|
MINISTRY
OF FINANCE
-----------
|
SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
---------------------
|
|
No.:
57/2021/TT-BTC
|
Hanoi,
July 12, 2021
|
CIRCULAR
INTRODUCING ROADMAP FOR REORGANIZATION OF MARKETS FOR SHARES,
BONDS, DERIVATIVES AND OTHER SECURITIES
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;
Pursuant to the Decision No.
37/2020/QD-TTg dated December 23, 2020 of the Prime Minister on establishment,
organization and operation of Vietnam Exchange;
At the request of the Chairman
of the State Securities Committee of Vietnam (SSC);
The Minister of Finance
promulgates a Circular introducing roadmap for reorganization of markets for
shares, bonds, derivatives and other securities.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
GENERAL PROVISIONS
Article 1.
Scope
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).
Article 2.
Regulated entities
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.
Article 3.
Rules for reorganization of securities market
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.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
3. The roadmap
for reorganization of the securities market must be implemented in an
objective, public, impartial and effective manner.
Chapter II
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. 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;
b) Organize trading of new listed
fund certificates and covered warrants;
c) By July 01, 2023: HSX shall
receive and consider applications for listings 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;
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
dd) From July 01, 2023 to December
31, 2023: HSX shall receive shares of listed organizations from HNX;
e) From January 01, 2025 to June
30, 2025: HSX shall receive shares of registered organizations 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) By July 01, 2023: 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) From July 01, 2023: HNX shall
not receive new applications for listing;
d) From July 01, 2023 to December
31, 2023: HNX shall transfer shares of listed organizations from HNX to HSX;
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;
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
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.
3. VNX
shall develop the plan for transfer of corporate bonds listed at HSX to HNX as
prescribed in Point c Clause 2 of this Article, and report the SSC before
implementing the plan.
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.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
HNX shall organize the derivative
market in accordance with the Law on Securities and its guiding documents.
Article 7.
Processing of applications for listing or registration of trading during
implementation of plan for transfer of listed and registered shares.
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. HNX shall
transfer the applications for listing of shares which have been received before
July 01, 2023 but not yet been approved by HNX to HSX before July 06, 2023 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.
5. HNX and
HSX shall notify the transfer of applications for listing or registration of
trading to relevant applicants within 01 working day from the date of transfer
as prescribed in Clauses 2, 3 and 4 of this Article.
Chapter III
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Article 8.
Effect
1. This
Circular comes into force from July 20, 2021.
2. All of the
following legislative documents are 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 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.
Article 9.
Implementation organization
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.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
PP.
THE MINISTER
DEPUTY MINISTER
Huynh Quang Hai