How long does it take to consider the application for transferring ownership of securities due to the division of common property of husband and wife in Vietnam?
- Is the securities purchased by the husband during the marriage period the common property of the husband and wife?
- What documents are required to transfer the ownership of securities due to the division of common property of husband and wife in Vietnam?
- How long does it take to consider the application for transferring ownership of securities due to the division of common property of husband and wife?
Is the securities purchased by the husband during the marriage period the common property of the husband and wife?
Pursuant to Article 33 of the 2014 Law on Marriage and Family of Vietnam on the common property of husband and wife as follows:
Common property of husband and wife
1. Common property of husband and wife includes property created by a spouse, incomes generated from labor, production and business activities, yields and profits arising from separate property and other lawful incomes in the marriage period; except the case prescribed in Clause 1, Article 40 of this Law; property jointly inherited by or given to both, and other property agreed upon by husband and wife as common property.
The land use rights obtained by a spouse after marriage shall be common property of husband and wife, unless they are separately inherited by, or given to a spouse or are obtained through transactions made with separate property.
2. Common property of husband and wife shall be under integrated common ownership and used to meet family needs and perform common obligations of husband and wife.
3. When exists no ground to prove that a property in dispute between husband and wife is his/her separate property, such property shall be regarded as common property.
According to regulations, common property of husband and wife includes property created by a spouse, incomes generated from labor, production and business activities, yields and profits arising from separate property and other lawful incomes in the marriage period
In case the husband and wife relationship still exists and the securities formed during the marriage period, they shall be considered as common property of the husband and wife, unless such securities have been divided into property during the marriage period and are owned by the husband/wife.
How long does it take to consider the application for transferring ownership of securities due to the division of common property of husband and wife in Vietnam?
What documents are required to transfer the ownership of securities due to the division of common property of husband and wife in Vietnam?
Pursuant to Article 29 of the Regulation promulgated together with Decision No. 108/QD-VSD in 2021, the application for transferring the ownership of securities due to the division of common property of husband and wife during the marriage period requires the following documents:
- A written request for transfer of securities ownership by the licensors and transferees (Form No. 16A/DKCK Download) enclosed with copies of papers showing identification information of the parties.
- A valid copy of the written agreement on property division of husband and wife during the marriage, certified by a notary agency or a competent state agency.
- Documents showing that the division of common property of husband and wife does not affect the interests of the family, children, the person being raised and supported by the husband and wife.
- Copies of documents proving that the individual receiving the transfer of ownership has declared and paid personal income tax for the portion of securities received from the husband/wife that has been transferred to his/her name (Declaration/Notice of tax payment) personal income certified by the tax authority and written confirmation of payment to the state budget).
- Request for securities transfer according to Form No. 21/LK enclosed with the Regulation on securities depository activities issued by the General Director of VSD (03 copies for the cases other than depository members, 02 copies for the same depository members) and document of the depository member confirming the balance of depository securities of the transferor and the commitment to blockade during the procedures for transferring ownership.
How long does it take to consider the application for transferring ownership of securities due to the division of common property of husband and wife?
Pursuant to Article 58 of the Regulation promulgated together with Decision No. 108/QD-VSD in 2021, stipulating the handling of securities ownership transfer documents as follows:
Processing documents on transfer of securities ownership
1. The time for VSD to consider and process the application for transfer of securities ownership is within 05 working days (except for the cases of ownership transfer specified in Clause 1, Article 30 and Articles 44, 46, 47, 48, 50 of these Regulations) from the day immediately following the date VSD receives the application for transfer of securities ownership. The date VSD receives the dossier is specified in Clause 3, Article 3 of this Regulation.
2. Within 01 working day after transferring ownership of securities, VSD shall send a written certification of ownership transfer to related parties. In case of un-deposited securities, VSD sends a notice to the relevant issuer and the issuer is responsible for revoking/issuing a new share ownership book/Certificate for relevant investors.
3. In case the dossier is incomplete and invalid, VSD will send a written notice to the relevant party requesting supplementation, explanation and clearly stating the reason for not approving the transfer of ownership.
4. In case of transfer of ownership of privately-issued corporate bonds, VSD will process the application according to the principle of priority on the time of receiving the application to ensure that the bond ownership transaction meets the regulations specified in Clause 1, Article 56 of this Regulation.
5. In case of transfer of ownership of securities outside the securities trading system, the payment of money for securities to be transferred ownership (if any) shall be agreed upon by related parties and made in accordance with regulations of law. Legal regulations and the transferor's affiliates are responsible for withholding tax and paying it to the tax authority on behalf of the investor of the transferor in accordance with the law (if any).
Thus, the Vietnam Securities Depository and Clearing Corporation will consider the application for transfer of ownership of securities due to the division of common property of husband and wife within 5 working days from the date the Vietnam Securities Depository and Clearing Corporation receives the application.
Within 01 working day after transferring ownership of securities, the Vietnam Securities Depository and Clearing Corporation shall send a written certification of ownership transfer to related parties.
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