The Vietnamese government has finalized the amended draft Securities Law and submitted to the National Assembly (NA) for approval.
The submission followed a process of collecting opinions of the NA’s Standing Committee at the 33rd session on April 16 and the Central Economic Commission’s Preliminary Examination report on April 8.
Under the new draft law, the process of securities registration, depository and clearing operations would include provisions on membership of members of Vietnam Securities Depository and Clearing Corporation, stated Bao Viet Securities Company (BVSC).
The draft law stipulates that members of Vietnam Securities Depository and Clearing Corporation include depository members and additional clearing members to match the reality.
On clearing and payment of securities transactions, the draft law has been amended and supplemented to cover all the principles of compensation for markets, clarifying the role of organizations participating in payment of securities transactions, supplementing provisions on clearing activities and payment of derivative securities.
The draft also includes some highlights of the regulations on offering securities during initial public offerings, adding credit rating conditions to bond issuers, attaching initial public offerings (IPOs) with listing, trading registration on the stock market, and offering shares below par value prices.
The draft law stipulates that the law’s enforcement would start from January 1, 2021. Hanoitimes