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MINISTRY OF
FINANCE
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SOCIALIST REPUBLIC
OF VIETNAM
Independence – Freedom – Happiness
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No.:
57/2021/TT-BTC
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Hanoi, July 12,
2021
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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