(18)The listing rules of a recognised exchange company are required to have clear, comprehensive and specific disclosure requirements applying to annual and interim reports. Issuers whose securities are admitted to trading are required to publish annual financial statements and half-yearly financial reports as set out in the rulebook of the exchange. The reports must be audited and comply with generally accepted accounting standards. A recognised exchange company must monitor issuers' ongoing compliance with the disclosure obligations under the Listing Rules. In addition, a recognised exchange company also reviews issuers' annual reports with a focus on issuers' listing rules compliance and their disclosure of material events and developments as part of its ongoing monitoring and compliance activities. The SFC carries out active surveillance of company activities and in-depth reviews of selected listed companies with a view to identifying any corporate non-compliance or misbehaviour. The disclosure of comprehensive and timely information about security issuers allows investors to assess the business performance of issuers and ensures appropriate transparency for investors through a regular flow of information.