Chương IV Nghị định 86/2016/NĐ-CP: Đăng ký hoạt động lưu ký chứng khoán, ngân hàng thanh toán, ngân hàng giám sát

Chapter IV

REGISTRATION OF SECURITIES DEPOSITORY, PAYING BANKS, SUPERVISORY BANKS

Article 15. Requirements for registration of depository members of the Vietnam Securities Depository

1. A securities company or a commercial bank in Vietnam is entitled to register as a depository member of VSD if the following requirements are satisfied:

a) It obtains a document certifying the registration of securities depository issued by SSC;

b) There is at least 1 member of the Board of Directors who is in charge of the registration, depository and clearing service;

c) There are staff members working in the department of depository service who have finished the professional courses provided by VSD;

d) There is a process of registration, depository, clearing and settlement of securities in accordance with current law provisions and operation regulations of VSD;

dd) There is a system of information technology satisfactory with the requirements for registration, depository, clearing and settlement of securities in accordance with current law provisions and operation regulations of VSD.

2. A depository member is entitled to register the securities depository service for its branch(es) if the following requirements are satisfied:

a) It complies with Points b, c, d and dd Clause 1 of this Article;

b) It obtains an approval for securities depository service provided by the branch issued by SSC.

Article 16. Requirements for registration as paying banks

1. SSC shall select bank(s) which act(s) as paying banks for primary securities trading and bank(s) which act(s) paying banks for derivative securities trading on SE. The selection of paying banks shall be conducted by SSC every 5 years as prescribed by law.

2. A commercial bank is entitled to register as a paying bank if the following requirements are satisfied:

a) It has paid-in charter capital of more than VND 10,000 billion;

b) Its financial performance is profitable within the latest 2 years;

c) It conforms to minimum capital adequacy ratio as prescribed by law on banking;

d) It has a technical system which is connected to VSD to ensure the process payment of securities trading;

dd) It has committed to SSC to grant loans for processing payment of securities trading in case where the depository member is insolvent;

e) It has a technical system allowed to store payment figures within at least 5 years and promptly provide those figures to SSC or VSD within 48 hours upon a request.SSC or VSD within 48 hours upon a request.

Article 17. Requirements for registration as supervisory banks

A commercial bank is entitled to register as a supervisory bank if the following requirements are satisfied:

1. It is a commercial bank which obtains a document certifying registration of securities depository to provide depository service and supervision of public fund management and investment company management.

2. It has at least 2 professional staff members who obtain the following certificates:

a) A certificate of law on securities and securities market;

b) Certificate of basic securities and securities market or practice certificates of securities trading or international certificates of at least Chartered Financial Analyst level I, at least Certified International Investment Analyst level I or practice certificates of securities trading issued at members of Organization for Economic Cooperation and Development (OECD);

c) Certificates of accounting or auditing or certificates of chief accountant or international certificates in the field of accounting or auditing such as Association of Chartered Certified Accountants (ACCA), Certified Public Accountants (CPA), Chartered Accountants (CA), Associate Chartered Accountants (ACA).

3. The supervisory bank, members of the Board of Directors, members of Board of Management and staff members of the supervisory bank that be in charge of asset fund and supervision of fund management by the fund management company may not be related entities or entities which engage in administration of the fund management company or proprietorial relation, capital contribution, share holding, loans or borrowing with the fund management company for which the supervisory bank provides supervision service and vice versa.

4. The supervisory bank, members of the Board of Directors, members of Board of Management and professional staff members may not be partners in trading of fund asset, except for the foreign exchange in accordance with relevant law provisions or securities trading performed on the trading system of SE.

5. With regard to supervision of real estate investment companies, the supervisory bank must have at least 2 professional staff members who obtain any of the following certificates: Real estate evaluation certificates in accordance with law on real estate trading or price verifier cards.

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