| THE MINISTRY OF FINANCE OF VIETNAM | THE SOCIALIST REPUBLIC OF VIETNAM |
| No. 19/VBHN-BTC | Hanoi, December 25, 2023 |
The Circular No. 57/2021/TT-BTC dated July 12, 2021 of the Minister of Finance of Vietnam introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities, which comes into force from July 20, 2021, is amended by:
The Circular No. 69/2023/TT-BTC dated November 15, 2023 of the Minister of Finance of Vietnam providing amendments to the Circular No. 57/2021/TT-BTC dated July 12, 2021 of the Minister of Finance of Vietnam introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities, which comes into force from December 30, 2023.
Pursuant to the Law on Securities dated November 26, 2019;
Pursuant to the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of the Law on Securities;
Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017 defining functions, tasks, powers and organizational structure of the Ministry of Finance of Vietnam;
Pursuant to the Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister of Vietnam on establishment, organization and operation of Vietnam Exchange;
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The Minister of Finance of Vietnam promulgates a Circular introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities. 2
This Circular provides regulations on the roadmap for reorganization of the markets for shares, bonds, derivatives and other securities set out in Point a Clause 3, Point a Clause 4 Article 2, Point g Clause 1 Article 6 of the Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister on establishment, organization and operation of Vietnam Exchange (VNX).
1. Vietnam Exchange (VNX), Hanoi Stock Exchange (HNX) and Ho Chi Minh Stock Exchange (HSX).
2. Public companies, listed organizations and registered organizations.
3. Other relevant regulatory authorities, organizations and individuals.
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1. The reorganization of securities market must comply with the Law on Securities and its guiding documents, and fall within the ambit of assigned functions and tasks of VNX, HNX and HSX defined in the Prime Minister’s Decision No. 37/2020/QD-TTg dated December 23, 2020.
2. The roadmap for reorganization of the securities market must correspond to actual conditions in terms of organizational structure, personnel and professional operations of HNX and HSX; be associated with the development and operation of the new securities market information technology system; not make listed organizations or registered organizations incur additional costs; and adversely affect neither securities transactions of investors nor the roadmap for development of new products.
3. The roadmap for reorganization of the securities market must be implemented in an objective, public, impartial and effective manner.
ROADMAP FOR REORGANIZATION OF MARKETS FOR SHARES, BONDS, DERIVATIVES AND OTHER SECURITIES
Article 4. Reorganization of markets for shares, fund certificates and covered warrants
1.3 HSX shall consistently organize the markets for listed shares, fund certificates and covered warrants, and shares of registered organizations in accordance with the Law on Securities and its guiding documents by the end of June 30, 2025.
2. Within the time limit specified in Clause 1 of this Article, HSX shall carry out the organization of the markets for listed shares, fund certificates, and covered warrants, and shares of registered organizations as follows:
a) Continue organizing the markets for listed shares, fund certificates, and covered warrants at HSX before this Circular comes into force;
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c) 4 By July 01, 2025: HSX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of the Law on Securities (hereinafter referred to as “Decree No. 155/2020/ND-CP”) and have their contributed charter capital of at least VND 120 billion at the application date;
d) 5 From July 01, 2025: HSX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in the Government’s Decree No. 155/2020/ND-CP;
dd) 6 By the end of December 31, 2025: HSX shall complete its receipt of shares of listed organizations transferred from HNX;
e) 7 By the end of December 31, 2026: HSX shall complete its receipt of shares of registered organizations transferred from HNX;
g) Receive and consider applications for registration of new shares organizations after having completed the receipt of shares of registered organizations from HNX as prescribed in Point e of this Clause.
3. Within the time limit specified in Clause 1 of this Article, HNX shall organize stock market as follows:
a) Continue organizing the market for shares listed or registered for trading on HNX before the effective date of this Circular until completing the transfer of listed or registered shares from HNX to HSX according to Points d, e of this Clause;
b) 8 By July 01, 2025: HNX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in the Decree No. 155/2020/ND-CP and have their contributed charter capital of at least VND 30 billion at the application date;
c) 9 From July 01, 2025: HNX shall not receive new applications for listing;
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dd) Continue organizing the market for shares of registered organizations and receive new applications for registration of trading on HNX until the transfer of shares of registered organizations from HNX to HSX is completed as prescribed Point e of this Clause;
e) 11 By the end of December 31, 2026: HNX shall complete the transfer of shares of registered organizations from HNX to HSX. After completing the transfer of shares of registered organizations from HNX to HSX, HNX shall receive new applications for registration of trading.
4. VNX shall develop the plan for transfer of shares of listed organizations and registered organizations from HNX to HSX as prescribed in Points dd, e Clause 2, Points d, e Clause 3 of this Article, and report the SSC before implementing the plan.
Article 5. Reorganization of bond market
1. HNX shall consistently organize the bond market in accordance with the Law on Securities and its guiding documents by the end of December 31, 2022.
2. Within the time limit specified in Clause 1 of this Article, HNX and HSX shall organize the bond market as follows:
a) HNX shall organize the market for government bonds, government-backed bonds, and municipal bonds; organize the market for listed corporate bonds; organize the market for privately placed corporate bonds; receive listed corporate bonds from HSX and new applications for listing of bonds.
b) HSX shall continue organizing the market for municipal bonds which have been listed before the effective date of this Circular until their maturity date; transfer listed corporate bonds from HSX to HNX, and shall not receive new applications for listing of bonds.
c) HSX shall complete the transfer of listed corporate bonds from HSX to HNX by the end of December 31, 2021.
