Chapter X
IMPLEMENTATION CLAUSES
Article 134. Effect
1. This Law comes into effect from January 01, 2021.
2. The Law on Securities No. 70/2006/QH11 and the Law No. 62/2010/QH12 on amendments to the Law on Securities cease to have effect from the effective date of this Law.
Article 135. Grandfather clause
1. Within 02 years from the effective date of this Law, securities companies, fund management companies, branches of foreign securities companies and foreign fund management companies in Vietnam that are licensed before the effective date of this Law shall fulfill the following licensing requirements:
a) For securities companies: the licensing requirements in Clause 1, Point c and Point d Clause 2, Clause 4, Clause 5 Article 74 of this Law;
b) For fund management companies: the licensing requirements in Clause 1, Point b and Point c Clause 2, Clause 4, Clause 5 Article 75 of this Law;
c) For branches of foreign securities companies: the licensing requirements in Point b and Point c Clause 1 Article 76 of this Law;
d) Branches in Vietnam of foreign fund management companies shall maintain fulfillment of the licensing requirements specified in Points c, d and dd Clause 2 Article 76 of this Law.
2. The securities companies, fund management companies, branches of foreign securities companies and foreign fund management companies in Vietnam that are licensed before the effective date of this Law and fulfill the licensing requirements specified in Clause 1 of this Article may apply for enterprise registration or business registration in accordance with Article 71 of this Law, and are not required to apply for change of the securities trading license unless it is demanded.
The securities companies, fund management companies, branches of foreign securities companies and foreign fund management companies in Vietnam that are licensed before the effective date of this Law and fulfill the licensing requirements specified in Clause 1 of this Article within 02 years from the effective date of this Law may apply for enterprise registration or business registration in accordance with Article 71 of this Law, and are not required to apply for change of the securities trading license unless it is demanded.
3. Except for the cases in Clause 1 and Clause 2 of this Article, other organizations and individuals who have been licensed or approved by SSC, Stock Exchange or Vietnam Securities Depository (VSD) before the effective date of this Law are not required to submit another application for licensing or approval under this Law.
Regulations of this Law shall apply to the organizations and individuals that have submitted their applications to SSC, Stock Exchange and VSD before the effective date of this Law but have not had the applications granted.
4. Public companies that have had their shares listed or registered before the effective date of this Law and still satisfy the requirements in the Law on Securities No. 70/2006/QH11, which is amended by Law No. 62/2010/QH12, and elaborating documents, shall remain to be public companies and shall not have their shares delisted or unregistered, unless otherwise decided by General Meetings of Shareholders.
5. Public companies that have not had their shares listed or registered before the effective date of this Law and do not satisfy the requirements mentioned in Point a Clause 1 Article 32 of this Law shall no longer be public companies.
6. Within 02 years from the effective date of this Law, VSE and VSDCC shall operate under regulations of this Law.
Stock Exchanges and securities depositories established before the effective date of this Law may keep operating under regulations of Law No. 70/2006/QH11 and Law No. 62/2010/QH12 until VSE and VSDCC starts to operate under regulations of this Law.
7. The Government shall elaborate this Article.
This Law is ratified by the 14th National Assembly of Socialist Republic of Vietnam during its 8th session on November 26, 2019.
Tìm kiếm
Luật chứng khoán năm 2019 (Bản Word)
Luật chứng khoán năm 2019 (Bản Pdf)