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Chương II: Đăng ký, lưu ký, thực hiện quyền, chuyển quyền sở hữu

Lưu
Báo lỗi
Tình trạng hiệu lực: Còn hiệu lực
Chương II
Đăng ký, lưu ký, thực hiện quyền, chuyển quyền sở hữu
Điều 6. Đăng ký, hủy đăng ký và quản lý thông tin trái phiếu doanh nghiệp riêng lẻ

1. Doanh nghiệp phát hành phải thực hiện đăng ký với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam các thông tin trái phiếu doanh nghiệp riêng lẻ tại Phụ lục I ban hành kèm theo Thông tư này, bao gồm:

a) Thông tin về doanh nghiệp;

b) Thông tin về trái phiếu doanh nghiệp riêng lẻ;

c) Thông tin về người sở hữu trái phiếu doanh nghiệp riêng lẻ.

2. Doanh nghiệp phát hành phải thực hiện điều chỉnh thông tin với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam khi có thay đổi về thông tin đã đăng ký với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

3. Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam thực hiện điều chỉnh thông tin có liên quan đến số lượng trái phiếu sở hữu của nhà đầu tư trong các trường hợp sau đây:

a) Doanh nghiệp phát hành sai sót trong việc cập nhật thông tin chuyển nhượng vào Sổ đăng ký người sở hữu trái phiếu đã đăng ký với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam đối với các giao dịch đã được chuyển nhượng trước thời điểm chốt danh sách người sở hữu để thực hiện đăng ký trái phiếu và đã được xác nhận chuyển quyền sở hữu theo quy định của pháp luật;

b) Doanh nghiệp phát hành nhập nhầm thông tin số lượng trái phiếu của người sở hữu trong quá trình lập Sổ đăng ký người sở hữu trái phiếu;

c) Người sở hữu trái phiếu thay đổi thông tin nhận diện hoặc do sai sót trong quá trình cập nhật thông tin nhận diện người sở hữu trái phiếu của doanh nghiệp phát hành, thành viên lưu ký với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

4. Doanh nghiệp phát hành phải chịu trách nhiệm về tính trung thực, chính xác, đầy đủ và kịp thời của các thông tin quy định tại khoản 1 và khoản 3 Điều này.

5. Trái phiếu doanh nghiệp riêng lẻ được đăng ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam theo hình thức bút toán ghi sổ hoặc dữ liệu điện tử.

6. Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam hủy đăng ký trái phiếu doanh nghiệp riêng lẻ đối với trường hợp trái phiếu bị hủy bỏ đăng ký giao dịch theo quy định tại khoản 13 Điều 1 Nghị định số 65/2022/NĐ-CP.

7. Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam điều chỉnh số lượng trái phiếu doanh nghiệp riêng lẻ đăng ký trong trường hợp doanh nghiệp phát hành mua lại trước hạn, hoán đổi, chuyển đổi trái phiếu doanh nghiệp riêng lẻ một phần hoặc doanh nghiệp phát hành thay đổi kỳ hạn của trái phiếu nhưng có trường hợp người sở hữu trái phiếu không chấp thuận việc thay đổi dẫn đến doanh nghiệp phát hành phải thực hiện thanh toán gốc, lãi trái phiếu cho những người sở hữu trái phiếu này theo phương án phát hành đã công bố theo quy định tại Điều 2 Nghị định số 08/2023/NĐ-CP.

8. Hoạt động đăng ký, hủy đăng ký, điều chỉnh số lượng đăng ký của trái phiếu doanh nghiệp riêng lẻ tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam được thực hiện theo quy định tại khoản 12 Điều 1 Nghị định số 65/2022/NĐ-CP, Thông tư này, các quy định liên quan tại Thông tư số 119/2020/TT-BTC ngày 31 tháng 12 năm 2020 của Bộ trưởng Bộ Tài chính quy định hoạt động đăng ký, lưu ký, bù trừ và thanh toán giao dịch chứng khoán (sau đây gọi tắt là Thông tư số 119/2020/TT-BTC) và Quy chế đăng ký, lưu ký và thanh toán trái phiếu doanh nghiệp riêng lẻ của Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

Điều 7. Lưu ký trái phiếu doanh nghiệp riêng lẻ

1. Nhà đầu tư mở tài khoản lưu ký tại thành viên lưu ký để lưu ký trái phiếu doanh nghiệp riêng lẻ tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam theo quy định tại Điều 13, Điều 14, Điều 17 và Điều 18 Thông tư số 119/2020/TT-BTC. Trường hợp đã có tài khoản lưu ký chứng khoán tại thành viên lưu ký, nhà đầu tư đăng ký thông tin với thành viên lưu ký để sử dụng tài khoản này lưu ký trái phiếu doanh nghiệp riêng lẻ.

2. Thành viên lưu ký và tổ chức mở tài khoản trực tiếp mở tài khoản lưu ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam theo quy định tại Điều 14 và Điều 15 Thông tư số 119/2020/TT-BTC.

