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THE
MINISTRY OF FINANCE
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No.
121/2008/QD-BTC
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Hanoi,
December 24, 2008
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DECISION
PROMULGATING THE REGULATION ON ACTIVITIES OF FOREIGN
INVESTORS ON VIETNAM'S SECURITIES MARKET
THE MINISTER OF FINANCE
Pursuant to June 29, 2006 Law
No. 70/2006/ QH11 on Securities;
Pursuant to the Government's Decree No. 14/2007/ND-CP of January 19, 2007, detailing
the implementation of a number of articles of the Law on Securities;
Pursuant to the Government's Decree No. 77/ 2003/ND-CP of July 1, 2003,
defining the functions, tasks, powers and organizational structure of the
Ministry of Finance;
At the proposal of the chairman of the State Securities Commission,
DECIDES:
Article 1.
To promulgate together with this Decision the Regulation on activities of
foreign investors on Vietnam's securities market.
Article 2.
This Decision takes effect 15 days after its publication in "CONG
BAO."
Article 3.
The director of the Office of the Ministry of Finance, the chairman of the
State Securities Commission, securities companies, fund management companies,
depository members, foreign investors and involved parties shall implement this
Decision.
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FOR
THE MINISTER OF FINANCE
VICE MINISTER
Tran Xuan Ha
REGULATION
ON ACTIVITIES OF FOREIGN INVESTORS ON VIETNAM'S SECURITIES
MARKET
(Promulgated together with the Minister of Finance's Decision No.
121/2008/QD-BTC of December 24, 2008)
Chapter I
GENERAL PROVISIONS
Article 1.
Scope of regulation
This Regulation guides
investment activities of foreign institutions and individuals on Vietnam's
securities market.
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In this Regulation, the terms
below are construed as follows:
1. Foreign investors include:
a/ Individuals who are foreign
nationals and reside overseas or in Vietnam, including also Vietnamese bearing
foreign nationality;
b/ Institutions established and
operating under foreign laws and their branches, including also branches
operating in Vietnam;
c/ Institutions established and
operating under Vietnamese law and being wholly foreign-owned and their
branches;
d/ Investment funds established
and operating under foreign laws and those established and operating under
Vietnamese law and being wholly foreign-owned;
dd/ Other entities specified by
the Prime Minister.
2. Authorized representative of
a foreign institution means:
a/ Chairman of the board of
directors or director general (director) of a foreign institutional investor;
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c/ Person who is authorized in
writing by a person defined at Point a of this Clause.
3. Trading representative means
a Vietnam-based individual designated or authorized by a foreign investor to
conduct investment transactions on Vietnam's securities market.
4. Valid dossier means a dossier
comprising all valid papers required by this Regulation and completely filled
in under law.
5. Valid copy means notarized or
authenticated copy under current Vietnamese law.
6. Investment direction contract
means a contract entered into between an investor and a securities company or
fund management company whereby the investor authorizes the securities company
or fund management company to make, on his/her/its behalf and on his/her/its
account, investments at a cost and time agreed upon by the two parties, or bids
to purchase securities or equities of equitized state enterprises.
Chapter II
INVESTMENT ACTIVITIES
Article 3.
General principles
1. Foreign investors may conduct
investment activities on Vietnam's securities market in the following forms:
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(i) Purchasing and selling
stocks, bonds and other securities which have been listed on the Stock Exchange
or the Securities Trading Center or registered for trading at securities
companies;
(ii) Purchasing and selling
shares and securities which have been neither listed on the Stock Exchange or
the Securities Trading Center nor registered for trading at securities
companies;
(iii) Making bids to purchase
auctioned securities or equities of equitized enterprises;
(iv) Making capital
contributions to establish securities investment funds at a percentage
prescribed by the Prime Minister for foreign parties;
(v) Making capital contributions
to Vietnamese enterprises at a percentage prescribed by the Prime Minister for
foreign parties.
b/ Investment by trusting fund
management companies to manage their investment capital under investment
management contracts with the latter.
2. Foreign investors conducting investment
activities under Point a. Clause 1 of this Article shall register securities
trading codes with the Securities Depository Center through depository members
under Article 4 of this Regulation.
3. Foreign investors conducting
investment activities under Point b. Clause 1 of this Article are not required
to register securities trading codes. In this case, fund management companies
providing services of managing trusted portfolios for foreign investors may be
granted by the Securities Depository Center trading codes for these investment
activities.
