By which agency is the Vietnam Stock Exchange established? What are the rights and obligations of Vietnam Stock Exchange?
Which agency establishes Vietnam Stock Exchange?
Pursuant to the provisions of Article 43 of the 2019 Law on Securities in Vietnam:
Establishment and operation of Vietnam Stock Exchange and its subsidiaries
1. Vietnam Stock Exchange is an enterprise that is established and operated in accordance with this Law, the Law on Enterprises. Over 50% of charter capital or voting shares of Vietnam Stock Exchange shall be held by the State.
2. The Prime Minister shall issue decisions on establishment, dissolution, operating model, type of ownership, functions, tasks and powers of Vietnam Stock Exchange, and establishment of its subsidiaries as proposed by the Minister of Finance.
3. Vietnam Stock Exchange and its subsidiaries are under management and supervision of State Securities Commission.
Thus, Vietnam Stock Exchange is an enterprise that is established and operated in accordance with this Law, the Law on Enterprises. Over 50% of charter capital or voting shares of Vietnam Stock Exchange shall be held by the State.
Vietnam Stock Exchange and its subsidiaries are under management and supervision of State Securities Commission.
The Prime Minister shall issue decisions on establishment of Vietnam Stock Exchange, and establishment of its subsidiaries as proposed by the Minister of Finance.
By which agency is the Vietnam Stock Exchange established? What are the rights and obligations of Vietnam Stock Exchange?
What is the organizational structure of Vietnam Stock Exchange?
Pursuant to the provisions of Article 44 of the 2019 Law on Securities in Vietnam:
Organizational structure of Vietnam Stock Exchange
1. The Prime Minister shall decide the organizational structure of Vietnam Stock Exchange in accordance with this Law, the Law on Enterprises and relevant laws.
2. The Chairperson of the Board of members, the Chairperson of the Board of Directors, General Director (Director) of Vietnam Stock Exchange shall be designated and dismissed by the Minister of Finance at the request of the Board of members or Board of Directors of Vietnam Stock Exchange and according to comments of the President of State Securities Commission.
3. Rights and obligations of the Board of members, Board of Directors, General Director (Director), the Board of Controllers (Controllers) shall comply with regulations of law and the charter of Vietnam Stock Exchange.
What are the rights and obligations of Vietnam Stock Exchange?
Pursuant to the provisions of Article 46 of the 2019 Law on Securities in Vietnam on the rights and obligations of Stock Exchange of Vietnam:
- Vietnam Stock Exchange has the rights to:
+ Issue its regulations on listing and trading securities, disclosing information, regulations on its members and other regulations on organization and operation of the securities market after they are approved by State Securities Commission;
+ Organize and operate the securities market;
+ Putting securities under alert, control and restriction in accordance with law and its State Securities Commission;
+ Suspend or terminate trading of certain securities in case of abnormal fluctuation in their prices or trading quantity without rectification by their issuers, which result in the securities being put under alert, control or restriction, or in case the suspension or termination is necessary to protect the investors’ the lawful rights and interests and ensure the stability and safety of the securities market;
+ Approve, change, cancel listing or registration of securities; supervise the fulfillment of conditions for listing of securities of listed organizations;
+ Grant and cancel membership of members of Vietnam Stock Exchange;
+ Provide bidding services; services involving market information and information about listed or registered securities; technological infrastructure development services for the securities market, and other relevant services specified in its Charter;
+ Act as a mediator to settle securities-related disputes at the request of its members;
+ Carry out inspections and take actions against violations committed by its members, listed organizations and registered organizations in accordance with its regulations;
+ Request regulatory authorities to provide information about its members, listed organizations and registered organizations for information disclosure purposes as prescribed by law;
+ Other rights prescribed by law and its charter.
- Vietnam Stock Exchange has the obligations to:
+ Ensure the transparency, fairness, order, safety and efficiency of securities trading on the securities market;
+ Comply with regulations of law on accounting, audit, statistics, financial obligations, reporting, information disclosure;
+ Supervise the trading of securities and fulfillment of obligations of its members, information disclosure by listed organizations, registered organizations and the investors that have to disclose information as prescribed in Article 118 of this Law.
+ Issue criteria for supervision of transactions and trading indicators applied to its members after they are approved by State Securities Commission;
+ Propose to State Securities Commission measures for responding to events that affect the safety, stability or integrity of the securities market; violations committed by investors, its members, listed organization or registered organizations;
+ Cooperate in dissemination of knowledge about securities and the securities market among investors;
+ Provide information for and cooperate with Vietnam Securities Depository and Clearing Corporation in securities activities; cooperate with other authorities in investigations and taking of actions against violations against regulations of law on securities and the securities market;
+ Fulfill other obligations prescribed by law and its charter.
- Executives and employees of Vietnam Stock Exchange, in performance of their duties, shall comply with regulations of law on securities and the securities market, code of professional ethics, information confidentiality regulations and relevant laws.
- The Prime Minister shall decide the entities responsible for the fulfillment of rights and obligations of Vietnam Stock Exchange and its subsidiaries as prescribed by this Law and proposed by the Minister of Finance.
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