3. Trường hợp nhà đầu tư có nhu cầu giao dịch trên hệ thống giao dịch trái phiếu doanh nghiệp riêng lẻ, thành viên lưu ký phải đăng ký với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam thông tin tài khoản lưu ký của nhà đầu tư đã cập nhật theo quy định tại Thông tư số 119/2020/TT-BTC và thông tin bổ sung theo quy định tại Phụ lục II ban hành kèm theo Thông tư này. Thành viên lưu ký phải chịu trách nhiệm về tính trung thực, chính xác, đầy đủ và kịp thời của các thông tin khi đăng ký và cung cấp cho Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam. Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam được quyền từ chối đăng ký thông tin tài khoản lưu ký trong trường hợp thành viên lưu ký cung cấp thiếu thông tin về nhà đầu tư theo quy định. Hàng ngày, Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam lập và gửi danh sách tài khoản nhà đầu tư đăng ký giao dịch trái phiếu doanh nghiệp riêng lẻ cho Sở giao dịch Chứng khoán Hà Nội sau khi thành viên lưu ký, tổ chức mở tài khoản trực tiếp hoàn tất việc đăng ký, hủy đăng ký thông tin tài khoản lưu ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam để nhà đầu tư được thực hiện giao dịch trái phiếu riêng lẻ vào ngày giao dịch liền kề.

4. Việc đăng ký thông tin tài khoản lưu ký, từ chối đăng ký thông tin tài khoản lưu ký trái phiếu doanh nghiệp riêng lẻ tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam được thực hiện theo quy định tại Quy chế đăng ký, lưu ký và thanh toán trái phiếu doanh nghiệp riêng lẻ của Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

5. Hoạt động ký gửi, rút, chuyển khoản, phong tỏa, giải tỏa trái phiếu doanh nghiệp riêng lẻ tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam được thực hiện theo quy định tại khoản 12 Điều 1 Nghị định số 65/2022/NĐ-CP, Chương III Thông tư số 119/2020/TT-BTC và Quy chế đăng ký, lưu ký và thanh toán trái phiếu doanh nghiệp riêng lẻ của Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

Điều 8. Thực hiện quyền của người sở hữu trái phiếu doanh nghiệp riêng lẻ

1. Các trường hợp thực hiện quyền đối với trái phiếu doanh nghiệp riêng lẻ bao gồm:

a) Lấy ý kiến người sở hữu trái phiếu;

b) Thanh toán gốc, lãi trái phiếu;

c) Chuyển đổi trái phiếu chuyển đổi;

d) Hoán đổi trái phiếu;

đ) Mua lại trái phiếu trước hạn;

e) Các quyền khác theo quy định của pháp luật.

2. Trường hợp doanh nghiệp phát hành thanh toán gốc, lãi trái phiếu đến hạn cho người sở hữu trái phiếu bằng tài sản khác theo quy định tại Điều 1 Nghị định số 08/2023/NĐ-CP:

a) Đối với tài sản dùng để thanh toán là chứng khoán đã đăng ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam, việc chuyển quyền sở hữu chứng khoán được thực hiện theo quy định tại Thông tư số 119/2020/TT-BTC;

b) Đối với tài sản dùng để thanh toán không phải là chứng khoán đã đăng ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam, việc thanh toán được thực hiện tại doanh nghiệp phát hành. Doanh nghiệp phát hành phải chịu hoàn toàn trách nhiệm về việc thanh toán cho người sở hữu trái phiếu theo đúng quy định pháp luật.

3. Trường hợp doanh nghiệp phát hành thay đổi điều kiện, điều khoản của trái phiếu hoặc thanh toán gốc, lãi trái phiếu đến hạn cho người sở hữu trái phiếu bằng tài sản khác theo quy định tại Điều 1, Điều 2 Nghị định số 08/2023/NĐ-CP dẫn đến đợt thanh toán gốc, lãi trái phiếu bằng tiền không thể thực hiện được cho toàn bộ người sở hữu trái phiếu theo đúng thông tin về điều kiện, điều khoản trái phiếu đã đăng ký với Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam trước đó, doanh nghiệp phát hành tự thực hiện đợt thanh toán đó cho toàn bộ người sở hữu trái phiếu. Doanh nghiệp phát hành phải chịu hoàn toàn trách nhiệm về việc thanh toán cho người sở hữu trái phiếu theo đúng quy định pháp luật.

4. Doanh nghiệp phát hành phải thông báo cho Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam về việc dùng tài sản khác để thanh toán gốc, lãi trái phiếu cho người sở hữu trái phiếu và việc thay đổi điều kiện, điều khoản của trái phiếu quy định tại khoản 2, khoản 3 Điều này chậm nhất 05 ngày làm việc trước ngày thanh toán gốc, lãi trái phiếu và phải chịu hoàn toàn trách nhiệm trong trường hợp không thông báo hoặc thông báo chậm cho Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

5. Việc thực hiện quyền của người sở hữu trái phiếu doanh nghiệp riêng lẻ đã đăng ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam được thực hiện theo quy định tại Thông tư này, Điều 8, Điều 9 và Điều 10 Thông tư số 119/2020/TT-BTC và Quy chế đăng ký, lưu ký và thanh toán trái phiếu doanh nghiệp riêng lẻ của Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

Điều 9. Chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ

1. Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam thực hiện chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ đối với các trường hợp theo quy định tại điểm a khoản 4 Điều 15 Nghị định số 153/2020/NĐ-CP được sửa đổi, bổ sung tại khoản 12 Điều 1 Nghị định số 65/2022/NĐ-CP và khoản 2 Điều này.

2. Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam thực hiện chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ đã đăng ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam không thực hiện qua hệ thống giao dịch trái phiếu doanh nghiệp riêng lẻ đối với các trường hợp sau:

a) Tặng cho, thừa kế trái phiếu doanh nghiệp riêng lẻ theo quy định của Bộ luật Dân sự;

b) Chia, tách, hợp nhất, sáp nhập doanh nghiệp; tổ chức lại các đơn vị sự nghiệp công lập; giải thể doanh nghiệp, giải thể hộ kinh doanh theo quy định của Luật Doanh nghiệp và quy định pháp luật khác có liên quan;

c) Chuyển quyền sở hữu theo bản án, quyết định của tòa án, quyết định của trọng tài hoặc quyết định của cơ quan thi hành án;

d) Chuyển quyền sở hữu do xử lý tài sản bảo đảm là trái phiếu doanh nghiệp riêng lẻ đã đăng ký tại Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam và thực hiện phong tỏa theo quy định tại điểm c khoản 1 Điều 23 Thông tư 119/2020/TT-BTC;

đ) Chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ do phân chia tài sản chung của vợ chồng trong thời kỳ hôn nhân theo quy định của Luật Hôn nhân và gia đình;

e) Chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ khi thực hiện chia, tách, hợp nhất, sáp nhập, giải thể quỹ đầu tư chứng khoán; thành lập, tăng vốn điều lệ công ty đầu tư chứng khoán riêng lẻ; tăng, giảm vốn điều lệ quỹ thành viên; quỹ trả bằng trái phiếu doanh nghiệp riêng lẻ trong hoạt động mua bán lại của quỹ mở;

g) Chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ phát sinh khi doanh nghiệp phát hành thực hiện theo quy định tại Điều 1 Nghị định số 08/2023/NĐ-CP.

3. Bên chuyển quyền sở hữu trái phiếu doanh nghiệp riêng lẻ phải thực hiện lưu ký trái phiếu doanh nghiệp riêng lẻ trước khi thực hiện chuyển quyền sở hữu đối với các trường hợp quy định tại khoản 2 Điều này, trừ các trường hợp sau:

a) Bên chuyển quyền sở hữu bị mất tích, chết, định cư ở nước ngoài không liên lạc được;

b) Chuyển quyền sở hữu theo bản án, quyết định của tòa án, quyết định của trọng tài hoặc quyết định của cơ quan thi hành án;

c) Chuyển quyền sở hữu do chia, tách, hợp nhất, sáp nhập doanh nghiệp, tổ chức lại các đơn vị sự nghiệp công lập, giải thể doanh nghiệp, hộ kinh doanh mà bên chuyển quyền sở hữu không còn tồn tại do đã hoàn tất các thủ tục chia, tách, hợp nhất, sáp nhập doanh nghiệp, tổ chức lại các đơn vị sự nghiệp công lập, giải thể doanh nghiệp, giải thể hộ kinh doanh.

4. Khi thực hiện chuyển quyền sở hữu trái phiếu, các bên liên quan phải tuân thủ quy định tại khoản 4 Điều 129 Luật Doanh nghiệp, điểm c khoản 1 và điểm c khoản 2 Điều 31 Luật Chứng khoán, khoản 13 Điều 1 Nghị định số 65/2022/NĐ-CP, các quy định pháp luật có liên quan và Quy chế đăng ký, lưu ký và thanh toán trái phiếu doanh nghiệp riêng lẻ của Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam.

THE MINISTRY OF FINANCE OF VIETNAM
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THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
---------------

No.: 30/2023/TT-BTC

Hanoi, May 17, 2023

 

CIRCULAR

PROVIDING GUDIELINES FOR REGISTRATION, DEPOSITING, CORPORATE ACTIONS, TRANSFER OF OWNERSHIP, SETTLEMENT FOR TRANSACTIONS AND ORGANIZATION OF TRADING MARKET FOR CORPORATE BONDS PRIVATELY PLACED IN DOMESTIC MARKET

Pursuant to the Law on Enterprises dated June 17, 2020;

Pursuant to the Law on Securities dated November 26, 2019;

Pursuant to the Government’s Decree No. 153/2020/ND-CP dated December 31, 2020 prescribing private placement and trading of privately placed corporate bonds in domestic market and offering of corporate bonds in international market;

Pursuant to the Government’s Decree No. 65/2022/ND-CP dated September 16, 2022 providing amendments to Government’s Decree No. 153/2020/ND-CP dated December 31, 2020 prescribing private placement and trading of privately placed corporate bonds in domestic market and offering of corporate bonds in international market;

Pursuant to the Government’s Decree No. 08/2023/ND-CP dated March 05, 2023 providing amendments to and abrogation of some articles of Decrees prescribing private placement and trading of privately placed corporate bonds in domestic market and offering of corporate bonds in international market.

Pursuant to the Government's Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of some Articles of the Law on Securities;

Pursuant to the Government’s Decree No. 14/2023/ND-CP dated April 20, 2023 defining functions, tasks, powers and organizational structure of the Ministry of Finance of Vietnam;

At the request of the Chairman of the State Securities Commission of Vietnam (SSC);

The Minister of Finance of Vietnam promulgates a Circular providing guidelines for registration, depositing, performance of corporate actions, transfer of ownership, settlement for transactions and organization of trading market for corporate bonds privately placed in domestic market.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

1. This Circular provides guidelines for registration, depositing, performance of corporate actions, transfer of ownership, settlement for transactions and organization of trading market for corporate bonds privately placed in the domestic market (hereinafter referred to as “privately-placed bonds”) from the effective date of the Government’s Decree No. 153/2020/ND-CP dated December 31, 2020 prescribing private placement and trading of privately-placed bonds in domestic market and offering of corporate bonds in international market (hereinafter referred to as “Decree No. 153/2020/ND-CP”).

2. Privately-placed bonds which have been issued before the effective date of the Decree No. 153/2020/ND-CP and are still outstanding shall continue to be deposited and traded according to approved bond issuance plans.

Article 2. Regulated entities

1. Enterprises that conduct private placement of corporate bonds from the effective date of the Decree No. 153/2020/ND-CP .

