Thông tư 57/2021/TT-BTC lộ trình sắp xếp lại thị trường giao dịch chứng khoán phái sinh

• Số hiệu: 57/2021/TT-BTC
• Loại văn bản: Thông tư
• Nơi ban hành: Bộ Tài chính
• Người ký: Huỳnh Quang Hải
• Ngày ban hành: 12/07/2021

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.

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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.

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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;

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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;

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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.

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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

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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.

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PP. THE MINISTER
DEPUTY MINISTER




Huynh Quang Hai