Chapter II
DERIVATIVE SECURITIES TRADING ORGANIZATION
Article 4. Conditions for trading or rendering of derivative clearing and settlement service
1. In order to trade derivative securities, a securities trading organization must be issued the Certificate of competence in trading derivative securities by the State Securities Commission. Conditions for issuance of the Certificate of competence in trading derivative securities shall include:
a) The applicant for this Certificate must be the securities trading organization sufficiently licensed to perform the practice of derivative securities transactions under the provision of the Law on Securities.
b) The applicant must fulfill the following financial requirements:
- With regard to derivative proprietary trading operations, the applicant must be a securities company with its charter capital or owner’s equity that equals six hundred (600) billion dongs or more;
- With regard to derivative brokerage operations, the applicant must be a securities company that has its charter capital or owner’s equity equal to more than eight hundred (800) billion dongs, and carries out derivative proprietary trading operations;
- With regard to derivative consultancy services, the applicant must be a securities organization with its owner’s equity or charter capital which is not less than the authorized capital in accordance with regulations laid down in the law on securities;
- If derivative securities consultancy, brokerage and proprietary trading are included in the business registration, the charter capital or the owner’s equity of a securities company must equal to at least eight hundred (800) billion dongs or more.
c) The applicant must conform to requirements of the operating outcome, working capital ratio and professional procedure under the instructions of the Ministry of Finance. The Director or Director General, or the Deputy Director or the Deputy Director General in charge of derivative securities trade, and a minimum of five (05) officers carrying out each derivative securities trading to be registered must hold the securities practicing certificate and the professional certificate in derivatives and derivative securities market.
d) The applicant is not subject to any acquisition, merger or dissolution, or any supervision, special control, operational suspension or temporary cessation under the decision granted by competent authorities.
2. In order to provide the clearing and settlement service for derivative securities transactions, a securities company, commercial bank and foreign bank branch must be issued the Certificate of competence in providing clearing and settlement services for derivative securities transactions by the State Securities Commission. Conditions for issuance of the Certificate of competence in providing clearing and settlement services for derivative securities transactions shall include:
a) The applicant must be a depository member of the Vietnam Security Depository.
b) The applicant must be the commercial bank and foreign bank branch obtaining the written consent to their providing clearing and settlement services for derivative securities transactions by the State Bank; or the securities company issued the Certificate of competence in carrying out derivatives brokerage operations.
c) The applicant must fulfill the following financial requirements:
- As a direct clearing member, the commercial bank must have its charter capital or owner’s equity that equals five thousand (5,000) billion dongs or more; or the securities company must have its charter capital or owner's equity that equals nine hundred (900) billion dongs or more;
- As a joint clearing member, the commercial bank must have its charter capital or owner’s equity that equals seven thousand (7,000) billion dongs or more; or the securities company must have its charter capital or owner's equity that one thousand and two hundred (1,200) billion dongs or more.
d) The applicant must meet requirements of the operating outcome, working capital ratio (applicable to securities companies) or capital adequacy ratio, financing for branches (applicable to commercial banks, foreign bank branches) and professional procedures for clearing and settlement operations for derivative securities transactions under the instructions of the Ministry of Finance.
dd) The applicant must meet regulations laid down in Point d Clause 1 of this Article.
3. The Ministry of Finance shall provide guidance on documentation submitted to apply, process and procedure for issuance of the Certificate of competence in trading and rendering the clearing and settlement service for derivative securities transactions.
Article 5. Suspension or termination of derivative securities trading, or supply of derivative clearing and settlement service
1. The State Securities Commission shall make its decision on the suspension of one or several derivatives trade(s) within a maximum duration of twelve (12) months under the following circumstances:
a) Documentation submitted to apply for issuance of the Certificate of competence in trading derivative securities may be composed of counterfeit materials or those containing misleading information.
b) Trading operations serve the wrong purpose, and are not consistent with those defined in the Certificate.
c) Derivatives trading operations fail to follow one or several regulation(s) laid down in Point a, b, c Clause 1 Article 4 hereof within six (06) consecutive months.
d) Derivatives trading operations are subject to the operational supervision, special control and other operational suspension as stipulated in Clause 1 Article 70 of the Law on Securities.
2. A securities organization shall be subjected to the revocation of its Certificate of competence in trading derivative securities under the following circumstances:
a) They are voluntarily terminating their operations.
b) They are compulsorily terminating their operations.
3. The derivative securities trading organization that voluntarily terminates its derivative securities trading shall be obliged to submit their application to obtain the written permission to terminate its operations from the State Securities Commission prior to the commencement of such termination.
4. The derivative securities trading organization shall compulsorily terminates its derivative securities trading under the following circumstances:
a) After the suspension of derivative securities trading operations comes to an end, they keep failing to take remedial actions against violations leading to such termination.
b) They are subjected to dissolution, bankruptcy or temporary suspension or revocation of the Certificate of establishment and operation; or splitting or division after which the newly-founded organization has failed to meet one of business requirements stipulated in Clause 1 Article 4 hereof.
5. Within a maximum duration of 24 hours from receipt of the decision on operational suspension, consent to operational termination or request for operational termination, the securities trading organization shall be responsible for publicly providing information about such suspension or termination of derivative securities trading operations. Within the effective duration of operational suspension or termination, the securities trading organization shall assume the following responsibilities:
a) Send periodic reports or those requested by the State Securities Commission, and disseminate information on their current status and related operations; terminate all derivative securities operations, except for circumstances stipulated in Point b, c, d of this Clause.
b) Transfer a margin and an open position of the investor to the derivative securities trading organization as a replacement as requested by investors; perform transactions to liquidate or close a position as requested by investors.
c) Liquidate or close a position on a proprietary trading or market-making account (whenever available), and ensure the priority in performing other investors' transactions over their own position-closing transactions.
d) Carry out other operations as requested by the State Securities Commission.
6. The Ministry of Finance shall provide guidance on documentation submitted to apply, process and procedure for suspension, revocation or termination of derivatives trading operations, or revocation of the Certificate of competence in trading derivative securities; provide instructions on suspension or termination of the clearing and settlement service for derivative securities transactions, or revocation of the Certificate of competence in providing the clearing and settlement service.
Tìm kiếm
Nghị định 42/2015/NĐ-CP (Bản Word)