2. Members of Vietnam Exchange (VNX), depository members, direct account holders, except those specified in Point b Clause 1 Article 165 of the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of some Articles of the Law on Securities (hereinafter referred to as “Decree No. 155/2020/ND-CP”).

3. Vietnam Exchange (VNX), Hanoi Stock Exchange (HNX).

4. Vietnam Securities Depository and Clearing Corporation (VSDC).

5. Settlement banks.

6. Investors in privately-placed bonds.

7. Other authorities, organizations and individuals involved in registration, depositing, performance of corporate actions, transfer of ownership, trading and settlement of privately-placed bonds.

Article 3. Definitions

For the purposes of this document:
1. “trading system” means a system of material facilities, technical facilities and technologies established and operated by HNX to serve the trading of privately-placed bonds.

2. “settlement system” means a system of material facilities, technical facilities and technologies established and operated by VSDC, settlement banks with the engagement of relevant parties to serve the settlement for privately-placed bond transactions.

3. “delivery versus payment” means a settlement method whereby the delivery of privately-placed bonds on VSDC’s system and the cash payment at the settlement bank shall be simultaneously carried out for each transaction as soon as the buyer has enough funds and the seller has sufficient privately-placed bonds on their accounts.

4. “exercise price” means the price per bond used for calculating amounts payable in a transaction.

5. “outright” means a type of transaction on the trading system in which the seller transfers the ownership of a privately-placed bond to the buyer and does not commit to repurchase the privately-placed bond from the latter.

Article 4. Rules for registration, depositing, performance of corporate actions, transfer of ownership, settlement for transactions and organization of trading market for privately-placed bonds

1. Privately-placed bonds must be registered and deposited at VSDC according to the provisions of Clause 12 Article 1, Point c Clause 3 and Clause 5 Article 3 of the Government’s Decree No. 65/2022/ND-CP dated September 16, 2022 providing amendments to the Government’s Decree No. 153/2020/ND-CP dated December 31, 2020 prescribing private placement and trading of privately placed corporate bonds in domestic market and offering of corporate bonds in international market (hereinafter referred to as “Decree No. 65/2022/ND-CP").

2. Issuers that have their privately-placed bonds registered at VSDC shall provide VSDC in a timely and accurate manner with information and documents necessary for performance of corporate actions in accordance with the Law on Securities and relevant law provisions. Issuers, VSDC and depository members shall perform corporation actions for holders of privately-placed bonds registered at VSDC in accordance with the Law on Securities and relevant law provisions. Issuers, depository members and VSDC shall assume responsibility for any damage or loss incurred by holders of privately-placed bonds due to their non-compliance with law provisions.

3. The transfer of ownership of privately-placed bonds registered at VSDC shall comply with the provisions of the Law on enterprises, the Law on Securities, the Decree No. 153/2020/ND-CP , the Decree No. 65/2022/ND-CP , the Decree No. 155/2020/ND-CP , this Circular and relevant law provisions.

4. Issuers shall be required to follow procedures for registration of trading of their privately-placed bonds on the trading system as prescribed in Clause 13 Article 1 of the Decree No. 65/2022/ND-CP and this Circular.

5. When buying privately-placed bonds, investors shall comply with the provisions of Clause 6 Article 1 of the Decree No. 65/2022/ND-CP , Clause 1 Article 3 of the Government’s Decree No. 08/2023/ND-CP dated March 05, 2023 providing amendments to and abrogation of some articles of Decrees prescribing private placement and trading of privately placed corporate bonds in domestic market and offering of corporate bonds in international market (hereinafter referred to as “Decree No. 08/2023/ND-CP”).

6. Securities companies that are trading members shall identify professional investors that are eligible to buy privately-place bonds as prescribed in Clause 6, Clause 13 Article 1 of the Decree No. 65/2022/ND-CP and Clause 1 Article 3 of the Decree No. 08/2023/ND-CP , and certify its identification by signing the investor's pre-purchase commitment made using the form in Appendix V enclosed with the Decree No. 65/2022/ND-CP before inputting orders into the trading system.

7. Depository members shall identify professional investors that are eligible to buy privately-place bonds as prescribed in Clause 6, Clause 13 Article 1 of the Decree No. 65/2022/ND-CP and Clause 1 Article 3 of the Decree No. 08/2023/ND-CP before sending requests for ownership transfer to VSDC in case the ownership transfer is not made through the trading system of the Stock Exchange (SE).

8. Transactions on the trading system shall be settled adopting the delivery versus payment method via the settlement system without following central counterparty clearing mechanism.

Article 5. Supervision responsibility

1. Trading members and depository members shall supervise the compliance with regulations on investor’s eligibility and responsibilities by the investors who open their accounts at such members during their trading, settlement for transactions and transfer of ownership of privately-placed bonds as prescribed in the Decree No. 65/2022/ND-CP , the Decree No. 08/2023/ND-CP , this Circular and relevant law provisions.

2. Stock Exchanges shall supervise privately-placed bond transactions conducted on their trading systems as prescribed in Clause 2 Article 38 of the Decree No. 153/2020/ND-CP and this Circular. VNX shall promulgate regulations on supervision of privately-placed bond transactions. When detecting any violations against regulations on trading of privately-placed bonds, depending on the severity of each violation, the SE shall request the issuer and relevant entities in writing to provide explanations and additional information, or report the case to SSC for consideration.