4. Foreign investors may
authorize fund management companies to conduct investment activities specified
at Point a. Clause 1 of this Article on their accounts and under investment
direction contracts or investment management contracts. Foreign investors may
not authorize any individuals or institutions other than fund management
companies licensed to operate in Vietnam to conduct asset management
activities, covering selection of securities types, volumes and prices, and
time of conducting securities transactions and investment.
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6. Foreign investors that
authorize other organizations and individuals to conduct securities investment
and transactions shall assure that trading directions they give to authorized
organizations and individuals and trading orders they execute directly or
together with their affiliated persons, do not aim at creating sham supply or
demand or manipulating securities prices.
7. Foreign investors shall open
indirect investment capital accounts at a custodian bank licensed to deal in
foreign exchange and may use only the balances of these accounts to conduct
investment activities in the forms specified in Clause 1 of this Article. The
opening and use of these accounts comply with foreign exchange management
regulations.
8. Foreign investors shall
fulfill tax and other financial obligations toward the State under law. They
may authorize depository members or fund management companies or their
representative offices or trading representatives to calculate, declare, pay
and finalize taxes, charges and fees and other state budget remittances under
law.
9. Foreign investors and their
trading representatives, securities companies and fund management companies
conducting investment activities for foreign investors under investment
direction contracts or investment portfolio management contracts shall comply
with current regulations on the foreign holding percentage in Vietnamese
enterprises.
Article 4.
Registration of securities trading codes
1. The Securities Depository
Center shall receive and examine registration dossiers and grant securities
trading codes to foreign investors.
2. A dossier of registration of
a securities trading code for a foreign investor comprises:
a/ An application for a
securities trading code, made by the foreign investor and a depository member
according to a set form (not printed herein);
b/ The following documents:
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In case it is stipulated by the
law of the country where the foreign institution is established or makes
business registration that competent management authorities of this country do
not issue documents evidencing the legal ground for that institution's
establishment, the foreign investor may supply any of the following documents
instead:
- A document quoted from the
website of a competent management authority of the country where the
institution is established; or
- A prospectus, trust deed/trust
agreement/fund contract or memorandum for private placement or establishment
contract, enclosed with a document certifying the completed operation or
business registration by the fund with a competent authority: or
- A written tax registration
issued by a tax office of the country where the institution is established or
makes business registration.
In case the institutional
investor is a hedge fund, this institution shall additionally supply the
articles of incorporation or memorandum for private placement or establishment
contract and other documents explaining in detail the investment strategy of
the foreign institutional investor;
For institutional investors not
categorized as funds:
- A valid copy of the
establishment and operation license or business registration certificate or
license for establishment of the institution and its subsidiary in Vietnam or
an equivalent document issued by a competent management authority of the
country where the institution is established or makes business registration; or
- The charter and articles of
incorporation enclosed with documents certifying the completed operation and
business registration with a competent authority; or
- A written tax registration
issued by a tax office of the country where the institution is established or
makes business registration;
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For individual investors:
judicial status record (notarized and legalized by a consular office) and a
valid copy of the valid passport:
c/ A copy of the depository
contract with a domestic depository member, or a power of attorney for a
domestic depository member, clearly staling the content, duration and validity
of authorization;
d/ In case foreign investors
have designated or authorized their trading representatives to conduct on their
behalf all securities investment and trading activities under Items (i), (ii)
and (iii). Point a. Clause 1. Article 3 of this Regulation, documents which
must be additionally submitted include:
- A document designating a
trading representative, made according to a set form (not printed herein);
- A notarized fact sheet on the
trading representative, made according to a set form (not printed herein). If
the trading representative is a foreigner, this sheet must be legalized by a
consular office;
- A valid copy of the valid
identity card or passport. If the trading representative is a foreigner, this copy
must be legalized by a consular office;
- Judicial status record (if the
trading representative is a foreigner, this record must be notarized and
legalized by a consular office).
3. A dossier specified in Clause
2 of this Article must be made into two (2) sets, one original and one copy,
each consisting of two (2) versions. Vietnamese version and English version, of
which:
a/ Documents in English
specified at Point b. Clause 2 of this Article must be legalized by a consular
office, except for the prospectus, trust deed/fund contract, memorandum for
private placement or establishment contract, the articles of incorporation, the
fund charter and equivalent documents. These documents must be notarized or
authenticated under foreign laws.
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4. The Securities Depository
Center may request revision of dossiers. Revised dossiers must bear the
signatures of persons who have signed in registration dossiers already filed
with the Securities Depository Center or those who hold equivalent titles.
