Chapter III
DEPOSITORY MEMBERS AND ORGANIZATIONS OPENING ACCOUNTS DIRECTLY AT VSD.
Article 7. Registration of depository member of VSD
1. A securities company or commercial bank registering depository member of VSD must:
a) Have a securities depository licence granted by SSC;
b) Have at least one (01) member of the Board of Directors assigned the charge of registration, depository, offsetting and settlement;
c) Have employees in depository operation department completing professional courses of VSD;
d) Have process of registration, depository, offsetting and settlement of securities in accordance with applicable laws and regulations on operations of the VSD ;
dd) Have an operation software system serving registration, depository, offsetting and settlement of securities which has the ability to connect with electronic communication port or online communication port of VSD and management software of registration, depository, offsetting and settlement of securities in accordance with applicable laws and operation regulations of the VSD;
2. A depository member shall be entitled to register for securities depository service provision for its branch. Conditions of registration shall include:
a) The conditions specified in clauses b, c, d and dd, Clause 1 of this Article;
b) An approval decision of its branch’s securities depository granted to such branch by SSC.
3. VSD shall guide the procedures for registration and granting the depository member certificate, depository operation branch certificate
Article 8. Rights and obligations of depository members
1. Comply with the rights and obligations prescribed in clauses 2 and 3 of Article 47 of the Securities Law.
2. Exercise other rights and fulfill other obligations as prescribed in laws and regulations of the VSD ;
Article 9. Handling of violations of VSD for depository members
1. VSD shall be entitled to apply following actions against violations of a depository member who does not comply with the provisions on guiding the operations of VSD:
a) Written reminder;
b) Reprimand;
c) Suspension of operation of the depository member ;
d) Revocation of the depository member certificate, depository operation branch certificate
2. The VSD shall specify the violations, procedures for handling of violations of depository members
Article 10. Suspension of operation of depository members ;
1. Suspension of operation of the depository member shall include :
a) Suspension of securities depository;
a) Suspension of offsetting and settlement of securities.
2. VSD shall decide to suspend the operation of depository members after being approved by SSC in the following cases:
a) Obligations defined by VSD are regularly breached;
b) Omissions causing serious damage to customers happen
3. The time when a depository member is suspended its operation shall be a maximum of ninety (90) days after the suspension decision is issued.
Article 11. Revocation of depository member certificates
1. VSD shall revoke the depository member certificate in the following cases:
a) The Certificate of securities deposit registration is revoked as prescribed in clause 2, article 51 of the Securities Law;
b) Securities brokerage operation is suspended by SSC
c) Conditions for registration of securities depository are not maintained as defined in Article 48 of the Securities Law.
d) VSD’s provisions on depository members are violated seriously.
2. Principles for revocation the depository member certificate:
a) Within one (01) working day after receiving the documents relating to the revocation of the depository member certificate, VSD shall stop providing services of registration , depository, offsetting and settlement of securities for depository members, except for offsetting and settlement of securities to complete transactions made in the Stock Exchange, transfer to finalize customers’ accounts, transfer to redeem mortgaged securities, exercise rights of securities owners and adjust investor’s information;
b) Transferring to finalize customer’s accounts shall comply with the requirements of customers, if the customer has no requirements, the transfer shall comply with the written agreement or contract to transfer accounts between depository members revoked the depository member Certificate and other depository members;
c) VSD shall issue a revocation decision of the depository member certificate after depository members complete transferring the final settlement of customer accounts, proprietary trading account (if any) and fulfill all obligations with VSD.
3. VSD shall provide guidance on procedures for revocation of depository member certificates.
Article 12. Revocation of depository operation branch certification
1. VSD shall revoke the depository operation branch certificate in the following cases:
a) A depository member voluntarily terminates depository operations of its branch;
b) A depository member terminates its branch's operation at the request of competent State agencies.
2. Depository members shall undertake all the obligations of the branch revoked its depository operation branch certificate to VSD, customers and other related units.
Article 13. Organizations opening accounts directly at VSD.
1. The following organizations may open accounts directly at VSD
a) State Capital Investment Corporations
b) Institutions of credit and insurance participating in the bonds market held by the Stock Exchange;
c) Other entities prescribed by the VSD after being approved by SSC.
2. Organizations opening an account directly specified in clause 1 of this Article shall open an account to deposit securities owned by themselves and may use the services of registration, depository, offsetting and settlement of securities of VSD ;
3. VSD shall provide services for organizations opening accounts directly on the basis of the contract signed between two parties. The contract shall include the following contents:
a) The scope of services provided;
b) Rights and obligations of VSD or organizations opening the accounts directly
c) Settlement of disputes;
d) Termination of the contract;
dd) Fee of services provided.
4. VSD shall issue the contract form of provision services between the VSD and organizations opening accounts directly.
Article 14. Opening accounts in special circumstances
1. The following special organizations may open accounts directly at VSD
a) The State bank
b) The State Treasuries
c) The securities depository center of other countries
2. The State bank shall open an account to deposit valuable papers owned by the State Bank and its depository customers in order to serve the monetary market operations.
3. The State Treasuries shall open an account to deposit Government bonds owned by the State Treasuries to serve operations relating to the State Treasuries
4. The securities depository center of other countries may open an account to provide services relating to the registration, depository, offsetting and settlement of securities based on the written agreement with VSD after being approved by SSC.
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Thông tư 05/2015/TT-BTC (Bản Word)