3. Pursuant to Clause 28 Article 1 of the Decree No. 65/2022/ND-CP , VSDC shall supervise the compliance by issuers and depository members with the provisions of this Circular and VSDC’s regulations on registration, depositing, performance of corporate actions, transfer of ownership and settlement for transactions of privately-placed bonds. When detecting any violations against regulations on registration, depositing, performance of corporate actions, transfer of ownership and settlement for transactions of privately-placed bonds, depending on the severity of each violation, VSDC shall request relevant entities in writing to provide explanations and additional information, or report the case to SSC for consideration.

4. On the basis of management and supervision of securities trading of securities companies, supervision reports submitted by the SE and VSDC, and reports submitted by bondholders' representatives, SSC shall receive and take appropriate actions against violations regarding trading of privately-placed bonds according to Clause 29 Article 1 of the Decree No. 65/2022/ND-CP .

Chapter II

REGISTRATION, DEPOSITING, PERFORMANCE OF CORPORATE ACTIONS, OWNERSHIP TRANSFER

Article 6. Registration, deregistration and management of information relating privately-placed bonds

1. Each issuer shall follow procedures with VSDC for registration of information about their privately-placed bonds specified in Appendix I enclosed herewith, including:

a) The issuer’s particulars;

b) Information on privately-placed bonds;

c) Information on holders of privately-placed bonds.

2. Where there are changes in information registered with VSDC, the issuer shall follow procedures for changing its registered information.

3. VSDC shall consider changing information concerning the number of bonds owned by investors in the following cases:

a) The issuer commits errors in updating transfer information on the bondholder register registered with VSDC in respect of transfer transactions which have been conducted before completing the list of bondholders used for bond registration and in which the transfer of bond ownership has been certified as prescribed by laws;

b) The issuer has inaccurately entered information on quantity of bonds owned by bondholders into the bondholder register;

c) A bondholder’s identity is changed or the issuer/depository member has committed errors in updating a bondholder’s identity with VSDC.

4. The issuer shall assume responsibility for the truthfulness, accuracy, adequacy and timeliness of the information specified in Clause 1 and Clause 3 of this Article.

5. Privately-placed bonds shall be registered at VSDC in the form of book entries or electronic data.

6. Privately-placed bonds of which trading is deregistered according to Clause 13 Article 1 of the Decree No. 65/2022/ND-CP shall be deregistered by VSDC.

7. VSDC shall consider revising the number of registered privately-placed bonds in case the issuer redeems its bonds before their maturity or conducts partial swap or conversion of its privately-placed bonds or where the issuer must make payment of bond principal and interest amounts to bondholders who do not concur with the issuer’s changes in the term of bonds under the disclosed bond issuance plan according to the provisions of Article 2 of the Decree No. 08/2023/ND-CP .

8. Registration, deregistration and changing number of privately-placed bonds registered at VSDC shall comply with the provisions of Clause 12 Article 1 of the Decree No. 65/2022/ND-CP , this Circular, and relevant provisions of the Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance of Vietnam prescribing registration, depositing, clearing and settlement of securities transactions (hereinafter referred to as “Circular No. 119/2020/TT-BTC”) and VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 7. Depositing of privately-placed bonds

1. Investors shall open depository accounts at depository members for depositing their privately-placed bonds at VSDC according to Articles 13, 14, 17 and 18 of the Circular No. 119/2020/TT-BTC. If the investor has already opened its depository account at a depository member, the investor may use this account for depositing its privately-placed bonds.

2. Depository members and direct account holders shall open depository accounts at VSDC according to Article 14 and Article 15 of the Circular No. 119/2020/TT-BTC .

3. Where an investor wishes to conduct transactions on the trading system, the relevant depository member shall follow procedures with VSDC for registration of information relating the investor's depository account updated according to the Circular No. 119/2020/TT-BTC and additional information as prescribed in Appendix II enclosed herewith. The depository member shall assume responsibility for the truthfulness, accuracy, adequacy and timeliness of information registered and provided for VSDC. VSDC is entitled to refuse registration of depository account-related information if the depository member fails to provide adequate information about the investor as prescribed. VSDC shall compile daily list of investor accounts registered for trading of privately-placed bonds and send it to HNX after depository members and direct account holders complete registration/deregistration of information on depository accounts with VSDC so that investors may trade their privately-placed bonds on the next business day.

4. Registration and refusal to accept registration of information on depository accounts used for depositing privately-placed bonds at VSDC shall comply with VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

5. Depositing, withdrawal, transfer, freezing or release of privately-placed bonds at VSDC shall comply with Clause 12 Article 1 of the Decree No. 65/2022/ND-CP , Chapter III of the Circular No. 119/2020/TT-BTC and VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 8. Performance of corporate actions for holders of privately-placed bonds

1. Corporate actions for holders of privately-placed bonds shall be performed in the following cases:

a) Get opinions from bondholders;

b) Pay bond principal and interest amounts;

c) Convert convertible bonds;

d) Carry out bond swap;

dd) Redeem bonds before maturity;

e) Exercise other rights as prescribed by law.

2. In case the issuer makes due payments of principal and interest amounts to bondholders using assets in Article 1 of the Decree No. 08/2023/ND-CP:

a) If assets are securities registered at VSDC, the transfer of securities ownership shall comply with the provisions of the Circular No. 119/2020/TT-BTC ;

b) If assets are not securities registered at VSDC, payment shall be made at the issuer. The issuer shall assume the full responsibility to make payments to bondholders in accordance with regulations of laws.

3. In case the issuer changes terms and conditions of bonds or makes due payments of principal and interest amounts to bondholders using assets in Article 1 or Article 2 of the Decree No. 08/2023/ND-CP resulting in failure to make cash payments of principal and interest amounts to all bondholders according to information on terms and conditions of bonds previously registered at VSDC, the issuer shall itself make such payments to bondholders. The issuer shall assume the full responsibility to make payments to bondholders in accordance with regulations of laws.

