What is the application and procedures for registration of securities trading on UPCOM in Vietnam?
- What is the application form for registration of securities trading on UPCOM (Unlisted Public Company Market)?
- Who can register for securities trading on UPCOM in Vietnam?
- What is included in the application for registration of securities trading on UPCOM in Vietnam?
- What are the procedures for applying for securities trading on UPCOM in Vietnam?
What is the application form for registration of securities trading on UPCOM (Unlisted Public Company Market)?
The application form for registration of securities trading on UPCOM is specified in Form No. 36 of the Appendix issued together with Decree No. 155/2020/ND-CP as follows:
Download the application form for registration of securities trading: Click here.
What is the application and procedures for registration of securities trading on UPCOM in Vietnam?
Who can register for securities trading on UPCOM in Vietnam?
Pursuant to Clause 1, Article 133 of Decree No. 155/2020/ND-CP stipulating as follows:
Subjects and time limit
1. Subjects
a) Public companies that are not listed on Stock Exchanges;
b) Companies that are delisted involuntarily or voluntarily but are still qualified as public companies;
a) Equitized enterprises that have to apply as prescribed by regulations of law on equitization of state-owned enterprises, wholly state-owned single-member limited liability companies and public service providers.
Thus, the subjects eligible to register for securities trading on the UPCOM include:
- Public companies that are not listed on Stock Exchanges;
- Companies that are delisted involuntarily or voluntarily but are still qualified as public companies;
- Equitized enterprises that have to apply as prescribed by regulations of law on equitization of state-owned enterprises, wholly state-owned single-member limited liability companies and public service providers.
What is included in the application for registration of securities trading on UPCOM in Vietnam?
Pursuant to Article 134 of Decree No. 155/2020/ND-CP stipulating as follows:
(1) The application for trading on UPCOM of a public company specified in Point a Clause 1 Article 32 of the 2019 Law on Securities in Vietnam shall include:
- The application form No. 36 in the Appendix of Decree No. 155/2020/ND-CP;
- The documents specified in Points b, c, d, dd Clause 1 Article 33 of the 2019 Law on Securities in Vietnam;
- Vietnam Securities Depository and Clearing Corporation’s written confirmation of public company registration;
- The certificate of securities registration issued by Vietnam Securities Depository and Clearing Corporation and notification to be sent to Vietnam Securities Depository and Clearing Corporation of the date of closing shareholder list.
(2) The application for trading on UPCOM of a public company specified in Point b Clause 1 Article 32 of the 2019 Law on Securities in Vietnam shall include:
- The documents specified in Points a, c, d Clause 1 Article 134 of Decree No. 155/2020/ND-CP;
- The prospectus enclosed with the certificate of offering and report on result of public securities offering;
- The documents specified in Points b, c Clause 1 Article 33 of the 2019 Law on Securities in Vietnam.
(3) The application submitted by an equitized enterprise shall include:
- If the equitization process has been completed, the application shall contain the documents specified in Clause 1 Article 134 of Decree No. 155/2020/ND-CP. In case the equitized enterprise fails to fulfill the conditions specified in Point a Clause 1 Article 32 of the 2019 Law on Securities in Vietnam, the application shall exclude State Securities Commission’s confirmation of public company registration;
- If equitization is associated with registration, depositing, registration for trading, the application shall be prepared in accordance with regulations of law on equitization of state-owned enterprises, wholly state-owned single-member limited liability companies and public service providers.
What are the procedures for applying for securities trading on UPCOM in Vietnam?
Procedures for applying trading on UPCOM are specified in Article 135 of Decree No. 155/2020/ND-CP as follows:
- Within 05 working days from the receipt of the satisfactory application (or the Certificate of Securities Registration in the case specified in Point a Clause 3 Article 134 of Decree No. 155/2020/ND-CP), the Stock Exchange shall issue a decision to approve the registration and disclose information on the market.
- Within 10 days from the day on which the Stock Exchange issues the decision to approve the registration, the issuer shall put its shares into trading on UPCOM.
- If equitization is associated with registration, depositing, registration for trading, the procedures shall be carried out in accordance with regulations of law on equitization of state-owned enterprises, wholly state-owned single-member limited liability companies and public service providers.
LawNet