What is securities brokerage? What are the conditions to be granted securities professional certifications in Vietnam?

Hello, Lawnet would like to answer as follows:

1. What is securities brokerage?

Securities brokerage means the brokerage of sale and purchase of securities. (Clause 29, Article 4 of the Securities Law 2019)

Thus, stock brokerage is a job in the stock business. Securities trading include brokerage, proprietary trading, securities underwriting, securities investment consulting, securities investment fund management, securities portfolio management and provision of securities-related services in accordance with Article 86 of the Securities Law 2019.

2. Conditions to be granted securities professional certifications in Vietnam

Securities professional certifications include:

+ Securities broker certificate;

+ Financial analyst certificate;

+ Fund management certificate.

According to the provisions of Article 97 of the Securities Law 2019, a securities professional certification will be granted to an individual who:

+ has full legal capacity; is not facing criminal prosecution and is not being banned from securities practice as prescribed by law;

+ has a bachelor’s degree or above;

+ has professional training in securities; and:

+passes the test for the securities professional certification. Foreigners who have securities qualifications and foreign certified securities professionals need to pass the test securities and securities market of Vietnam.

Thus, to be granted a securities professional certification, an individual must meet the following conditions: have full legal capacity; not be prosecuted for criminal liability or banned from practicing; have a university degree or higher; Have professional qualifications in securities. At the same time, individuals must pass a certification exam.

3. Documents and procedures for applying for a securities practice certificate

According to Clause 4, Article 213 of Decree 155/2020/ND-CP, an application for the securities practicing certificate shall contain:

+ The application form No. 85 in the Appendix of Decree 155/2020/ND-CP;

Form No. 85: Download 

+ The applicant’s personal information sheet according to Form No. 67 in the Appendix which must be prepared within the last 06 months before the application is received by SSC;;

Form No. 67: Download 

+  The judicial record issued by a competent authority within the last 06 months before the application is received by SSC;

+ The applicant’s bachelor’s degree, master’s degree or doctoral degree;

+ A lawful securities practicing certificate issued overseas or equivalent documents proving that the applicant is lawfully practicing securities in a foreign country; qualifications in securities or equivalent certificates;

+ 02 4x6 cm photos that are taken within the last 06 months before the application is received by SSC;

+ In case of applying for the fund management certificate, the application shall include a document certifying the seniority and position of the applicant issued by the applicant’s current workplace or former workplaces.

-  The application for the securities practicing certificate will not be returned, even if it is rejected.

- Within 07 working days from the receipt of the satisfactory application, SSC shall issue the securities practicing certificate and inform the applicant of the fee payable. In case the application is rejected, SSC shall issue a written rejection and provide explanation.

- If the certificate holder fails to pay the fee or receive the certificate within 01 year from the day on which the fee is notified by SSC, SSC will issue a decision to invalidate the certificate issued.

- The Ministry of Finance shall specify the fees for issuance, reissuance of securities practicing certificates; organization of examinations for securities practicing certificates according to Point d Clause 2 Article 97 of the Securities Law 2019, qualifications and equivalent certificates specified in Point b Clause 1 and Point b Clause 2 of Article 213 of Decree 155/2020/ND-CP.

Thus, the application file for a securities practice certificate includes: application form, personal information, criminal record, qualifications, photos, and related certificates.

Within 7 days of receiving complete and valid documents, the State Securities Commission will issue a certificate and notice of fee payment. If the fee is not paid within 1 year, the certificate will be canceled.

Best regards!

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