4. The issuer shall be required to notify VSDC of its use of assets for making principal and interest payments to bondholders and its changes in terms and conditions of bonds as prescribed in Clause 2 and Clause 3 of this Article at least 05 working days before the payment date, and shall assume the full responsibility for its failure to do so or delayed notification of information to VSDC.

5. Performance of corporate actions for holders of privately-placed bonds registered at VSDC shall comply with the provisions of this Circular, Articles 8, 9 and 10 of the Circular No. 119/2020/TT-BTC and VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 9. Transfer of ownership of privately-placed bonds

1. VSDC shall carry out transfer of ownership of privately-placed bonds in the cases specified in Point a Clause 4 Article 15 of the Decree No. 153/2020/ND-CP , as amended by Clause 12 Article 1 of the Decree No. 65/2022/ND-CP , and Clause 2 of this Article.

2. VSDC shall carry out transfer of ownership of privately-placed bonds registered at VSDC not through the trading system in the following cases:

a) Donation or inheritance of privately-placed bonds as prescribed in the Civil Code;

b) Split-off, split-up, consolidation or merger of enterprise(s); restructuring of public service providers; dissolution of enterprises or household businesses as prescribed in the Law on enterprises and relevant law provisions;

c) Transfer of ownership under a court's judgment or decision, arbitral decision or a decision issued by a competent judgment enforcement agency;

d) Disposition of collateral which is privately-placed bonds registered at VSDC and frozen according to Point c Clause 1 Article 23 of the Circular No. 119/2020/TT-BTC ;

dd) Distribution of marital property as prescribed in the Law on marriage and family;

e) Split-off, split-up, consolidation, merger or dissolution of securities investment funds; establishment or increase in charter capital of private securities investment companies; increase or decrease in charter capital of private funds; an open-end fund’s use of privately-placed bonds for settling its repurchase transactions;

g) The issuer’s implementation of provisions of Article 1 of Decree No. 08/2023/ND-CP.

3. Before carrying out transfer of ownership of privately-placed bonds as prescribed in Clause 2 of this Article, the transferor shall be required to follow procedures for depositing privately-placed bonds, except the following circumstances:

a) The transferor is dead, missing or permanently resides abroad and cannot be contacted;

b) The transfer of ownership is carried out under a court's judgment or decision, arbitral decision or a decision issued by a competent judgment enforcement agency;

c) The ownership is transferred in case of split-off, split-up, consolidation or merger of enterprises, restructuring of public service providers, or dissolution of enterprise or household business where the transferor ceases to exist after completing split-off, split-up, consolidation, merger, restructuring or dissolution procedures.

4. When carrying out transfer of bond ownership, relevant parties must comply with the provisions of Clause 4 Article 129 of the Law on enterprises, Point c Clause 1 and Point c Clause 2 Article 31 of the Law on Securities, Clause 13 Article 1 of the Decree No. 65/2022/ND-CP , relevant law provisions and VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Chapter III

ORGANIZATION OF TRANSACTIONS

Article 10. Registration and deregistration of trading of privately-placed bonds

1. Required documentation and procedures for registration of trading of privately-placed bonds on the trading system shall comply with Clause 3 Article 16 of the Decree No. 153/2020/ND-CP , as amended by Clause 13 Article 1 of the Decree No. 65/2022/ND-CP .

2. Enterprises established after consolidation or merge or that have their enterprise registration certificates changed shall submit applications for modification of their registered information on trading of bonds with HNX within 10 days upon receipt of a new enterprise registration certificate. In case of changes in terms and conditions of bonds as prescribed in Article 2 of the Decree No. 08/2023/ND-CP , the issuer shall follow procedures for changes in its registered information with HNX according to VNX’s regulations on trading of privately-placed bonds.

3. HNX shall consider changing the number of privately-placed bonds registered for trading in case the issuer redeems its bonds before their maturity or conducts partial swap or conversion of its privately-placed bonds or where the issuer must make payment of bond principal and interest amounts to bondholders who do not concur with the issuer’s changes in the term of bonds under the disclosed bond issuance plan according to the provisions of Article 2 of the Decree No. 08/2023/ND-CP .

4. Registration and deregistration of trading, and changes in number of privately-placed bonds registered for trading shall comply with Clause 13 Article 1 of the Decree No. 65/2022/ND-CP , this Circular and VNX’s regulations on trading of privately-placed bonds.

Article 11. Trading members

1. Trading members in privately placed bonds include trading members and special trading members that have been approved by VNX in accordance with regulations of the Law on securities.

a) Trading members that are securities companies are allowed to buy and sell privately-placed bonds for their clients and for themselves. Eligibility requirements, required documentation and procedures for registration and cancellation of membership, and suspension of trading of privately-placed bonds of trading members shall comply with the provisions on trading members laid down in the Decree No. 155/2020/ND-CP ;

b) Special trading members are allowed to buy and sell privately-placed bonds for themselves only. Eligibility requirements, required documentation and procedures for registration and cancellation of membership, and suspension of trading of privately-placed bonds of special trading members shall comply with the provisions on special trading members engaging in trading of the Government’s debt instruments laid down in the Decree No. 155/2020/ND-CP .

