Chương V Nghị định 151/2018/NĐ-CP: Lĩnh vực kinh doanh chứng khoán

Chapter V

SECURITIES TRADING

Article 13. Amending some Articles of the Government’s Decree No. 58/2012/ND-CP dated July 20, 2012 on guidelines for implementation of the Law on Securities and the Law on amendments to some Articles of the Law on Securities

1. Point b Clause 1 of Article 71 is amended as follows:

“b) Proprietary trading: VND 50 billion;”

2. Point b Clause 6 of Article 71 is amended as follows:

“b) The organization has conducted a profitable business during the latest 2 years. In addition:

In case the organization is a commercial bank, insurance enterprise or securities-trading organization, it must not be under operational control, special control or other warning status and must fulfill all conditions to contribute capital and make investment in accordance with applicable laws.

In case the organization is another business entity:

- It has operated for at least 05 consecutive years immediately preceding the year in which it contributes capital for establishment of the securities-trading organization.

- After deducting long-term assets, the remaining of the equity is at least equal to the intended contribution;

- The working capital is at least equal to the intended contribution.”

3. Point a Clause 1 of Article 74 is amended as follows:

“a) The organization must be regularly under supervision of the finance, banking or securities authority in the country where the organization is established and operates;”

4. Clause 2 of Article 74 is amended as follows:

“2. The foreign securities-trading organization providing securities brokerage services is entitled to establish a representative office of the securities company in Vietnam if the conditions mentioned in Points a and b Clause 1 of this Article are met.”

Article 14. Amending and repealing some Articles of the Government’s Decree No. 86/2016/ND-CP dated July 01, 2016 on requirements for investment and trading in securities

1. Some Articles of the Government’s Decree No. 86/2016/ND-CP dated July 01, 2016 are amended as follows:

a) Clause 1 of Article 5 is amended as follows:

“1. Requirements pertaining to premises, facilities and equipment:

Have premises ensuring securities trading; adequate facilities, office equipment, computer and software system for investment analysis, risk analysis and management, storage of documents and equipment, and equipment for assurance of security in premises of the company in accordance with regulations on business process. Securities underwriting service and securities investment consulting services are not required to satisfy the requirements pertaining to equipment.”

b) Points a, b and d Clause 3 of Article 5 are amended as follows:

“a) He/she is not facing a criminal prosecution or serving an imprisonment sentence or is prohibited from business practicing job by a court as prescribed by law;

b) He/she must have at least 02 years' experience of working in services departments in the field of finance, banking and/or securities or in finance, accounting and/or investment departments of other enterprises and have at least 02 years' experience in administration;

d) He/she is not facing penalty/penalties as prescribed by laws on securities and securities market within the latest 06 months from the submission date of application;”

c) Point b Clause 1 of Article 8 is amended as follows:

“b) It is not in the state of warning, control, special control, mandatory suspension, voluntary suspension, consolidation, acquisition, dissolution, or bankruptcy;

d) Points a and d Clause 4 of Article 8 are amended as follows:

“a) It is licensed to provide securities brokerage, proprietary trading and securities underwriting services and has its provision of day trading service adopted by the Board of Directors or Board of Members or owner(s) of the securities company;

d) Liquidity ratio accounts for at least 220% in the latest 06 consecutive months by the time of registration of day trading services.”

dd) Point a Clause 1 of Article 10 is amended as follows:

“a) It is operating legally, not in the state of consolidation, merger, full division, partial division, dissolution, or bankruptcy; is licensed to provide securities trading services that are expected to register for the branch in Vietnam; the securities authority of the home country has signed bilateral or multilateral arrangements with SSC of Vietnam;”

e) Point b Clause 3 of Article 11 is amended as follows:

“b) He/she must have at least 04 years' experience of working in services departments in the field of finance, banking, and/or insurance or in finance, accounting and/or investment departments of other enterprises;”

g) Clause 4 of Article 11 is amended as follows:

“4. Requirements pertaining to shareholders and contributing members:

Structure of shareholders and conditions to be satisfied by contributing members shall comply with Clauses 5, 6, 8 and 10 Article 71 of the Decree No.58/2012/ND-CP and regulations on foreign contractors in Clauses 21 and 24 Article 1 of the Decree No. 60/2015/ND-CP. In the cases where the fund management company is structured in the form of a single member limited liability company, the owner must be a commercial bank, an insurer, a securities company or a foreign organization satisfying the requirements prescribed in Article 4 of this Decree.”

2. Some Articles of the Government’s Decree No. 86/2016/ND-CP dated July 01, 2016 are repealed as follows:

a) Point dd of Clause 3, and Point a Clause 4 of Article 5 are repealed;

b) Points c and d Clause 1 of Article 8 are repealed;

c) Point d Clause 3 of Article 11 is repealed;

d) Clause 1 of Article 12 is repealed;

dd) Point c of Clause 1, and Point a Clause 2 of Article 13 are repealed;

e) Points a and b Clause 3 of Article 14 are repealed;

g) Clause 4 of Article 17 is repealed;

h) Clauses 3 and 4 of Article 18 are repealed;

i) Article 19 is repealed.

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