What cases must be reported when changing in information related to securities trading codes in Vietnam?
When is a securities trading code in Vietnam revoked?
Pursuant to the provisions of Clause 2, Article 147 of Decree No. 155/2020/ND-CP, a securities trading code will be revoked by Vietnam Securities Depository and Clearing Corporation (VSDCC) in the following cases:
- VSDCC receives a decision on imposition of penalties issued by a competent authority for commission of violations specified in Article 12 of the 2019 Law on Securities by a foreign investor or overseas issuer of depository receipts;
- The foreign investor or overseas issuer of depository receipts fails to rectify the causes of suspension of the securities trading code within the suspension period specified in Clause 1 Article 147 of Decree No. 155/2020/ND-CP;
- The revocation is requested by the holder of the securities trading code. In this case, the code holder shall submit form No. 43 in the Appendix enclosed with Decree No. 155/2020/ND-CP to VSDCC via the depository member.
What cases must be reported when changing in information related to securities trading codes in Vietnam?
What cases must be reported when changing in information related to securities trading codes in Vietnam?
Pursuant to the provisions of Article 148 of Decree No. 155/2020/ND-CP stipulating as follows:
Changes in information related to securities trading codes that have to be reported to Vietnam Securities Depository and Clearing Corporation
1. The securities trading code holder shall report the following changes to VSDCC:
a) Change of the depository member;
b) Change of name, country/territory where the code holder operates, headquarters address, business registration number if the code holder is an organization;
c) Change of name, nationality, mailing address, passport number or ID number if the code holder is an individual.
2. Documents reporting the changes include:
a) The report form No. 44 in the Appendix hereof;
b) The business registration certificate or establishment and operation license that has the changes or other documents about the changes according to form No. 42 in the Appendix hereof in case of changes specified in Point b Clause 1 of this Article;
c) The new passport or ID card in case of changes specified in Point c Clause 1 of this Article.
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Thus, the securities trading code holder shall report the following changes to VSDCC:
(1) Change of the depository member;
(2) Change of name, country/territory where the code holder operates, headquarters address, business registration number if the code holder is an organization;
(3) Change of name, nationality, mailing address, passport number or ID number if the code holder is an individual.
How long does it take to suspend the use of securities trading codes?
Pursuant to the provisions of Clause 1, Article 147 of Decree No. 155/2020/ND-CP stipulating as follows:
Suspension, revocation of securities trading codes
1. A foreign investor or overseas issuer of depository receipts will have their securities trading code suspended for up to 06 months in the following cases:
a) The application for the securities transaction code is found to contain incorrect information or omits mandatory information;
b) Documents provided are not provided in a truthful, accurate and timely manner as requested by VSDCC and State Securities Commission;
c) The suspension is requested by a competent authority when the foreign investor or overseas issuer of depository receipts commits violations of law.
Thus, foreign investor or overseas issuer of depository receipts will have their securities trading code suspended for up to 06 months when falling into 03 cases according to the above regulations.
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