2. Trading members in privately-placed bonds of VNX shall:

a) comply with Clause 6 Article 4 of this Circular before inputting orders into the trading system;

b) ensure that they and their clients (if acting as trading members) have sufficient funds and bonds before conducting transactions, and check the validity and legitimacy of trading orders in accordance with regulations of law;

c) ensure the accuracy and adequacy of information on transactions entered into the trading system;

d) retain and protect confidentiality of accounts and trading dossiers of their clients in accordance with regulations of law;

dd) provide information on their accounts and on accounts of their clients at the request of competent authorities;

e) submit periodical reports, ad hoc reports and other reports as required in Clause 3 of this Article and HNX’s regulations on trading members in privately-placed bonds.

3. Reporting by trading members:

a) Trading members in privately-placed bonds shall submit monthly, quarterly, biannual and annual reports to VNX;

b) A trading member in privately-placed bonds shall submit ad hoc reports to VNX and/or HNX within 24 hours after it detects any transactions considered as securities and securities market-related offences prescribed in Article 12 of the Law on Securities and in other cases prescribed by laws;

c) Where necessary and for the purpose of protecting investors’ interests, SSC, VNX and HNX may request trading members to provide information on privately-placed bonds. Trading members shall provide requested information in an adequate, accurate and timely manner, in the form and by the deadline requested by SSC, VNX or HNX.

Article 12. Trading of privately-placed bonds

1. Investors shall open trading accounts at trading members for conducting their privately-placed bond transactions. Before buying bonds, investors shall enter into pre-purchase commitments as prescribed in Clause 6 Article 1 of the Decree No. 65/2022/ND-CP , Clause 1 Article 3 of the Decree No. 08/2023/ND-CP.

2. If an investor is maintaining a trading account for underlying securities at a trading member, this trading account may be used for trading privately-placed bonds. If an investor opens its depository account at a custodian bank and opens its trading account at a securities company, the investor may place an order to buy privately-placed bonds and the securities company may also exercise that order upon receipt of the custodian bank’s certification of its consent to settlement for the investor’s transaction.

3. A trading member must stipulate and publicly post the forms of receipt and settlement of clients’ transactions at its headquarters, branches and/or transaction offices. Trading results must be provided to the client immediately after the transaction is executed in the form agreed with the client. The trading member shall provide statements of funds and bonds on a client’s account on a monthly basis or at the client’s request.

4. Trading members must give priority to their clients’ trading orders over their own proprietary trading orders at the most affordable exercise prices. The most affordable exercise price may be equal to or better than the price quoted by the client.

5. After each privately-placed bond transaction is established and completed, HNX shall provide transaction result to VSDC for making settlement for such transaction.

Article 13. Organizing trading of privately-placed bonds

1. Type of privately-placed bond transactions: outright transactions.

2. HNX applies the put-through method for transactions on its trading system. Put-through transactions on the trading system are conducted on the principle that parties participating in the transaction reach their own agreement on the transaction contents. A put-through transaction is established when a trading order is input into the trading system by the buyer or seller and certified by a counterparty.

3. Put-through transactions include:

a) Electronic put-through transaction is a type of transaction in which the trading member inputs a buy/sell order with firm commitment into the trading system or selects a corresponding order available on the trading system for executing the transaction;

b) Common put-through transaction is a type of transaction in which the buyer and the seller negotiate trading conditions themselves and then enter the negotiation results into the trading system for establishing the transaction.

4. Privately-placed bond transactions conducted at HNX must comply with VNX’s regulations on trading of privately-placed bonds.

Article 14. Disclosing information on privately-placed bond transactions at Stock Exchange

The SE shall disclose the following information on privately-placed bond transactions:

1. Information on privately-placed bond transactions conducted on the trading system, including ticker symbols of bonds registered for trading, trading volume of the entire market, and trading value of the entire market.

2. Information on registration and deregistration of trading, changes in registered information in the cases in Clause 2 Article 10 of this Circular, suspension of trading, and changes in number of privately-placed bonds registered for trading.

3. Information on trading members.

Chapter IV

SETTLEMENT FOR PRIVATELY-PLACED BOND TRANSACTIONS

Article 15. Organizations participating in settlement system

1. Organizations that carry out transfer of privately-placed bonds through depository accounts opened at VSDC, including:

a) Depository members that settle privately-placed bond transactions for themselves and for their clients;

b) Direct account holders that settle their own privately-placed bond transactions.

2. Settlement banks that perform settlement for privately-placed bond transactions are commercial banks approved by SSC according to Article 69 of the Law on Securities and Article 167, Article 168 of the Decree No. 155/2020/ND-CP. The settlement bank shall make cash payments through its deposit account system to fulfill payment obligations determined by VSDC and with the authorization from the relevant depository member or direct account holder.

3. Depository members and direct account holders that participate in the settlement system must meet VSDC’s requirements regarding connection to the settlement system and business process for making settlement.

4. Depository members and direct account holders shall maintain their connection to the settlement system and comply with procedures for depositing, withdrawing, transferring and matching up payment sums for privately-placed bond transactions of settlement banks.

5. The settlement bank shall compensate VSDC, depository members and direct account holders for expenses and losses they incurred from failure to settle privately-placed bond transactions which is caused by the settlement bank’s fault.

6. Depository members, direct account holders and settlement banks shall submit reports according to Articles 41, 42 and 43 of the Circular No. 119/2020/TT-BTC and relevant law provisions.

Article 16. Settlement for privately-placed bond transactions

1. Depository members and direct account holders are required to open deposit accounts in their own names at settlement banks for making settlement for privately-placed bond transactions, including proprietary trading transactions and brokerage transactions for both domestic and foreign investors. The settlement bank shall manage the balance on the investor’s checking account opened at a depository member according to information provided by the depository member in order to ensure proper payment for privately-placed bond transactions of that investor.