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If VNX does not officially start operation by the end of September 30, 2021, HSX shall develop the plan for transfer of corporate bonds listed at HSX to HNX as prescribed in Point c Clause 2 of this Article on the basis of cooperation with HNX, and report the SSC before implementing the plan.
Article 6. Rules for reorganization of derivative market
HNX shall organize the derivative market in accordance with the Law on Securities and its guiding documents.
1. The organizations that have their applications for listing or registration of trading approved by HNX before the date of completion of the transfer of listed or registered shares from HNX to HSX but have not yet put their shares for trading within the period specified in Decree No. 155/2020/ND-CP are not required to re-follow procedures for listing or registration of trading.
2.12 HNX shall transfer the applications for listing of shares which have been submitted before July 01, 2025 but have not yet been approved by HNX to HSX before July 08, 2025 so that HSX shall process them in accordance with regulations of law.
3. Regarding the applications for registration of share trading which have been submitted to HNX before the date of completion of the transfer of registered shares from HNX to HSX as prescribed in Point e Clause 2, Point e Clause 3 of Article 4 hereof but have not yet been approved, HNX shall transfer such applications to HSX that shall then process them in accordance with regulations of law.
The transfer of such applications must be completed within 01 working day from the date of completion of transfer of registered shares from HNX to HSX.
4. HSX shall transfer the applications for listing of bonds which have been received before the effective date of this Circular but have not yet been approved by HSX to HNX within 03 working days from the effective date of this Circular so that HNX shall process them in accordance with regulations of law.
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1. This Circular comes into force from July 20, 2021.
2. All of the following legislative documents will be abrogated:
a) The Circular No. 180/2015/TT-BTC dated November 13, 2015 of the Minister of Finance providing guidelines for registration of securities trading on trading system for unlisted securities;
b) The Circular No. 13/2019/TT-BTC dated March 15, 2019 of the Minister of Finance providing amendments to the Circular No. 180/2015/TT-BTC dated November 13, 2015;
c) The Circular No. 202/2015/TT-BTC dated December 18, 2015 of the Minister of Finance providing guidance on listing of securities on the Stock Exchange.
d) The Circular No. 29/2017/TT-BTC dated April 12, 2017 of the Minister of Finance providing amendments to the Circular No. 202/2015/TT-BTC dated December 18, 2015.
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1. SSC shall direct VNX, HNX and HSX to carry out the reorganization of securities markets according to the roadmap specified herein. In case the new securities market information technology system cannot put into operation according to the approved schedule, SSC shall request the Minister of Finance to promulgate a Circular revising the roadmap for reorganization of securities markets.
2. VNX, HNX, HSX, listed organizations, registered organizations, public companies and other relevant organizations and individuals are responsible for the implementation of this Circular./.
CERTIFIED BY
PP. MINISTER
DEPUTY MINISTER
Nguyen Duc Chi
1 This is consolidated document of the following 02 Circulars:
- The Circular No. 57/2021/TT-BTC dated July 12, 2021 of the Minister of Finance of Vietnam introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities, coming into force from July 20, 2021;
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This document supersedes none of 02 Circulars mentioned above.
2 The Circular No. 69/2023/TT-BTC is promulgated pursuant to:
“The Law on Securities dated November 26, 2019;
The Government's Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of some Articles of the Law on Securities;
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;
The Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister of Vietnam on establishment, organization and operation of Vietnam Exchange;
And at the request of the Chairman of the State Securities Commission of Vietnam (“SSC”);”
3 This Clause is amended according to Clause 1 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
4 This Point is amended according to Clause 2 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
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6 This Point is amended according to Clause 2 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
7 This Point is amended according to Clause 2 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
8 This Point is amended according to Clause 3 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
9 This Point is amended according to Clause 3 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
10 This Point is amended according to Clause 3 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
11 This Point is amended according to Clause 3 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
12 This Clause is amended according to Clause 3 Article 1 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023.
13 Articles 2 and 3 of the Circular No. 69/2023/TT-BTC, coming into force from December 30, 2023, stipulate as follows:
“Article 2. Transition
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Such transfer of applications must be completed within 05 business days from the effective date of this Circular.
Article 3. Implementation
1. This Circular comes into force from December 30, 2023.
2. If any legislative documents referred to in this Circular are amended, supplemented or superseded, the new ones shall apply.
3. VNX, HNX, HSX, listed organizations, registered organizations, public companies and other relevant organizations and individuals are responsible for the implementation of this Circular./.”
File gốc của Integrated document No. 19/VBHN-BTC dated December 25, 2023 on Circular introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities đang được cập nhật.
Integrated document No. 19/VBHN-BTC dated December 25, 2023 on Circular introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities
Tóm tắt
| Cơ quan ban hành | Bộ Tài chính |
| Số hiệu | 19/VBHN-BTC |
| Loại văn bản | Văn bản hợp nhất |
| Người ký | Nguyễn Đức Chi |
| Ngày ban hành | 2023-12-25 |
| Ngày hiệu lực | 2023-12-25 |
| Lĩnh vực | Chứng khoán |
| Tình trạng | Còn hiệu lực |