5. Within ten (10) working days
alter receiving complete and valid dossiers, the Securities Depository Center
shall grant trading codes to foreign institutional investors. Within five (5)
working days, the Securities Depository Center shall grant trading codes to
foreign individual investors. In case of refusal, the Securities Depository
Center shall reply in writing, clearly stating the reason.
6. The Securities Depository
Center shall send to the Slate Securities Commission monthly reports on the
grant of securities trading codes to foreign investors under Clause 5. Article
10 of this Regulation, enclosed with copies of dossier sets for registration of
securities trading codes of foreign institutional investors specified in
Clauses 2 and 3 of this Article.
7. Foreign investors are not
considered for grant of securities trading codes in any of the following cases:
a/ They have been sanctioned by
competent domestic or foreign management authorities with fines or heavier
penalties for their violations of laws on finance, banking and foreign exchange
management;
b/ They are investigated by
competent domestic or foreign management authorities for their acts of taking
advantage of the market, conducting insider transactions, manipulating the
market, swindling or money laundering, failing to fulfill the tax or other
financial obligations or seriously violating regulations on finance, banking
and foreign exchange management;
c/ They have had their
securities trading codes revoked within two years up to the date of filing a
dossier of application for a securities trading code.
8. The Securities Depository
Center shall guide and grant trading codes to domestic fund management
companies. At least seven (7) working days before performing the operation of
managing portfolios for foreign investors, fund management companies shall
notify the Securities Depository Center of depository members that provide the
service of depositing assets of trusting foreign investors (according to a set
form, not printed herein).
Article 5.
Changes subject to approval by or notification to the Securities Depository
Center
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2. A dossier of request for
approval of a change specified in Clause 1 of this Article comprises:
a/ A request for approval of the
change, made according to a set form (not printed herein) and signed by an
authorized representative of the foreign investor;
b/ Depending on the changed
content, documents to be additionally submitted may include one or several
relevant documents: a notice on on-principle confirmation of the liquidation of
the depository contract signed with the old depository member, the foreign
investor's written authorization for the new depository member to send to the
Securities Depository Center a report on relevant changes enclosed with an
official letter made by the foreign investor's new depository member notifying
these changes (made according to a set form, not printed herein); a notice on
on-principle confirmation of the closure of the trading account at the old securities
company; the trading representative's personal file as specified at Point d.
Clause 2, Article 4 of this Regulation (enclosed with a notice of cancellation
of trading representative authorization for the old trading representative, for
change of trading representatives).
3. Within two (2) working days
after receiving a complete and valid dossier specified in Clause 2 of this
Article, the Securities Depository Center shall approve the change of a
depository member, securities company or trading representative. In case of
refusal, the Securities Depository Center shall reply in writing, clearly
stating the reason.
4. Foreign investors may open
depository accounts at new depository members or trading accounts at new
securities companies, and authorize the investment to be conducted by their new
trading representatives only after obtaining the Securities Depository Center's
written approval of these changes. Procedures for opening or closing securities
depository accounts or trading accounts comply with regulations of depositor)'
members or securities companies and relevant provisions of law.
5. Foreign investors shall
notify, through depository members, the Securities Depository Center of the
following changes within two (2) months after these changes occur:
a/ Change of banks where they
open indirect investment capital accounts;
b/ Change of locations where
they are headquartered or registered as their places of business or contact
addresses;
c/ Change of names or passport
numbers;
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dd/ Change in other contents of
dossiers for trading code registration.
6. A dossier of notification of
changes specified in Clause 5 of this Article comprises:
a/ Documents specified at Point
a. Clause 2 of this Article;
b/ Depending on the nature of
changes, documents to be additionally submitted include relevant documents: the
new bank's written certification of re-registration of the indirect investment
capital account; a written certification of changes related to the passport,
name, headquarters address and contact address, legal status and operation
organization of the foreign investor enclosed with relevant documents of
equivalent validity newly issued by foreign competent management authorities.
Documents issued by competent
foreign management authorities must be legalized by consular offices under
regulations.
Article 6.