2. In case a client’s depository account is opened at a depository member that is not a trading member, that client’s trading orders shall be placed through a trading member while the settlement for transactions shall be made through the said depository member.

3. Based on trading results provided by HNX as prescribed in Clause 5 Article 12 of this Circular, VSDC shall check the validity of transactions, freeze the quantity of bonds sold and notify results of valid transactions to depository members and direct account holders for confirmation. Based on confirmation given by depository members and direct account holders, VSDC shall determine and notify obligations to make cash payments and to deliver privately-placed bonds to relevant parties and settlement banks.

4. VSDC shall make settlement for each privately-placed bond transaction adopting delivery versus payment method within the same trading day.

5. Cash payment for privately-placed bond transactions shall be made at settlement banks on the basis of payment obligations notified by VSDC.

6. Delivery of privately-placed bonds for settlement shall be made on VSDC's system on the principle that the transfer of privately-placed bonds between accounts of investors opened at depository members/direct account holders and cash payment by the settlement bank must be carried out simultaneously.

7. The depository member where the investor’s account is opened shall allocate cash and privately-placed bonds to the investor’s account immediately after VSDC completes the delivery of privately-placed bonds and the settlement bank completes the cash payment, and then notify such allocation results to VSDC by the deadline specified in VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

8. VSDC’s guidelines for making settlement on the settlement system must be included in its regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 17. Comparing, confirming privately-placed bond transactions

1. After receiving trading results from HNX, VSDC shall check and cancel settlement for the following transactions which are considered invalid:

a) Transactions of depository members/ direct account holders or clients of depository members which are conducted after VSDC has notified HNX of suspension of settlement for privately-placed bond transactions of such direct account holders/depository members;

b) Transactions of privately-placed bonds whose ticker symbols are not yet registered on VSDC’s system;

c) Transactions in which the account number is considered invalid because the registration number of depository member or direct account holder or characters indicating the trading account type does not exist; transactions conducted in a trading day other than business days on VSDC's system;

d) Transactions conducted without adequate and valid information such as unavailability of trading session’s code, reference number of buy or sell order, or confirmation of the placed order, or difference between the trading day and the current day, or zero or negative trading price or volume;

dd) A transaction of which all market ID, trading board ID, bond’s ticker symbol and reference number of the order confirmation coincide with those of a previously approved transaction.

2. VSDC shall notify the list of valid transactions to depository members and direct account holders for comparison and confirmation.

3. Depository members and direct account holders shall compare their trading details with those on VSDC’s list of valid transactions and give confirmation to VSDC according to VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 18. Post-trading error correction

1. If a trading member or special trading member has incorrectly input their account number into the trading system, VSDC shall make error correction by entering the accurate number of the trading member’s proprietary trading account or of the special trading member’s account for settling the transaction.

2. Except the cases in Clause 1 of this Article, VSDC shall cancel settlement for erroneous transactions of trading members, depository members and direct account holders.

3. VSDC shall notify HNX of transactions for which post-trading error correction has been made.

4. Post-trading error correction shall comply with VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 19. Actions taken against temporary default on cash payment obligations

1. Settlement banks shall lend money to depository members and direct account holders that temporarily default on their cash payment obligations under financial support agreements signed by and between the parties in accordance with regulations of law on credit institutions and relevant law provisions.

2. If securities deposited at VSDC are used as collateral for the loan under the signed financial support agreement, VSDC shall freeze such securities at the request of the settlement bank.

3. In case the depository member or direct account holder does not have enough money to make payment when it becomes due, VSDC shall cancel settlement for the transaction.

4. Processing of the transaction for which cash payment cannot be made, collateral disposition mechanism, time limit and procedures for settling the transaction for which cash payment cannot be made shall comply with VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Article 20. Settlement cancellation

1. VSDC shall cancel settlement for privately-placed bond transactions in the following cases:

a) Transactions specified in Clause 1 Article 17, Clause 2 Article 18, Clause 3 Article 19 of this Circular;

b) Information on the investor’s account is not yet registered with VSDC by the depository member before VSDC receives trading results from HNX;

c) Transactions which cannot settle due to lack of securities;

d) Unlawful transactions and other transactions decided by competent authorities before VSDC’s completion of settlement.

2. VSDC shall notify HNX and relevant organizations after cancelling settlement for privately-placed bond transactions.

3. The defaulting party of the transaction for which the settlement is cancelled shall assume responsibility for all losses incurred from the unsettled transaction by its client or relevant counterparty. Compensation amounts shall be agreed upon by relevant parties in accordance with current laws.

4. Cancellation of settlement for privately-placed bond transactions shall comply with VSDC’s regulations on registration, depositing and settlement for transactions of privately-placed bonds.

Chapter V

IMPLEMENTATION

Article 21. Implementation

1. This Circular comes into force from July 01, 2023.

2. Pursuant to the provisions of this Circular, VNX and VSDC shall promulgate their own guidelines for relevant business operations.

3. Vietnam Securities Depository shall take charge of registration, depositing, performance of corporate actions, settlement and transfer of ownership of privately-placed bonds until VSDC starts its official operation.

4. If any legislative documents referred to in this Circular are amended or superseded, the new ones shall apply.

5. Department of Finance of Banks and Financial Institutions and relevant units affiliated to the Ministry of Finance of Vietnam, SSC, VNX, HNX, VSDC, VNX’s members, VSDC’s members, settlement banks and other relevant authorities, organizations and individuals are responsible for the implementation of this Circular./.

 

 

PP. MINISTER
DEPUTY MINISTER




Nguyen Duc Chi

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