Listed Brokerage Houses Halted to Disclose Operating Data

Disclosure-based approach is a key regulatory philosophy.  Listed companies are usually required by regulatory authorities to publicly and regularly disclose their financial and operating information to enhance market transparency.

However, this week I read a shocking news from the PRC media  第一财经, where the key points are reproduced below:

• 券商8月单月经营数据目前尚未发布。按照惯例，证券公司在每月10号前会披露上一个月的经营数据简报。但目前已进入9月中旬，全部上市券商的8月月报却都迟迟未至。
• 记者以投资者身份电话询问了部分上市券商，有中小型券商投资者关系部人士表示，于上周接到相关通知要求暂不披露8月经营数据。
• 上市券商按月公布经营数据的规定于2010年出台，当年7月，上市券商首次公布月度经营数据。
• 据证监会官网，证监会2010年6月发布了《关于修改〈关于加强上市证券公司监管的规定〉的决定》，其中规定，上市证券公司在向监管部门报送综合监管报表的同时，应当以临时公告的形式在交易所网站公开披露公司月度经营情况主要财务信息，包括当期营业收入、当期净利润、期末净资产等数据，以及公司认为应当披露的其他财务信息。

We may have a reasonable belief that last week PRC listed brokerage houses were requested by CSRC to halt the monthly disclosure of their operating data.  But why did CSRC make such seemingly "anti-regulatory" request?  Would the disclosure create a chaotic market?

I wish such black-box operation won't be adopted by regulatory bodies in Hong Kong.