What actions are certified securities professionals prohibited from? What to do if an individual simultaneously works for 02 securities companies in Vietnam?
How many types of securities professional certifications in Vietnam are there?
According to the provisions of Article 97 of the 2019 Law on Securities in Vietnam, securities professional certifications include:
- Securities broker certificate;
- Financial analyst certificate;
- Fund management certificate.
Thus, a securities professional certification will be granted to an individual who:
- has full legal capacity; is not facing criminal prosecution and is not being banned from securities practice as prescribed by law;
- has a bachelor’s degree or above;
- has professional training in securities; and:
- passes the test for the securities professional certification. Foreigners who have securities qualifications and foreign certified securities professionals need to pass the test securities and securities market of Vietnam.
What actions are certified securities professionals prohibited from? What to do if an individual simultaneously works for 02 securities companies in Vietnam? (Image from the Internet)
What actions are certified securities professionals prohibited from?
According to the provisions of Clause 2, Article 98 of the 2019 Law on Securities in Vietnam, the responsibilities of securities practitioners are as follows:
Responsibilities of certified securities professionals
1. Holders of securities professional certifications shall operate as representatives of securities companies, fund management companies, branches of foreign securities companies and foreign fund management companies, or investment companies.
2. A certified securities professional must not:
a) Simultaneously work for 02 or more securities companies, fund management companies, branches foreign securities companies or foreign fund management companies in Vietnam, or investment companies;
b) Open, manage securities trading accounts at the securities company for which he/she works, unless it does not provide securities brokerage services;
c) Act beyond the authorization of the company for which he/she works.
3. Certified securities professionals shall attend training courses in securities and securities market, systems for trading of new securities organized by SSC, VSE and its subsidiaries, and VSDCC.
4. Securities companies, fund management companies, branches foreign securities companies and foreign fund management companies in Vietnam, and investment companies are responsible for operation of their certified securities professionals.
Thus, a certified securities professional must not:
- Simultaneously work for 02 or more securities companies, fund management companies, branches foreign securities companies or foreign fund management companies in Vietnam, or investment companies;
- Open, manage securities trading accounts at the securities company for which he/she works, unless it does not provide securities brokerage services;
- Act beyond the authorization of the company for which he/she works.
What to do if an individual simultaneously works for 02 securities companies in Vietnam?
According to the provisions of Clauses 3 and 4, Article 97 of the 2019 Law on Securities in Vietnam regarding this content as follows:
Securities professional certifications in Vietnam
…
3. A securities professional certification will be revoked if its holder:
a) no longer satisfies the requirements specified in Clause 2 of this Article;
b) commits any of the offences specified in Article 12 or Clause 2 Article 98 of this Law; or
c) fails to work as a certified securities professional for 03 consecutive years.
4. The securities professional certification will not be reissued once revoked in the case specified in Point b Clause 3 of this Article.
Thus, if an individual simultaneously works for 02 or more securities companies, his/her securities professional certification will be revoked and will not be reissued.
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