formed in the coming weeks, it will implement the second draft prakas discussed Thursday, said Ming Bankosal.

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