Suspension of transactions, revocation of trading codes
1. The State Securities
Commission may suspend transactions of foreign investors for six (6) months at
most in the following cases:
a/ It detects that foreign
investors' dossiers of application for trading codes contain untruthful or
inaccurate information or do not contain important details which must be
included in such dossiers:
b/ Foreign investors fail to
make truthful accurate or timely declarations at the request of the Slate
Securities Commission or competent state authorities or as required by law;
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d/ Foreign investors
intentionally fail to report on investment activities or other related
activities at the request of the State Securities Commission.
dd/ Foreign investors or trading
representatives intentionally fail to observe the reporting regime under Clause
4, Article 10 of this Regulation for six (6) consecutive months or fail to
report at the request of the State Securities Commission.
e/ Foreign investors commit acts
of taking advantage of the market, conducting insider transactions,
manipulating the market, committing frauds or money laundering, or failing to
fulfill the tax and other financial obligations toward the .State under law.
2. Foreign investors have their
securities trading codes revoked in the following cases:
a/ Upon the expiration of the
transaction suspension duration specified at Points a. b. c. d and e. Clause 1
of this Article, they still fail to redress errors or violations leading to the
transaction suspension;
b/ They violate the provisions
of Point f. Clause 1 of this Article and are subject to fines or heavier
penalties;
c/ They willingly terminate all
their investment activities in Vietnam and file a written request for
termination of investment activities in Vietnam.
3. Foreign investors whose
securities trading codes have been revoked will not be considered for re-grant
of these trading codes within two years after the date of revocation, except
for the case specified at Point c. Clause 2 of this Article.
Article 7.
Indirect investment capital accounts
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2. The opening, closure, use and
management of Vietnam-dong indirect investment capital accounts comply with
relevant regulations issued by the State Bank of Vietnam.
3. All money transfers for
payment for purchase and sale of shares, stocks, bonds, fund certificates or
transfer of capital contributions in investment activities specified in Clause
1, Article 3 of this Regulation, other payments related to securities
investment activities of foreign investors; receipt and use of divided
dividends or profits, purchase of foreign currencies from credit institutions
licensed to deal in foreign exchange in Vietnam for remittance abroad and other
related transactions, shall be conducted via these accounts.
4. For their portfolio
management operations, fund management companies may open indirect investment
capital accounts at custodian banks to receive indirect investment capital
amounts of foreign investors. Foreign investors that trust fund management
companies to manage investment capital in the portfolio management operations
shall transfer their investment capital into the latter's indirect investment
capital accounts. This provision does not apply to foreign investors that
entrust the investment capital management on their behalf and accounts under
investment direction contracts.
Article 8.
Depository accounts
1. After registering a
securities trading code, a foreign investor may open only one securities
depository account and shall make all book entries via this account. An
investor being a securities company established under foreign law or a wholly
foreign-owned insurance company may open two securities depository accounts
under the Ministry of Finance's regulations on securities registration,
depository, clearing and payment
2. A foreign investor that opens
a depository account at another depository member shall close the previously
opened depository account and transfer the whole balance on this account to the
new one. Procedures for opening or closing depository accounts comply with the
Ministry of Finance's Regulation on securities registration, depository,
clearing and payment.
Article 9.
Responsibilities of individuals and organizations providing services for
foreign investors
1. Securities companies and fund
management companies may provide the service of directed investment for foreign
investors under Clauses 4 and 5, Article 3 of this Regulation. Before
performing investment direction contracts, securities companies and fund
management companies shall assure that their clients are foreign investors that
have been granted securities trading codes by the Securities Depository Center.
2. Securities companies
undertaking to make investments under investors' directions shall:
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b/ Prevent interest conflicts
with investors. Securities companies and securities practitioners shall notify
in advance their clients of interest conflicts which may arise between them;
c/ Comply with the Ministry of
Finance's Regulation on organization and operation of securities companies
regarding securities brokerage and consultancy operations and operation of
securities companies;
d/ Refrain from making
investment decisions. A securities company may not conduct a transaction or
make an investment on an investor's accounts unless it enters into an
investment direction contract with that investor and receives the latter's
lawful trading order or investment direction for that transaction or
investment.
Investment direction contracts
with securities companies must have principal contents specified in Appendix XII
to this Regulation (not printed herein). An investment direction contract must
contain clauses certifying that the foreign investor is responsible for making
investment decisions while the securities company is responsible only for
placing trading orders under the investor's order or making investments under
the investor's lawful directions as agreed upon in their contract. The contract
must also clearly state the details, level and duration of trading
authorization, method of trading order or investment direction placement and
method of payment, and information on and signature specimen of the person
competent to place orders or authorized to conduct trading or investment.
Trading orders or investment
directions of foreign investors must contain information on securities types,
volumes and prices, the duration for execution of investment directions or
trading orders and their validity duration. Trading orders or investment
directions of foreign investors given to securities companies must be stored
for five years and sent to the State Securities Commission when it so requests.
