What are online securities transaction services in Vietnam? What is included in the application for provision of online securities transaction services in Vietnam?
- What are online securities transaction services in Vietnam? What is online securities transaction?
- What is included in the application for provision of online securities transaction services in Vietnam?
- What are the regulations on the procedures for approving provision of online securities transaction services in Vietnam?
What are online securities transaction services in Vietnam? What is online securities transaction?
According to Clause 9 Article 3 of Circular No. 134/2017/TT-BTC, “online securities transaction services” mean services provided by an online securities transaction service provider to investors in order for them to open accounts, place orders, provide their requirements regarding securities transaction or receive transaction results via internet or by telephone.
According to Clause 1, Article 3 of Circular No. 134/2017/TT-BTC, “online securities transaction” means a securities transaction carried out through information technology system and Internet, telecommunications network or other open networks, including:
- Securities transactions between investors and providers of online securities transaction services;
- Securities transactions between transaction members and the Stock Exchange;
- Securities-related transactions between depository participants, clearing members and the Vietnam Securities Depository.
What are online securities transaction services in Vietnam? What is included in the application for provision of online securities transaction services in Vietnam?
What is included in the application for provision of online securities transaction services in Vietnam?
Pursuant to Article 11 of Circular No. 134/2017/TT-BTC, an application for provision of online securities transaction services includes:
- The application form in Appendix 01 of Circular No. 134/2017/TT-BTC.
- List of name and profiles of experts in management of online securities transaction system made using Appendix 02 of Circular No. 134/2017/TT-BTC.
- A report on design of online securities transaction system made using Appendix 03 of Circular No. 134/2017/TT-BTC.
- Certified true copies of the Stock Exchange’s written approval and record on inspection of online securities transaction system of transaction members.
What are the regulations on the procedures for approving provision of online securities transaction services in Vietnam?
Pursuant to Article 12 of Circular No. 134/2017/TT-BTC on this content as follows:
Procedures for approving provision of online securities transaction services
The securities company shall make an application as prescribed in Article 11 of this Circular and submit it to State Securities Commission through State Securities Commission’s online public service system or in person or through public postal services.
1. Within five (05) working days since receipt of the application prescribed in Article 11 of this Circular, in case of revision to the application, State Securities Commission shall submit a written request for revision or provide explanation for invalid application in writing.
2. Within ten (10) working days since receipt of the written request sent by State Securities Commission, the securities company shall complete and submit the application to State Securities Commission. After expiry of such time limit, if the securities company fails to complete the application upon request, State Securities Commission may refuse to grant approval.
3. Within twenty (20) working days since receipt of a satisfactory application, State Securities Commission shall consider granting approval for provision of online securities transaction services to the securities company. In case of refusal, State Securities Commission shall provide explanation in writing.
Thus, the procedures for approving provision of online securities transaction services are carried out as follows:
The securities company shall make an application and submit it to State Securities Commission through State Securities Commission’s online public service system or in person or through public postal services.
- Within five (05) working days since receipt of the application, in case of revision to the application, State Securities Commission shall submit a written request for revision or provide explanation for invalid application in writing.
- Within ten (10) working days since receipt of the written request sent by State Securities Commission, the securities company shall complete and submit the application to State Securities Commission.
After expiry of such time limit, if the securities company fails to complete the application upon request, State Securities Commission may refuse to grant approval.
- Within twenty (20) working days since receipt of a satisfactory application, State Securities Commission shall consider granting approval for provision of online securities transaction services to the securities company.
In case of refusal, State Securities Commission shall provide explanation in writing.
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