In case trading orders or
investment directions of investors are communicated via the Internet, by phone
or fax, securities companies shall comply with:
- The Law on E-Transactions and
guiding documents, ensuring that the time of receipt ol directions or orders is
recorded;
- For remote trading orders or
investment directions received by phone, fax and email, securities companies
shall ensure the principle of reconfirmation with investors before executing
orders or investment directions, and keeping of proof evidencing the placement
of orders or making of investments for investors.
3. Fund management companies
that make investments for foreign investors under investment direction contracts
may:
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b/ Provide consultancy on the
investment strategy and tactics, structure and distribution of investment
capital; give legal advice on and procedures and process of investment, auction
and trading to investors;
c/ Conduct transactions or
investment after obtaining investors' approval or written consent to investment
plans.
3. Fund management companies may
make investment decisions on behalf of foreign investors if this is clearly
stated in investment direction contracts. An investment decision covers the
selection of securities or a project to be invested, securities price or equity
value, time of conducting transaction or making investment. Investment
decisions must be executed on the set principles and in accordance with
authorization contents agreed upon by the two parties and stated in their
investment direction contract. Fund management companies shall ensure that their
investment decisions are in line with investors' investment strategies, satisfy
investors' requirements and comply with other provisions agreed upon by the two
parties in their investment direction contract.
4. In case foreign investors
make bids to purchase securities, securities companies or fund management
companies authorized by these investors to make bids on the latter's behalf
shall:
a/ Ensure that these investors
have sufficient account balances for making bids in auctions as required by
law;
b/ Carry out procedures of
registration for participation in auctions exclusively for foreign investors;
c/ Ensure that bids to purchase
auctioned shares for foreign investors are made separately from those for
domestic investors and for themselves; separate volumes of shares already
purchased for foreign investors from those purchased for domestic investors and
those purchased for themselves;
d/ Ensure that investment in
securities or purchase of shares for foreign investors complies with legal
provisions on the foreign holding percentage in Vietnamese enterprises;
dd/ Distribute in a fair and
rational manner assets to each foreign investor in accordance with investment
direction contracts or investment management contracts with foreign investors;
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5. Securities companies, fund
management companies, depository members and trading representatives shall
perform the obligation to report and manage dossiers and trading documents of
foreign investors and documents evidencing foreign investors' investment
decisions and authorization for trading order placement under Article 10 of
this Regulation and other relevant provisions of law, and supply them to the
State Securities Commission when so requested.
6. Trading representatives of
foreign investors in Vietnam must satisfy the following conditions:
a/ Having the full civil act
capacity; being other than persons who are currently serving imprisonment
sentences or banned by court from conducting certain business lines;
b/ Possessing securities
practitioner certificates granted by the State Securities Commission;
c/ Not being concurrently staff
members of securities companies, fund management companies or custodian banks
operating in Vietnam;
d/ Being sole Vietnam-based
trading representatives of foreign investors on the securities market and
authorized in writing by the latter.
7. When conducting transactions
for foreign investors, trading representatives of foreign investors shall:
a/ Comply with the securities
law;
b/ Follow strictly foreign
investors' trading and payment directions, refrain from directly making
investment decisions, covering the selection of securities types and prices and
time of conducting transactions until they receive trading orders or investment
directions of foreign investors. Trading orders or directions of foreign
investors must comply with the provisions of Point d. Clause 2 of this Article;
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d/ Attend training courses on
securities law or trading systems and new securities types organized by the
State Securities Commission, the Stock Exchange or the Securities Trading
Center;
dd/ Observe the reporting regime
under this Regulation.
Article 10.
Reporting regime and archive of dossiers on investment activities of foreign
investors
1. Depository members shall
compile and archive dossiers and documents on asset depository activities on
depository accounts of foreign investors. These documents, including also those
governed by regulations on investor information and information confidentiality,
must be supplied to competent management authorities at the request of the
State Securities Commission to serve examination and inspection work.
2. Depository members shall send
to the State Securities Commissions monthly reports on statistical data of
depository accounts and biweekly reports (on the 15,h and 30"' every
month) on the movement of foreign investors' capital on indirect investment
capital accounts, Vietnam-dong accounts for capital contribution and share
purchase, and special-purpose foreign-currency demand deposit accounts of
securities companies (made according to a set form, not printed herein).
Depository members being, subsidiaries of foreign credit institutions or wholly
foreign-owned credit institutions established in Vietnam shall report on their
investment activities and portfolios (according to a set form, not printed
herein).
3. Fund management companies
shall send monthly and annual reports (made according to a set form, not
printed herein) on investment portfolio management and investments under
directions to foreign investors. For contracts entered into in the reported
period, fund management companies shall send to the State Securities Commission
copies of these contracts enclosed with the following documents:
- For foreign investors that
have not yet registered for securities trading codes: documents specified at
Point b. Clauses 2 and 3. Article 4 of this Regulation;
- For foreign investors that
have registered for securities trading codes: copies of securities trading code
registration certificates.
4. Trading representatives of
foreign investors and securities companies shall send monthly and annual
reports (made according to a set form, not printed herein) on investment
brokerage and investments under directions to foreign investors.
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5. The Securities Depository
Center shall send to the State Securities Commission monthly and annual reports
(made according to a set form, not printed herein) on the grant of trading
codes to foreign investors and changes of these investors (if any) under
Article 5 of this Regulation, enclosed with copies of dossiers for registration
of trading codes of foreign institutional investors under Clauses 2 and 3,
Article 4 of this Regulation.
6. The Securities Trading Center
and the Stock Exchange shall make daily, monthly and annual reports on trading
activities of foreign investors (according to a set form, not printed herein).
7. Deadline and time limit for
sending reports specified in Clauses 4, 5, 6 and 7 of this Article:
a/ Before 15:00 hrs. on every
trading day, daily reports specified in Clause 6 of this Article must be sent;
b/ Within three working days
from the 15,h and 30,h every month, depository members and securities companies
shall send reports on the movement of foreign investors' capital on indirect
investment capital accounts, Vietnam-dong accounts for capital contribution and
share purchase, and special-purpose foreign-currency demand deposit accounts of
securities companies:
c/ Within five working days
after the end of each month, the Securities Depository Center, the Stock
Exchange, the Securities Trading Center, depository members, fund management
companies and securities companies shall send monthly reports on activities of
foreign investors to the State Securities Commission.
d/ Within 90 working days after
the end of each year, the Securities Depository Center, the Stock Exchange, the
Securities Trading Center, fund management companies and securities companies
shall send annual reports on activities of foreign investors to the State
Securities Commission.
8. When necessary, the State
Securities Commission may request the Securities Depository Center, the Stock
Exchange, the Securities Trading Center, fund management companies, securities
companies and depository members to report on activities of foreign investors.
9. The Securities Depository
Center, the Stock Exchange, the Securities Trading Center, fund management
companies, securities companies and depository members shall report to the
State Securities Commission within 48 hours after receiving the Commission's requests
for reports specified in Clause 10 of this Article.
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11. Foreign investors that have
their trading codes granted through depository members and are major
shareholders of public companies shall report and disclose information on
transactions and ownership of major shareholders under regulations.
Chapter
III
INSPECTION. SUPERVISION.
AND HANDLING OF VIOLATIONS
Article 11.
Inspection and supervision
Fund management companies,
securities companies, depository members, trading representatives and foreign
investors shall submit to the management, inspection and supervision by the
State Securities Commission and competent management authorities as prescribed
by law.
Article 12.
Handling of violations
Fund management companies,
securities companies, depository members, trading representatives and foreign
investors that violate the provisions of this Regulation shall be handled under
current regulations.
Chapter IV
ORGANIZATION OF
IMPLEMENTATION
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1. Within three (3) months after
the effective date of this Regulation, investors that make investments on
Vietnam's securities market, are specified in Clause 1, Article 2 of this
Regulation and have no trading codes shall file dossiers for registration of
trading codes with the Securities Depository Center according to the order and
procedures specified in Articles 3 and 4 of this Regulation. Foreign investors
that are granted trading codes before the effective date of this Regulation are
not required to carry out registration procedures for re-grant of trading
codes.
2. Foreign investors that are
granted trading codes before the effective dale of this Regulation and have
trading representatives satisfying the conditions specified in Clause 6,
Article 9 of this Regulation shall send to the Securities Depository Center
reports on these trading representatives enclosed with these representatives'
dossiers as specified at Point d. Clause 2 Article 4 of this Regulation within
three (3) months from the effective date of this Regulation.
3. Foreign investors that own
securities of certain types and in quantities exceeding the foreign ownership
limit set by the Government in effective regulations on securities
registration, depository, clearing and payment and trading code registration
may not purchase more securities of these types but can only sell them.